Tennessee Tax-free Correlations

Mutual Funds . USA . 
Fund . Tennessee Tax Free Short To Medium
TTSMX Fund  USD 10.29  0.00  0.00%   
The current 90-days correlation between Tennessee Tax Free and Davenport Small Cap is -0.04 (i.e., Good diversification). The correlation of Tennessee 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.

Tennessee Tax-free Correlation With Market

Good diversification

The correlation between Tennessee Tax Free Short To Me and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tennessee Tax Free Short To Me 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 Tennessee Tax Free Short To Medium. 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 Tennessee Mutual Fund

  0.85NTFIX North Carolina TaxPairCorr
  0.88KYSMX Kentucky Tax FreePairCorr
  0.94NTSMX North Carolina TaxPairCorr
  0.87KYTFX Kentucky Tax FreePairCorr
  0.68DPIGX Intermediate GovernmentPairCorr
  0.84TNTIX Tennessee Tax FreePairCorr
  0.83DUALX Alabama Tax FreePairCorr
  0.86DUMSX Mississippi Tax FreePairCorr
  0.78ANIYX New York MunicipalPairCorr
  0.77SNNYX New York MunicipalPairCorr
  0.87LTBYX Opnhmr RchstrPairCorr
  0.78IORMX Aim Taxexempt FundsPairCorr
  0.77LTNCX Oppenheimer RochesterPairCorr
  0.84LTNYX Opnhmr RchstrPairCorr
  0.75ANMCX New York MunicipalPairCorr
  0.77ANIAX New York MunicipalPairCorr
  0.74SNCAX California MunicipalPairCorr
  0.75AICYX California MunicipalPairCorr

Related Correlations Analysis

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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   
TSMMX
+ 0.98
DSCPX
TBDQX
+ 0.91
TSMMX
TSMMX
+ 0.87
LIGFX
TBDQX
+ 0.87
LIGFX
LIGFX
+ 0.84
DSCPX
TBDQX
+ 0.84
DSCPX
  
High negative correlations   
ACDOX
- 0.68
TSMMX
ACDOX
- 0.67
TBDQX
ACDOX
- 0.64
DSCPX
ACDOX
- 0.32
LIGFX
DTICX
- 0.3
DSCPX
DTICX
- 0.28
TSMMX

Risk-Adjusted Indicators

There is a big difference between Tennessee Mutual Fund performing well and Tennessee 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 Tennessee 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.

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