Delaware Tax-free Correlations

DMNIX Fund

USD 11.41 0.03 0.26%

The current 90-days correlation between Delaware Tax Free and Ms Global Fixed is 0.33 (i.e., Weak diversification). The correlation of Delaware Tax-free 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.

Delaware Tax-free Correlation With Market

Significant diversification

The correlation between Delaware Tax Free Minnesota and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Delaware Tax Free Minnesota and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Delaware Tax Free Minnesota. 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 gross domestic product.

Moving together with Delaware Mutual Fund

0.98	FKTDX	Franklin Minnesota Tax	Pair Corr
0.98	FMNZX	Franklin Minnesota Tax	Pair Corr
0.98	FMNQX	Franklin Minnesota Tax	Pair Corr
0.97	FMNIX	Franklin Minnesota Tax	Pair Corr
0.98	FMINX	Franklin Minnesota Tax	Pair Corr
0.98	RMTCX	Columbia Minnesota Tax	Pair Corr
0.99	CMNYX	Columbia Minnesota Tax	Pair Corr
0.99	CMNZX	Columbia Minnesota Tax	Pair Corr
0.99	CADOX	Columbia Minnesota Tax	Pair Corr

Moving against Delaware Mutual Fund

0.31

HPQ

HP Inc

Pair Corr

Related Correlations Analysis

	MFIRX	DHGCX	LTXFX	MDMTX	PATFX	CCD	MBSAX
MFIRX		0.6	0.68	0.48	0.72	0.37	0.85	MFIRX
DHGCX	0.6		0.81	0.86	0.7	-0.03	0.75	DHGCX
LTXFX	0.68	0.81		0.87	0.96	0.31	0.78	LTXFX
MDMTX	0.48	0.86	0.87		0.79	-0.11	0.68	MDMTX
PATFX	0.72	0.7	0.96	0.79		0.38	0.74	PATFX
CCD	0.37	-0.03	0.31	-0.11	0.38		0.29	CCD
MBSAX	0.85	0.75	0.78	0.68	0.74	0.29		MBSAX
	MFIRX	DHGCX	LTXFX	MDMTX	PATFX	CCD	MBSAX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

PATFX	+ 0.96	LTXFX
MDMTX	+ 0.87	LTXFX
MDMTX	+ 0.86	DHGCX
MBSAX	+ 0.85	MFIRX
LTXFX	+ 0.81	DHGCX
PATFX	+ 0.79	MDMTX

High negative correlations

CCD	- 0.11	MDMTX
CCD	- 0.03	DHGCX

Risk-Adjusted Indicators

There is a big difference between Delaware Mutual Fund performing well and Delaware Tax-free 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 Delaware Tax-free'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
MFIRX	0.10	0.01	(0.53)	(0.52)	0.00	(0.23)	0.19	(0.19)	0.76
DHGCX	0.16	0.00	(0.68)	0.37	0.16	(0.19)	0.35	(0.25)	0.96
LTXFX	0.09	0.01	(0.52)	0.00	0.11	(0.13)	0.20	(0.19)	0.78
MDMTX	0.17	0.01	(0.31)	0.01	0.24	(0.23)	0.38	(0.56)	1.33
PATFX	0.16	0.02	(0.25)	(0.12)	0.21	(0.24)	0.44	(0.35)	1.69
CCD	0.75	(0.01)	(0.08)	0.11	0.90	(0.81)	1.88	(1.68)	4.88
MBSAX	0.21	(0.01)	(0.37)	0.09	0.22	(0.23)	0.37	(0.44)	1.25

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