Ultra Short-term Correlations

Mutual Funds . USA . 
Fund . Ultra Short Term Municipal
WUSMX Fund  USD 9.67  0.00  0.00%   
The current 90-days correlation between Ultra Short Term and Wells Fargo Advantage is 0.49 (i.e., Very weak diversification). The correlation of Ultra Short-term 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.

Ultra Short-term Correlation With Market

Significant diversification

The correlation between Ultra Short Term Municipal and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ultra Short Term Municipal and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Ultra Short Term Municipal. 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 population.

Moving together with Ultra Mutual Fund

  0.9DHICX Wells Fargo AdvantagePairCorr
  0.9VMPYX Wells Fargo AdvantagePairCorr
  0.91VMPAX Wells Fargo AdvantagePairCorr
  0.99SADAX Wells Fargo UltraPairCorr
  0.99SADIX Wells Fargo UltraPairCorr
  0.94EMGYX Wells Fargo EmergingPairCorr
  0.94EMGNX Wells Fargo EmergingPairCorr
  0.94EMGCX Wells Fargo EmergingPairCorr
  0.94EMGAX Wells Fargo EmergingPairCorr
  0.96SSHIX Wells Fargo ShortPairCorr
  0.97SSTHX Wells Fargo ShortPairCorr
  0.95SSTVX Wells Fargo ShortPairCorr
  0.93WSCGX Small Pany GrowthPairCorr
  0.95WSCOX Wells Fargo AdvantagePairCorr
  0.99WSBIX Short Term MunicipalPairCorr
  0.95STAFX Wells Fargo LargePairCorr
  0.89WSGIX Wells Fargo ShortPairCorr
  0.95STDFX Wells Fargo LargePairCorr
  0.95WSIAX Wells Fargo StrategicPairCorr
  0.95WSIDX Wells Fargo StrategicPairCorr
  0.95WSICX Wells Fargo StrategicPairCorr
  0.95WSINX Wells Fargo StrategicPairCorr
  0.99WSMAX Short Term MunicipalPairCorr
  0.93WSMCX Small Pany GrowthPairCorr
  0.99WSSCX Short Term MunicipalPairCorr
  0.99WSTMX Short Term MunicipalPairCorr
  0.95STOFX Wells Fargo LargePairCorr
  0.95STNFX Wells Fargo LargePairCorr
  0.91STSAX Wells Fargo MonPairCorr
  0.91STRIX Wells Fargo AdvantagePairCorr
  0.81STYAX Wells Fargo IncomePairCorr
  0.98STYIX Wells Fargo ShortPairCorr
  0.92SCNSX Wells Fargo MonPairCorr
  0.91SCSDX Wells Fargo MonPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Ultra Mutual Fund performing well and Ultra Short-term 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 Ultra Short-term'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.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
DHICX  0.10  0.01 (0.64) 0.56  0.00 
(0.15)
 0.23 
(0.23)
 0.69 
VMPYX  0.11  0.01 (0.63) 0.47  0.00 
(0.17)
 0.23 
(0.23)
 0.70 
VMPAX  0.10  0.01 (0.69) 0.62  0.00 
(0.16)
 0.23 
(0.23)
 0.69 
SADAX  0.06  0.01  0.00  2.54  0.00 
 0.00 
 0.11 
(0.11)
 0.57 
SADIX  0.05  0.02  0.00  3.26  0.00 
 0.00 
 0.12 
 0.00 
 0.46 
EMGYX  0.52  0.21  0.22  0.62  0.00 
(0.64)
 1.84 
(0.92)
 3.58 
EMGNX  0.52  0.21  0.23  0.63  0.00 
(0.64)
 1.84 
(0.93)
 3.54 
EMGCX  0.53  0.20  0.21  0.62  0.00 
(0.64)
 1.83 
(0.95)
 3.54 
EMGAX  0.52  0.21  0.22  0.64  0.00 
(0.62)
 1.79 
(0.93)
 3.58 
SSHIX  0.07  0.02 (0.76)(4.23) 0.00 
(0.13)
 0.12 
(0.12)
 0.47 

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