Baird Quality Correlations

BMBSX Fund

USD 11.52 0.02 0.17%

The current 90-days correlation between Baird Quality Interm and Blackrock Taxable Municipal is 0.13 (i.e., Average diversification). The correlation of Baird Quality 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.

Baird Quality Correlation With Market

Significant diversification

The correlation between Baird Quality Intermediate and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baird Quality Intermediate 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 Baird Quality Intermediate. 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 Baird Mutual Fund

0.89	VWITX	Vanguard Intermediate-ter	Pair Corr
0.89	VWIUX	Vanguard Intermediate-ter	Pair Corr
0.77	AFTEX	Tax Exempt Bond	Pair Corr
0.77	AFTFX	Tax Exempt Bond	Pair Corr
0.65	TEBCX	Tax Exempt Bond	Pair Corr
0.78	TEAFX	Tax Exempt Bond	Pair Corr
0.78	TFEBX	Tax Exempt Bond	Pair Corr
0.89	FLTMX	Fidelity Intermediate	Pair Corr
0.66	GSMUX	Goldman Sachs Dynamic	Pair Corr
0.76	GSMIX	Goldman Sachs Dynamic	Pair Corr
0.77	FIJDX	Gold Portfolio Fidelity	Pair Corr
0.71	KF	Korea Closed	Pair Corr
0.78	PRSLX	T Rowe Price	Pair Corr
0.73	JRARX	Janus Henderson Research	Pair Corr
0.73	CQTRX	Columbia Thermostat	Pair Corr
0.85	PQTNX	Pimco Trends Managed	Pair Corr
0.89	LTEBX	Limited Term Tax	Pair Corr
0.82	TRMIX	T Rowe Price	Pair Corr
0.85	ALAYX	Invesco Income Allocation	Pair Corr
0.77	FSAGX	Gold Portfolio Gold	Pair Corr
0.75	CGFFX	Growth Fund	Pair Corr
0.62	FCNTX	Fidelity Contrafund	Pair Corr
0.62	RDWHX	American Funds Developing	Pair Corr
0.61	TWN	Taiwan Closed	Pair Corr
0.64	FRDPX	Franklin Rising Dividends	Pair Corr

Related Correlations Analysis

	BBN	PUCZX	SIYYX	GWMTX	PNYAX	SSPIX	FLMFX	PABCX	PALRX	SWEGX
BBN		0.08	-0.34	-0.11	0.22	-0.41	-0.31	-0.19	-0.17	0.4	BBN
PUCZX	0.08		0.73	0.64	0.35	0.66	0.68	0.73	0.74	0.19	PUCZX
SIYYX	-0.34	0.73		0.74	0.27	0.96	0.92	0.87	0.87	0.0	SIYYX
GWMTX	-0.11	0.64	0.74		0.74	0.75	0.75	0.76	0.76	-0.15	GWMTX
PNYAX	0.22	0.35	0.27	0.74		0.29	0.27	0.4	0.41	0.01	PNYAX
SSPIX	-0.41	0.66	0.96	0.75	0.29		0.91	0.85	0.85	-0.01	SSPIX
FLMFX	-0.31	0.68	0.92	0.75	0.27	0.91		0.89	0.89	0.1	FLMFX
PABCX	-0.19	0.73	0.87	0.76	0.4	0.85	0.89		1.0	0.23	PABCX
PALRX	-0.17	0.74	0.87	0.76	0.41	0.85	0.89	1.0		0.23	PALRX
SWEGX	0.4	0.19	0.0	-0.15	0.01	-0.01	0.1	0.23	0.23		SWEGX
	BBN	PUCZX	SIYYX	GWMTX	PNYAX	SSPIX	FLMFX	PABCX	PALRX	SWEGX

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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

PALRX	+ 1.0	PABCX
SSPIX	+ 0.96	SIYYX
FLMFX	+ 0.92	SIYYX
FLMFX	+ 0.91	SSPIX
PABCX	+ 0.89	FLMFX
PALRX	+ 0.89	FLMFX

High negative correlations

SSPIX	- 0.41	BBN
SIYYX	- 0.34	BBN
FLMFX	- 0.31	BBN
PABCX	- 0.19	BBN
PALRX	- 0.17	BBN
SWEGX	- 0.15	GWMTX

Risk-Adjusted Indicators

There is a big difference between Baird Mutual Fund performing well and Baird Quality 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 Baird Quality'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
BBN	0.44	(0.03)	0.00	(0.19)	0.00	0.00	0.95	(0.66)	3.84
PUCZX	0.12	0.00	(0.35)	0.07	0.08	(0.17)	0.23	(0.23)	0.70
SIYYX	0.14	0.02	(0.23)	0.30	0.00	(0.28)	0.19	(0.19)	0.96
GWMTX	0.08	0.03	(0.33)	8.65	0.00	(0.12)	0.18	(0.09)	0.52
PNYAX	0.06	0.00	(0.63)	2.13	0.00	(0.13)	0.19	(0.09)	0.47
SSPIX	0.65	0.17	0.18	0.38	0.41	(0.77)	1.54	(1.12)	7.99
FLMFX	0.65	0.12	0.14	0.20	0.47	(0.76)	1.31	(1.07)	6.51
PABCX	0.36	0.04	(0.01)	0.15	0.33	(0.41)	0.78	(0.71)	2.05
PALRX	0.36	0.04	(0.01)	0.15	0.32	(0.42)	0.78	(0.72)	1.96
SWEGX	0.64	(0.06)	(0.05)	(0.01)	1.49	(0.57)	1.06	(1.15)	8.32

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