Baird Short Correlations

BSBSX Fund

USD 9.59 0.01 0.10%

The current 90-days correlation between Baird Short Term and Baird Intermediate Bond is 0.78 (i.e., Poor diversification). The correlation of Baird Short 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 Short Correlation With Market

Average diversification

The correlation between Baird Short Term Bond and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baird Short Term Bond 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 Short Term Bond. 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 main economic indicators.

Moving together with Baird Mutual Fund

0.75	BAGIX	Baird Aggregate Bond	Pair Corr
0.73	BAGSX	Baird Aggregate Bond	Pair Corr
0.77	BSBIX	Baird Short Term	Pair Corr
0.9	BSNSX	Baird Strategic Municipal	Pair Corr
0.85	BSNIX	Baird Strategic Municipal	Pair Corr
0.73	BTMSX	Baird Short Term	Pair Corr
0.94	BUBIX	Baird Ultra Short	Pair Corr
0.76	BCOSX	Baird E Plus	Pair Corr
0.75	BCOIX	Baird E Plus	Pair Corr
0.92	BUBSX	Baird Ultra Short	Pair Corr
0.82	BIMSX	Baird Intermediate Bond	Pair Corr
0.94	BIMIX	Baird Intermediate Bond	Pair Corr
0.93	BMBSX	Baird Quality Interm	Pair Corr
0.86	BMBIX	Baird Quality Interm	Pair Corr
0.91	BMNSX	Baird E Intermediate	Pair Corr
0.84	BMNIX	Baird E Intermediate	Pair Corr
0.81	BMQSX	Baird Municipal Bond	Pair Corr
0.8	BMQIX	Baird Municipal Bond	Pair Corr
0.8	VBIRX	Vanguard Short Term	Pair Corr
0.75	VFSUX	Vanguard Short Term	Pair Corr
0.94	VFSIX	Vanguard Short Term	Pair Corr
0.94	VFSTX	Vanguard Short Term	Pair Corr
0.86	VBITX	Vanguard Short Term	Pair Corr
0.86	VBISX	Vanguard Short Term	Pair Corr
0.82	VSCSX	Vanguard Short Term	Pair Corr
0.88	LALDX	Lord Abbett Short	Pair Corr
0.87	LDLAX	Lord Abbett Short	Pair Corr
0.87	LDLRX	Lord Abbett Short	Pair Corr

Moving against Baird Mutual Fund

0.48	BMDSX	Baird Midcap	Pair Corr
0.48	BMDIX	Baird Midcap	Pair Corr
0.42	BSVSX	Baird Smallcap Value	Pair Corr
0.42	BSVIX	Baird Smallcap Value	Pair Corr
0.66	MSCMX	Morgan Stanley Multi	Pair Corr
0.62	MBIRX	Morgan Stanley Insight	Pair Corr
0.62	MCRTX	Morgan Stanley Multi	Pair Corr
0.59	MGRPX	Growth Portfolio Class	Pair Corr
0.59	MSGUX	Growth Portfolio Class	Pair Corr
0.58	MGHRX	Morgan Stanley Insti	Pair Corr
0.44	CCWIX	Chautauqua International	Pair Corr
0.44	CCWSX	Chautauqua International	Pair Corr

Related Correlations Analysis

	BIMSX	BUBSX	STYAX	FTHNX	PAROX	WBFFX	VSCGX	PBLAX	RCWAX	AKRIX
BIMSX		0.68	0.74	0.06	0.31	-0.15	0.5	-0.27	-0.22	-0.58	BIMSX
BUBSX	0.68		0.44	0.16	0.43	-0.34	0.47	-0.54	-0.44	-0.65	BUBSX
STYAX	0.74	0.44		0.09	0.41	0.28	0.69	0.0	0.22	-0.3	STYAX
FTHNX	0.06	0.16	0.09		0.71	0.45	0.5	-0.26	0.42	0.37	FTHNX
PAROX	0.31	0.43	0.41	0.71		0.17	0.92	-0.02	0.12	-0.2	PAROX
WBFFX	-0.15	-0.34	0.28	0.45	0.17		0.18	0.11	0.99	0.57	WBFFX
VSCGX	0.5	0.47	0.69	0.5	0.92	0.18		0.05	0.12	-0.34	VSCGX
PBLAX	-0.27	-0.54	0.0	-0.26	-0.02	0.11	0.05		0.17	0.08	PBLAX
RCWAX	-0.22	-0.44	0.22	0.42	0.12	0.99	0.12	0.17		0.63	RCWAX
AKRIX	-0.58	-0.65	-0.3	0.37	-0.2	0.57	-0.34	0.08	0.63		AKRIX
	BIMSX	BUBSX	STYAX	FTHNX	PAROX	WBFFX	VSCGX	PBLAX	RCWAX	AKRIX

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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

RCWAX	+ 0.99	WBFFX
VSCGX	+ 0.92	PAROX
STYAX	+ 0.74	BIMSX
PAROX	+ 0.71	FTHNX
VSCGX	+ 0.69	STYAX
BUBSX	+ 0.68	BIMSX

High negative correlations

AKRIX	- 0.65	BUBSX
AKRIX	- 0.58	BIMSX
PBLAX	- 0.54	BUBSX
RCWAX	- 0.44	BUBSX
AKRIX	- 0.34	VSCGX
WBFFX	- 0.34	BUBSX

Risk-Adjusted Indicators

There is a big difference between Baird Mutual Fund performing well and Baird Short 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 Short'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
BIMSX	0.09	0.00	(0.43)	0.73	0.00	(0.14)	0.18	(0.18)	0.63
BUBSX	0.03	0.01	0.00	(2.98)	0.00	0.00	0.10	0.00	0.30
STYAX	0.14	(0.01)	(0.33)	(0.07)	0.15	(0.17)	0.27	(0.26)	0.88
FTHNX	0.72	(0.04)	(0.03)	0.03	0.88	(0.72)	1.59	(1.34)	4.10
PAROX	0.51	(0.02)	(0.04)	0.04	0.74	(0.50)	1.10	(1.09)	3.00
WBFFX	0.17	(0.02)	0.00	(0.23)	0.00	0.00	0.36	(0.42)	0.79
VSCGX	0.23	(0.01)	(0.15)	0.03	0.29	(0.23)	0.54	(0.49)	1.43
PBLAX	0.99	(0.36)	0.00	(1.47)	0.00	0.00	1.07	(1.74)	18.45
RCWAX	0.18	(0.02)	0.00	(0.29)	0.00	0.00	0.37	(0.37)	0.74
AKRIX	0.73	(0.13)	0.00	(1.07)	0.00	0.00	1.19	(1.77)	5.02

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