Tax Exempt Correlations

Mutual Funds . USA . 
Fund . Tax Exempt Bond
TEBCX Fund  USD 12.00  0.03  0.25%   
The current 90-days correlation between Tax Exempt Bond and Hennessy Technology Fund is 0.27 (i.e., Modest diversification). The correlation of Tax Exempt is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Tax Exempt Correlation With Market

Weak diversification

The correlation between Tax Exempt Bond and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tax Exempt Bond and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Tax Exempt Bond. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with Tax Mutual Fund

  0.61RNGCX New Economy FundPairCorr
  0.95AMHIX American High IncomePairCorr
  0.82TECCX Tax Exempt FundPairCorr
  0.91TEAFX Tax Exempt BondPairCorr
  0.63FPTPX American Funds ConsePairCorr
  0.87TECFX Tax Exempt FundPairCorr
  0.88TEFEX Tax Exempt FundPairCorr
  0.62RNNEX New Economy FundPairCorr
  0.62CDJAX American Funds CollegePairCorr
  0.63RNRPX American Funds RetirementPairCorr
  0.62TEPCX American Funds TaxPairCorr
  0.64TEPAX American Funds TaxPairCorr
  0.61RNWFX New World FundPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Tax Mutual Fund performing well and Tax Exempt Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Tax Exempt's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

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