Parnassus Mid Correlations

PARMX Fund

USD 44.65 0.06 0.13%

The current 90-days correlation between Parnassus Mid Cap and Parnassus Endeavor Fund is 0.93 (i.e., Almost no diversification). The correlation of Parnassus Mid 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.

Parnassus Mid Correlation With Market

Very poor diversification

The correlation between Parnassus Mid Cap and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Parnassus Mid Cap and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Parnassus 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 population.

Moving together with Parnassus Mutual Fund

0.92	PFGEX	Parnassus Funds	Pair Corr
0.96	PFPRX	Parnassus Fund Inst	Pair Corr
1.0	PFPMX	Parnassus Mid Cap	Pair Corr
0.98	PFPWX	Parnassus Endeavor	Pair Corr
0.9	PRBLX	Parnassus E Equity	Pair Corr
0.96	PRILX	Parnassus Equity Incme	Pair Corr
0.96	PARNX	Parnassus Fund Investor	Pair Corr
0.98	PARWX	Parnassus Endeavor	Pair Corr
0.94	VIMAX	Vanguard Mid Cap	Pair Corr
0.94	VIMSX	Vanguard Mid Cap	Pair Corr
0.94	VMCPX	Vanguard Mid Cap	Pair Corr
0.94	VMCIX	Vanguard Mid Cap	Pair Corr
0.9	VEXAX	Vanguard Extended Market	Pair Corr
0.9	VEMPX	Vanguard Extended Market	Pair Corr
0.86	VIEIX	Vanguard Extended Market	Pair Corr
0.9	VSEMX	Vanguard Extended Market	Pair Corr
0.9	VEXMX	Vanguard Extended Market	Pair Corr
0.86	FSMAX	Fidelity Extended Market	Pair Corr
0.8	LSHCX	Horizon Spin Off Steady Growth	Pair Corr
0.8	KNPAX	Kinetics Paradigm Steady Growth	Pair Corr
0.79	KMKAX	Kinetics Market Oppo Steady Growth	Pair Corr
0.79	KNPYX	Kinetics Paradigm Steady Growth	Pair Corr
0.73	SMPSX	Semiconductor Ultrasector	Pair Corr
0.62	LETRX	Voya Russia Fund	Pair Corr
0.79	KNPCX	Kinetics Paradigm Steady Growth	Pair Corr
0.79	KMKCX	Kinetics Market Oppo Steady Growth	Pair Corr
0.81	LSHUX	Horizon Spin Off Steady Growth	Pair Corr
0.79	WWNPX	Kinetics Paradigm Steady Growth	Pair Corr
0.79	RQECX	Resq Dynamic Allocation	Pair Corr
0.7	RIV	Rivernorth Opportunities	Pair Corr
0.9	LLPFX	Longleaf Partners	Pair Corr
0.94	INDEX	Sp 500 Equal	Pair Corr
0.85	FEMDX	Franklin Emerging Market	Pair Corr
0.96	WBCIX	William Blair Small	Pair Corr
0.83	GAB	Gabelli Equity Trust	Pair Corr
0.85	SCRYX	Small Cap Core	Pair Corr
0.94	VTSAX	Vanguard Total Stock	Pair Corr

Moving against Parnassus Mutual Fund

0.46	PFPLX	Parnassus Fixed Income	Pair Corr
0.46	PRFIX	Parnassus Fixed Income	Pair Corr

Related Correlations Analysis

	PARWX	PRBLX	FMIJX	PARNX	PRDSX
PARWX		0.9	0.34	0.95	0.93	PARWX
PRBLX	0.9		0.2	0.83	0.84	PRBLX
FMIJX	0.34	0.2		0.43	0.32	FMIJX
PARNX	0.95	0.83	0.43		0.93	PARNX
PRDSX	0.93	0.84	0.32	0.93		PRDSX
	PARWX	PRBLX	FMIJX	PARNX	PRDSX

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Risk-Adjusted Indicators

There is a big difference between Parnassus Mutual Fund performing well and Parnassus Mid 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 Parnassus Mid'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
PARWX	0.57	0.01	(0.03)	0.13	0.50	(0.61)	1.17	(1.00)	2.88
PRBLX	0.55	0.08	(0.05)	(8.21)	0.68	(0.55)	1.15	(1.44)	3.75
FMIJX	0.54	(0.08)	(0.18)	(0.01)	0.62	(0.62)	1.06	(0.99)	3.05
PARNX	0.70	(0.01)	(0.01)	0.11	0.86	(0.71)	1.53	(1.29)	4.58
PRDSX	0.82	(0.04)	0.00	0.09	0.97	(0.85)	1.74	(1.50)	6.09

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