The National Correlations

CFNLX Fund

USD 18.78 0.03 0.16%

The current 90-days correlation between National Tax and The Missouri Tax Free is 0.98 (i.e., Almost no diversification). The correlation of The National 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.

The National Correlation With Market

Very good diversification

The correlation between The National Tax Free and DJI is -0.28 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding The National Tax Free and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in The National Tax Free. 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 bureau of economic analysis.

Moving together with The Mutual Fund

0.84	CFBNX	Bond Fund	Pair Corr
0.86	CFSTX	Short Term	Pair Corr
0.99	VWITX	Vanguard Intermediate	Pair Corr
0.99	VWIUX	Vanguard Intermediate	Pair Corr
0.97	AFTEX	Tax Exempt Bond	Pair Corr
0.97	AFTFX	Tax Exempt Bond	Pair Corr
0.98	TEBCX	Tax Exempt Bond	Pair Corr
0.96	TEAFX	Tax Exempt Bond	Pair Corr
0.96	TFEBX	Tax Exempt Bond	Pair Corr
0.99	FLTMX	Fidelity Intermediate	Pair Corr
0.97	MDNLX	Blackrock National	Pair Corr
0.98	MFNLX	Blackrock Natl Muni	Pair Corr
0.87	LIIAX	Columbia Porate Income	Pair Corr
0.87	SRINX	Columbia Porate Income	Pair Corr
0.76	CIFRX	Columbia Porate Income	Pair Corr

Moving against The Mutual Fund

0.36	CFAGX	Midcap Growth	Pair Corr
0.48	MLMAX	Global E Portfolio	Pair Corr
0.45	TLCYX	Touchstone Large Cap	Pair Corr
0.43	AMEIX	Equity Growth	Pair Corr
0.4	VFINX	Vanguard 500 Index	Pair Corr
0.4	VFIAX	Vanguard 500 Index	Pair Corr
0.33	AMGIX	Income Growth	Pair Corr
0.32	SAGAX	Ridgeworth Innovative	Pair Corr
0.32	WWLAX	Westwood Largecap Value	Pair Corr

Related Correlations Analysis

	CFMOX	CFBNX	ABHYX	FIQZX	SNTIX
CFMOX		0.79	0.91	0.99	0.75	CFMOX
CFBNX	0.79		0.52	0.78	0.25	CFBNX
ABHYX	0.91	0.52		0.92	0.95	ABHYX
FIQZX	0.99	0.78	0.92		0.77	FIQZX
SNTIX	0.75	0.25	0.95	0.77		SNTIX
	CFMOX	CFBNX	ABHYX	FIQZX	SNTIX

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Risk-Adjusted Indicators

There is a big difference between The Mutual Fund performing well and The National 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 The National'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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CFMOX	0.12	0.01	(0.46)	(0.06)	0.16	(0.15)	0.27	(0.27)	1.08
CFBNX	0.22	0.00	0.00	0.20	0.00	0.00	0.45	(0.62)	1.29
ABHYX	0.18	0.03	(0.23)	(0.15)	0.24	(0.24)	0.34	(0.33)	1.91
FIQZX	0.12	0.01	(0.44)	(0.03)	0.13	(0.19)	0.29	(0.29)	0.99
SNTIX	0.17	0.04	(0.21)	(0.23)	0.22	(0.22)	0.45	(0.34)	1.72

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