Pioneer Multi-asset Correlations

MAUKX Fund

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The current 90-days correlation between Pioneer Multi Asset and Pioneer Fundamental Growth is -0.32 (i.e., Very good diversification). The correlation of Pioneer Multi-asset 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.

Pioneer Multi-asset Correlation With Market

Very good diversification

The correlation between Pioneer Multi Asset Ultrashort and DJI is -0.23 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pioneer Multi Asset Ultrashort and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Pioneer Multi Asset Ultrashort. 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 industry.

Moving together with Pioneer Mutual Fund

0.63	PFGKX	Pioneer Fundamental	Pair Corr
0.74	CERPX	Pioneer Core Equity	Pair Corr
0.89	GOF	Guggenheim Strategic	Pair Corr
0.61	PIOKX	Pioneer Fund Class	Pair Corr
0.76	PMCKX	Pioneer Mid Cap	Pair Corr
0.99	MAUCX	Pioneer Multi Asset	Pair Corr
0.75	MUARX	Pioneer Flexible Opp	Pair Corr
0.76	FLEKX	Pioneer Flexible Opp	Pair Corr
0.8	PSMKX	Pioneer Select Mid	Pair Corr
0.74	PCEKX	Pioneer Core Equity	Pair Corr
0.75	PCMRX	Pioneer Mid Cap	Pair Corr
0.78	PEQKX	Pioneer Equity Income	Pair Corr
0.96	PTSPX	Pimco Short Term	Pair Corr
0.96	PTSHX	Short Term Fund	Pair Corr
0.96	PSFAX	Short Term Fund	Pair Corr
0.96	PTSRX	Short Term Fund	Pair Corr
0.96	PSDNX	Putnam Ultra Short	Pair Corr
0.98	LUSNX	Lord Abbett Ultra	Pair Corr
0.9	VUBFX	Vanguard Ultra-short-term	Pair Corr
0.98	PSDRX	Putnam Short Duration	Pair Corr
0.97	PSDYX	Putnam Short Duration	Pair Corr
0.77	VTSAX	Vanguard Total Stock	Pair Corr
0.76	VFIAX	Vanguard 500 Index	Pair Corr
0.77	VTSMX	Vanguard Total Stock	Pair Corr
0.77	VSMPX	Vanguard Total Stock	Pair Corr
0.77	VSTSX	Vanguard Total Stock	Pair Corr
0.77	VITSX	Vanguard Total Stock	Pair Corr
0.76	VFINX	Vanguard 500 Index	Pair Corr
0.76	VFFSX	Vanguard 500 Index	Pair Corr

Moving against Pioneer Mutual Fund

0.49	STRKX	Pioneer Strategic Income	Pair Corr
0.59	PBFKX	Pioneer Bond	Pair Corr
0.31	VGTSX	Vanguard Total Inter	Pair Corr
0.31	VTIAX	Vanguard Total Inter	Pair Corr

Related Correlations Analysis

	PFGKX	PGEKX	BALRX	CERPX	STIIX	STIKX	STRKX	GOF	PIOKX	PMCKX
PFGKX		0.53	0.32	0.95	-0.08	0.04	-0.53	0.78	0.94	0.91	PFGKX
PGEKX	0.53		0.94	0.58	-0.09	-0.01	-0.04	0.38	0.63	0.41	PGEKX
BALRX	0.32	0.94		0.36	0.1	0.12	0.26	0.16	0.39	0.19	BALRX
CERPX	0.95	0.58	0.36		-0.07	0.09	-0.58	0.89	0.96	0.96	CERPX
STIIX	-0.08	-0.09	0.1	-0.07		0.94	0.68	0.1	-0.27	-0.13	STIIX
STIKX	0.04	-0.01	0.12	0.09	0.94		0.56	0.29	-0.12	0.02	STIKX
STRKX	-0.53	-0.04	0.26	-0.58	0.68	0.56		-0.51	-0.66	-0.65	STRKX
GOF	0.78	0.38	0.16	0.89	0.1	0.29	-0.51		0.77	0.84	GOF
PIOKX	0.94	0.63	0.39	0.96	-0.27	-0.12	-0.66	0.77		0.91	PIOKX
PMCKX	0.91	0.41	0.19	0.96	-0.13	0.02	-0.65	0.84	0.91		PMCKX
	PFGKX	PGEKX	BALRX	CERPX	STIIX	STIKX	STRKX	GOF	PIOKX	PMCKX

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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

PIOKX	+ 0.96	CERPX
PMCKX	+ 0.96	CERPX
CERPX	+ 0.95	PFGKX
PIOKX	+ 0.94	PFGKX
BALRX	+ 0.94	PGEKX
STIKX	+ 0.94	STIIX

High negative correlations

PIOKX	- 0.66	STRKX
PMCKX	- 0.65	STRKX
STRKX	- 0.58	CERPX
STRKX	- 0.53	PFGKX
GOF	- 0.51	STRKX
PIOKX	- 0.27	STIIX

Risk-Adjusted Indicators

There is a big difference between Pioneer Mutual Fund performing well and Pioneer Multi-asset 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 Pioneer Multi-asset'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
PFGKX	0.59	(0.04)	(0.07)	0.07	0.75	(0.62)	1.18	(1.48)	3.91
PGEKX	0.59	(0.09)	(0.16)	0.00	0.73	(0.68)	1.20	(1.31)	3.34
BALRX	0.31	(0.05)	(0.31)	(0.02)	0.36	(0.38)	0.68	(0.67)	1.92
CERPX	0.55	(0.01)	(0.04)	0.11	0.54	(0.61)	0.95	(1.07)	3.55
STIIX	0.08	0.00	(0.89)	0.08	0.00	(0.16)	0.22	(0.11)	0.79
STIKX	0.09	0.01	(0.88)	(0.01)	0.00	(0.17)	0.22	(0.11)	0.90
STRKX	0.21	(0.01)	0.00	0.23	0.00	0.00	0.42	(0.52)	1.56
GOF	0.39	0.07	(0.06)	0.62	0.40	(0.40)	0.98	(0.88)	1.94
PIOKX	0.69	(0.06)	(0.06)	0.07	0.80	(0.80)	1.52	(1.39)	4.74
PMCKX	0.63	0.02	0.03	0.15	0.47	(0.72)	1.24	(0.91)	4.36

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