Prudential Floating Correlations

FRFCX Fund  USD 9.15  0.01  0.11%   
The current 90-days correlation between Prudential Floating Rate and Prudential High Yield is 0.55 (i.e., Very weak 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

Good diversification

The correlation between Prudential Floating Rate 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 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 main economic indicators.

Moving together with Prudential Mutual Fund

  0.77HYSZX Prudential Short DurationPairCorr
  0.75HYSAX Prudential Short DurationPairCorr
  0.7HYSCX Prudential Short DurationPairCorr
  0.77PGAQX Pgim Esg HighPairCorr
  0.72PGANX Pgim Esg HighPairCorr
  0.69PGAUX Pgim Esg HighPairCorr
  0.75PGAVX Pgim Esg HighPairCorr
  0.9PGIGX Pgim Esg ShortPairCorr
  0.92PGIPX Pgim Esg ShortPairCorr
  0.85PGIJX Pgim Esg ShortPairCorr
  0.92PGIKX Pgim Esg ShortPairCorr
  0.99FRFZX Prudential Floating RatePairCorr
  0.99FRFAX Prudential Floating RatePairCorr

Moving against Prudential Mutual Fund

  0.57EMDCX Prudential EmergingPairCorr
  0.52EMDAX Prudential EmergingPairCorr
  0.51EMDZX Prudential EmergingPairCorr
  0.52PGJCX Prudential JennisonPairCorr
  0.5PGJAX Prudential JennisonPairCorr
  0.49PGJZX Prudential JennisonPairCorr
  0.71PHLCX Prudential HealthPairCorr
  0.7PHLAX Prudential HealthPairCorr
  0.69PHSZX Prudential HealthPairCorr
  0.64SUVCX Prudential Qma StrategicPairCorr
  0.6PGTOX Prudential Global TotalPairCorr
  0.57PZTRX Prudential Global TotalPairCorr

Related Correlations Analysis

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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.