Ultra Short Correlations

SMAIX Fund

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The current 90-days correlation between Ultra Short Term and Wells Fargo Advantage is 0.39 (i.e., Weak diversification). The correlation of Ultra 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.

Ultra Short Correlation With Market

Good diversification

The correlation between Ultra Short Term Municipal and DJI is -0.14 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ultra Short Term Municipal 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 Ultra Short Term 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 gross domestic product.

Moving together with Ultra Mutual Fund

0.7	DHICX	Wells Fargo Advantage	Pair Corr
0.76	VMPAX	Wells Fargo Advantage	Pair Corr
0.84	SADAX	Wells Fargo Ultra	Pair Corr
0.85	SADIX	Wells Fargo Ultra	Pair Corr
0.79	EMGCX	Wells Fargo Emerging	Pair Corr
0.79	SSHIX	Wells Fargo Short	Pair Corr
0.82	SSTHX	Wells Fargo Short	Pair Corr
0.76	SSTVX	Wells Fargo Short	Pair Corr
0.8	WSGIX	Wells Fargo Short	Pair Corr
0.76	STRIX	Wells Fargo Advantage	Pair Corr
0.73	STYIX	Wells Fargo Short	Pair Corr
0.76	SCTAX	California Tax Free	Pair Corr
0.71	SCTCX	California Tax Free	Pair Corr

Moving against Ultra Mutual Fund

0.46	STSAX	Wells Fargo Mon	Pair Corr
0.41	STAFX	Wells Fargo Large	Pair Corr
0.4	STNFX	Wells Fargo Large	Pair Corr
0.31	STDFX	Wells Fargo Large	Pair Corr
0.49	SCVAX	Small Pany Value	Pair Corr
0.49	SCVNX	Small Pany Value	Pair Corr

Related Correlations Analysis

	DHICX	VMPAX	SADAX	SADIX	EMGNX	EMGAX	SSHIX	WABIX	SSTHX	SSTVX
DHICX		0.93	0.67	0.73	0.76	0.79	0.74	0.73	0.61	0.7	DHICX
VMPAX	0.93		0.8	0.85	0.75	0.75	0.8	0.72	0.69	0.78	VMPAX
SADAX	0.67	0.8		0.98	0.58	0.58	0.9	0.59	0.85	0.85	SADAX
SADIX	0.73	0.85	0.98		0.63	0.63	0.89	0.65	0.83	0.85	SADIX
EMGNX	0.76	0.75	0.58	0.63		0.9	0.56	0.83	0.5	0.55	EMGNX
EMGAX	0.79	0.75	0.58	0.63	0.9		0.55	0.83	0.54	0.51	EMGAX
SSHIX	0.74	0.8	0.9	0.89	0.56	0.55		0.68	0.81	0.95	SSHIX
WABIX	0.73	0.72	0.59	0.65	0.83	0.83	0.68		0.47	0.65	WABIX
SSTHX	0.61	0.69	0.85	0.83	0.5	0.54	0.81	0.47		0.84	SSTHX
SSTVX	0.7	0.78	0.85	0.85	0.55	0.51	0.95	0.65	0.84		SSTVX
	DHICX	VMPAX	SADAX	SADIX	EMGNX	EMGAX	SSHIX	WABIX	SSTHX	SSTVX

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Risk-Adjusted Indicators

There is a big difference between Ultra Mutual Fund performing well and Ultra 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 Ultra 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
DHICX	0.06	0.00	(0.55)	(0.38)	0.00	(0.13)	0.11	(0.11)	0.34
VMPAX	0.05	0.00	(0.55)	0.22	0.00	(0.14)	0.11	(0.11)	0.34
SADAX	0.03	0.00	0.00	(0.18)	0.00	0.00	0.11	(0.11)	0.45
SADIX	0.03	0.00	0.00	(0.23)	0.00	0.00	0.11	(0.11)	0.57
EMGNX	0.65	0.05	0.03	0.15	0.88	(0.72)	1.31	(1.25)	5.12
EMGAX	0.67	0.10	0.03	13.45	0.86	(0.74)	1.31	(1.24)	5.12
SSHIX	0.04	0.00	0.00	(0.63)	0.00	0.00	0.12	(0.12)	0.23
WABIX	0.39	0.03	(0.05)	0.37	0.39	(0.46)	0.81	(0.62)	2.43
SSTHX	0.07	0.00	(0.45)	(0.35)	0.00	(0.17)	0.13	(0.13)	0.64
SSTVX	0.04	0.00	(0.46)	(0.04)	0.00	(0.13)	0.12	(0.12)	0.47

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