Prudential Floating Correlations

FRFAX Fund

USD 8.83 0.01 0.11%

The current 90-days correlation between Prudential Floating Rate and Prudential Financial Services is 0.07 (i.e., Significant diversification). The correlation of Prudential Floating 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.

Prudential Floating Correlation With Market

Very poor diversification

The correlation between Prudential Floating Rate and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prudential Floating Rate and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Prudential Floating Rate. 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 nation.

Moving together with Prudential Mutual Fund

0.71	PWJZX	Prudential Jennison	Pair Corr
0.71	PWJAX	Prudential Jennison	Pair Corr
0.7	PWJCX	Prudential Jennison	Pair Corr
0.86	HYSZX	Prudential Short Duration	Pair Corr
0.87	HYSAX	Prudential Short Duration	Pair Corr
0.86	HYSCX	Prudential Short Duration	Pair Corr
0.75	PFSZX	Prudential Financial	Pair Corr
0.75	PFSAX	Prudential Financial	Pair Corr
0.99	FRFZX	Prudential Floating Rate	Pair Corr
0.98	FRFCX	Prudential Floating Rate	Pair Corr
0.75	PGOAX	Prudential Jennison Small	Pair Corr
0.61	PGNAX	Jennison Natural Res Steady Growth	Pair Corr
0.68	PHLAX	Prudential Health	Pair Corr
0.67	PHSZX	Prudential Health	Pair Corr
0.79	PHYZX	Prudential High Yield	Pair Corr
0.79	PHYEX	Pgim High Yield	Pair Corr
0.67	PIBAX	Prudential Balanced	Pair Corr
0.71	SUVCX	Prudential Qma Strategic	Pair Corr
0.71	SUVAX	Prudential Qma Strategic	Pair Corr
0.71	SUVZX	Prudential Qma Strategic	Pair Corr

Moving against Prudential Mutual Fund

0.71

PHLCX

Prudential Health

Pair Corr

Related Correlations Analysis

	PWJZX	PWJAX	PWJCX	HYSZX	HYSAX	HYSCX	EMDCX	EMDAX	EMDZX	PFSZX
PWJZX		1.0	1.0	0.77	0.76	0.76	0.64	0.64	0.63	0.54	PWJZX
PWJAX	1.0		1.0	0.76	0.76	0.76	0.63	0.64	0.62	0.54	PWJAX
PWJCX	1.0	1.0		0.75	0.75	0.74	0.61	0.62	0.61	0.53	PWJCX
HYSZX	0.77	0.76	0.75		0.99	0.99	0.85	0.87	0.85	0.65	HYSZX
HYSAX	0.76	0.76	0.75	0.99		1.0	0.85	0.87	0.85	0.65	HYSAX
HYSCX	0.76	0.76	0.74	0.99	1.0		0.85	0.87	0.85	0.65	HYSCX
EMDCX	0.64	0.63	0.61	0.85	0.85	0.85		1.0	1.0	0.38	EMDCX
EMDAX	0.64	0.64	0.62	0.87	0.87	0.87	1.0		1.0	0.4	EMDAX
EMDZX	0.63	0.62	0.61	0.85	0.85	0.85	1.0	1.0		0.38	EMDZX
PFSZX	0.54	0.54	0.53	0.65	0.65	0.65	0.38	0.4	0.38		PFSZX
	PWJZX	PWJAX	PWJCX	HYSZX	HYSAX	HYSCX	EMDCX	EMDAX	EMDZX	PFSZX

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Risk-Adjusted Indicators

There is a big difference between Prudential Mutual Fund performing well and Prudential Floating 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 Prudential Floating'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
PWJZX	0.83	0.02	0.01	0.10	0.92	(0.93)	1.86	(1.76)	4.36
PWJAX	0.86	0.02	0.01	0.10	0.97	(0.93)	1.85	(1.77)	4.37
PWJCX	0.83	0.02	0.01	0.10	0.91	(0.93)	1.86	(1.78)	4.38
HYSZX	0.09	0.01	(0.46)	0.32	0.00	(0.19)	0.12	(0.12)	0.84
HYSAX	0.09	0.01	(0.49)	0.26	0.00	(0.19)	0.24	(0.12)	0.72
HYSCX	0.09	0.01	(0.55)	0.26	0.00	(0.18)	0.24	(0.12)	0.60
EMDCX	0.22	0.06	(0.02)	0.69	0.00	(0.34)	0.41	(0.40)	1.58
EMDAX	0.23	0.07	(0.01)	0.80	0.00	(0.33)	0.41	(0.40)	1.22
EMDZX	0.23	0.07	0.00	0.71	0.00	(0.35)	0.59	(0.40)	1.38
PFSZX	1.02	0.02	0.04	0.10	1.15	(1.13)	1.96	(1.89)	14.33

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