Blackrock Pennsylvania Correlations

MKPYX Fund

USD 10.09 0.01 0.1%

The current 90-days correlation between Blackrock Pennsylvania and T Rowe Price is 0.81 (i.e., Very poor diversification). The correlation of Blackrock Pennsylvania 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.

Blackrock Pennsylvania Correlation With Market

Very good diversification

The correlation between Blackrock Pennsylvania Municip and DJI is -0.22 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Blackrock Pennsylvania Municip and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Blackrock Pennsylvania 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 manufacturing.

Moving together with Blackrock Mutual Fund

0.92	MKCMX	Blackrock California	Pair Corr
0.79	MKMTX	Blackrock Strategic	Pair Corr
0.83	MKNKX	Blackrock New York	Pair Corr
0.95	MKNJX	Blackrock New Jersey	Pair Corr
0.64	BRASX	Bats Series S	Pair Corr
0.62	BRCPX	Blackrock Conservative	Pair Corr

Related Correlations Analysis

	PATFX	DHGCX	ARTFX	TTRBX	TFGXX	MBSAX	BBINX
PATFX		0.7	0.16	0.75	-0.12	0.74	0.96	PATFX
DHGCX	0.7		-0.42	0.94	-0.69	0.75	0.81	DHGCX
ARTFX	0.16	-0.42		-0.29	0.8	0.15	-0.01	ARTFX
TTRBX	0.75	0.94	-0.29		-0.59	0.75	0.84	TTRBX
TFGXX	-0.12	-0.69	0.8	-0.59		-0.33	-0.31	TFGXX
MBSAX	0.74	0.75	0.15	0.75	-0.33		0.77	MBSAX
BBINX	0.96	0.81	-0.01	0.84	-0.31	0.77		BBINX
	PATFX	DHGCX	ARTFX	TTRBX	TFGXX	MBSAX	BBINX

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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

BBINX	+ 0.96	PATFX
TTRBX	+ 0.94	DHGCX
BBINX	+ 0.84	TTRBX
BBINX	+ 0.81	DHGCX
TFGXX	+ 0.8	ARTFX
BBINX	+ 0.77	MBSAX

High negative correlations

TFGXX	- 0.69	DHGCX
TFGXX	- 0.59	TTRBX
ARTFX	- 0.42	DHGCX
MBSAX	- 0.33	TFGXX
BBINX	- 0.31	TFGXX
TTRBX	- 0.29	ARTFX

Risk-Adjusted Indicators

There is a big difference between Blackrock Mutual Fund performing well and Blackrock Pennsylvania 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 Blackrock Pennsylvania'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
PATFX	0.16	0.02	(0.25)	(0.12)	0.21	(0.24)	0.44	(0.35)	1.69
DHGCX	0.16	0.00	(0.68)	0.37	0.16	(0.19)	0.35	(0.25)	0.96
ARTFX	0.12	0.03	(0.64)	0.58	0.00	(0.21)	0.33	(0.22)	1.01
TTRBX	0.13	0.00	(0.62)	0.13	0.14	(0.17)	0.30	(0.30)	0.70
TFGXX	0.03	0.01	0.00	(2.04)	0.00	0.00	0.00	0.00	1.01
MBSAX	0.21	(0.01)	(0.37)	0.09	0.22	(0.23)	0.37	(0.44)	1.25
BBINX	0.12	0.01	(0.42)	(0.05)	0.13	(0.19)	0.29	(0.29)	1.07

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