Prudential Jennison Correlations

JDERX Fund

USD 14.02 0.17 1.23%

The current 90-days correlation between Prudential Jennison Mid and Deutsche Health And is 0.6 (i.e., Poor diversification). The correlation of Prudential Jennison 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 Jennison Correlation With Market

Very poor diversification

The correlation between Prudential Jennison Mid Cap 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 Jennison Mid Cap and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Prudential Jennison Mid Cap. 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 metropolitan statistical area.

Moving together with Prudential Mutual Fund

0.88	PFRIX	Prudential Floating Rate	Pair Corr
0.95	PFSQX	Prudential Jennison	Pair Corr
0.64	PGJQX	Prudential Jennison	Pair Corr
0.95	PGKCX	Pgim Jennison Technology	Pair Corr
0.95	PGKAX	Pgim Jennison Technology	Pair Corr
0.95	PGKRX	Pgim Jennison Technology	Pair Corr
0.85	SCFQX	Pgim Securitized Credit	Pair Corr
0.85	SCFOX	Pgim Securitized Credit	Pair Corr
0.84	SCFZX	Pgim Securitized Credit	Pair Corr
0.86	SCFVX	Pgim Securitized Credit	Pair Corr
0.62	PHYQX	Prudential High Yield	Pair Corr
0.96	SUVQX	Prudential Qma Strategic	Pair Corr
0.78	PIBQX	Prudential Balanced	Pair Corr
0.97	JSCRX	Prudential Jennison Small	Pair Corr
0.95	SDVRX	Prudential Qma Mid	Pair Corr
0.86	PJDQX	Pgim Jennison Rising	Pair Corr
0.97	PJFQX	Prudential Jennison	Pair Corr
0.96	PJFOX	Prudential Jennison	Pair Corr
0.96	PJGRX	Prudential Jennison	Pair Corr

Moving against Prudential Mutual Fund

0.82	PGIQX	Prudential Government	Pair Corr
0.81	PGTSX	Prudential Global Total	Pair Corr
0.8	PGTQX	Prudential Global Total	Pair Corr
0.59	EMDQX	Prudential Emerging	Pair Corr
0.53	PHEQX	Prudential Global Total	Pair Corr
0.46	PGRQX	Prudential Global Real	Pair Corr
0.34	PWJRX	Prudential Jennison	Pair Corr
0.34	PWJBX	Pgim Jennison Intern	Pair Corr
0.33	PWJQX	Prudential Jennison	Pair Corr
0.33	PWJDX	Pgim Jennison Intern	Pair Corr
0.71	PHLQX	Prudential Health	Pair Corr
0.71	PJHRX	Prudential Health	Pair Corr
0.41	PJERX	Prudential Jennison	Pair Corr
0.4	PIFEX	Prudential Short Term	Pair Corr
0.38	PJIQX	Prudential Jennison	Pair Corr
0.33	PIFGX	Prudential Short Term	Pair Corr

Related Correlations Analysis

	SCHLX	GGHYX	HIAHX	DLHIX	HHCZX	XXGRX	BHSRX
SCHLX		0.99	0.99	0.97	-0.75	0.97	0.99	SCHLX
GGHYX	0.99		0.99	0.96	-0.75	0.97	0.99	GGHYX
HIAHX	0.99	0.99		0.97	-0.76	0.97	0.98	HIAHX
DLHIX	0.97	0.96	0.97		-0.65	0.94	0.97	DLHIX
HHCZX	-0.75	-0.75	-0.76	-0.65		-0.77	-0.69	HHCZX
XXGRX	0.97	0.97	0.97	0.94	-0.77		0.96	XXGRX
BHSRX	0.99	0.99	0.98	0.97	-0.69	0.96		BHSRX
	SCHLX	GGHYX	HIAHX	DLHIX	HHCZX	XXGRX	BHSRX

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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

GGHYX	+ 0.99	SCHLX
HIAHX	+ 0.99	SCHLX
BHSRX	+ 0.99	SCHLX
HIAHX	+ 0.99	GGHYX
BHSRX	+ 0.99	GGHYX
BHSRX	+ 0.98	HIAHX

High negative correlations

XXGRX	- 0.77	HHCZX
HHCZX	- 0.76	HIAHX
HHCZX	- 0.75	GGHYX
HHCZX	- 0.75	SCHLX
BHSRX	- 0.69	HHCZX
HHCZX	- 0.65	DLHIX

Risk-Adjusted Indicators

There is a big difference between Prudential Mutual Fund performing well and Prudential Jennison 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 Jennison'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SCHLX	0.53	(0.18)	0.00	(0.21)	0.00	0.89	(1.30)	3.08
GGHYX	0.62	(0.19)	0.00	(0.20)	0.00	0.89	(1.30)	3.73
HIAHX	0.61	(0.23)	0.00	(0.27)	0.00	0.76	(1.34)	3.83
DLHIX	0.62	(0.23)	0.00	(0.20)	0.00	0.82	(1.45)	4.38
HHCZX	0.16	0.01	(0.41)	0.16	(0.20)	0.37	(0.31)	1.14
XXGRX	0.62	(0.19)	0.00	(0.18)	0.00	1.01	(1.19)	3.30
BHSRX	0.56	(0.17)	0.00	(0.16)	0.00	0.91	(1.31)	3.39

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