Target 2005 Correlations

TFRRX Fund

USD 11.81 0.01 0.08%

The current 90-days correlation between Target 2005 Fund and Oklahoma Municipal Fund is 0.17 (i.e., Average diversification). The correlation of Target 2005 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.

Target 2005 Correlation With Market

Significant diversification

The correlation between Target 2005 Fund and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Target 2005 Fund 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 Target 2005 Fund. 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 metropolitan statistical area.

Moving together with Target Mutual Fund

0.78	RPGIX	T Rowe Price	Pair Corr
0.68	RPGEX	T Rowe Price	Pair Corr
0.82	RRTLX	T Rowe Price	Pair Corr
0.66	TMSSX	T Rowe Price	Pair Corr
0.84	TPPAX	T Rowe Price	Pair Corr

Related Correlations Analysis

	OKMUX	MGGNX	USCBX	MDMTX	NEITX	IMLXX
OKMUX		0.56	0.94	0.96	0.99	-0.53	OKMUX
MGGNX	0.56		0.49	0.55	0.54	-0.09	MGGNX
USCBX	0.94	0.49		0.88	0.94	-0.36	USCBX
MDMTX	0.96	0.55	0.88		0.96	-0.6	MDMTX
NEITX	0.99	0.54	0.94	0.96		-0.57	NEITX
IMLXX	-0.53	-0.09	-0.36	-0.6	-0.57		IMLXX
	OKMUX	MGGNX	USCBX	MDMTX	NEITX	IMLXX

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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

NEITX	+ 0.99	OKMUX
MDMTX	+ 0.96	OKMUX
NEITX	+ 0.96	MDMTX
USCBX	+ 0.94	OKMUX
NEITX	+ 0.94	USCBX
MDMTX	+ 0.88	USCBX

High negative correlations

IMLXX	- 0.6	MDMTX
IMLXX	- 0.57	NEITX
IMLXX	- 0.53	OKMUX
IMLXX	- 0.36	USCBX
IMLXX	- 0.09	MGGNX

Risk-Adjusted Indicators

There is a big difference between Target Mutual Fund performing well and Target 2005 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 Target 2005'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
OKMUX	0.15	0.01	(0.22)	0.01	0.23	(0.28)	0.29	(0.47)	1.52
MGGNX	0.19	0.01	(0.39)	(1.42)	0.17	(0.24)	0.34	(0.34)	1.13
USCBX	0.16	0.02	(0.25)	(0.07)	0.23	(0.23)	0.39	(0.29)	1.74
MDMTX	0.17	0.00	(0.30)	0.11	0.26	(0.23)	0.38	(0.56)	1.33
NEITX	0.17	0.01	(0.20)	(0.01)	0.27	(0.27)	0.43	(0.32)	1.62
IMLXX	0.03	0.01	0.00	(0.38)	0.00	0.00	0.00	0.00	1.01

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