Prudential Day Correlations

PDGHX Fund

USD 12.61 0.02 0.16%

The current 90-days correlation between Prudential Day One and John Hancock Financial is 0.51 (i.e., Very weak diversification). The correlation of Prudential Day 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 Day Correlation With Market

Almost no diversification

The correlation between Prudential Day One and DJI is 0.92 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prudential Day One 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 Prudential Day One. 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 rate.

Moving together with Prudential Mutual Fund

0.72	PWJQX	Prudential Jennison	Pair Corr
0.71	PWJRX	Prudential Jennison	Pair Corr
0.71	PWJBX	Pgim Jennison Intern	Pair Corr
0.71	PWJDX	Pgim Jennison Intern	Pair Corr
0.91	HYSQX	Prudential Short Duration	Pair Corr
0.91	EMDQX	Prudential Emerging	Pair Corr
0.87	PFRIX	Prudential Floating Rate	Pair Corr
0.87	PFSQX	Prudential Jennison	Pair Corr
0.94	PGJQX	Prudential Jennison	Pair Corr
0.65	PGIQX	Prudential Government	Pair Corr
0.77	PGKCX	Pgim Jennison Technology	Pair Corr
0.76	PGKAX	Pgim Jennison Technology	Pair Corr
0.78	PGKRX	Pgim Jennison Technology	Pair Corr
0.84	PGRQX	Prudential Global Real	Pair Corr
0.82	PGTQX	Prudential Global Total	Pair Corr
0.8	PGTSX	Prudential Global Total	Pair Corr
0.86	SCFQX	Pgim Securitized Credit	Pair Corr
0.87	SCFOX	Pgim Securitized Credit	Pair Corr
0.87	SCFZX	Pgim Securitized Credit	Pair Corr
0.87	SCFVX	Pgim Securitized Credit	Pair Corr
0.8	PHIQX	Prudential Muni High	Pair Corr
0.85	PHLQX	Prudential Health	Pair Corr
0.92	PHYGX	Pgim High Yield	Pair Corr
0.91	PHYQX	Prudential High Yield	Pair Corr
0.87	SUVQX	Prudential Qma Strategic	Pair Corr
0.95	PIBQX	Prudential Balanced	Pair Corr
0.89	JSCRX	Prudential Jennison Small	Pair Corr
0.83	PIFEX	Prudential Short Term	Pair Corr
0.82	PIFGX	Prudential Short Term	Pair Corr
0.88	SDMQX	Prudential Short Duration	Pair Corr
0.93	SDVRX	Prudential Qma Mid	Pair Corr
0.94	PJDQX	Pgim Jennison Rising	Pair Corr
0.72	PJFPX	Prudential Jennison	Pair Corr
0.72	PJFQX	Prudential Jennison	Pair Corr
0.72	PJFOX	Prudential Jennison	Pair Corr
0.95	PJERX	Prudential Jennison Steady Growth	Pair Corr
0.87	PJHRX	Prudential Health	Pair Corr
0.95	PJIQX	Prudential Jennison Steady Growth	Pair Corr

Related Correlations Analysis

	IAAEX	HILFX	FNPIX	RPFGX	ICFAX	FTIXX	GCFSX	BTO
IAAEX		0.71	0.59	0.87	0.73	0.0	0.89	0.8	IAAEX
HILFX	0.71		0.89	0.91	0.91	0.0	0.85	0.85	HILFX
FNPIX	0.59	0.89		0.84	0.81	0.0	0.7	0.66	FNPIX
RPFGX	0.87	0.91	0.84		0.9	0.0	0.95	0.86	RPFGX
ICFAX	0.73	0.91	0.81	0.9		0.0	0.9	0.89	ICFAX
FTIXX	0.0	0.0	0.0	0.0	0.0		0.0	0.0	FTIXX
GCFSX	0.89	0.85	0.7	0.95	0.9	0.0		0.93	GCFSX
BTO	0.8	0.85	0.66	0.86	0.89	0.0	0.93		BTO
	IAAEX	HILFX	FNPIX	RPFGX	ICFAX	FTIXX	GCFSX	BTO

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

GCFSX	+ 0.95	RPFGX
BTO	+ 0.93	GCFSX
RPFGX	+ 0.91	HILFX
ICFAX	+ 0.91	HILFX
ICFAX	+ 0.9	RPFGX
GCFSX	+ 0.9	ICFAX

High negative correlations

BTO	- 0.0	FTIXX
GCFSX	- 0.0	FTIXX
FTIXX	- 0.0	ICFAX
FTIXX	- 0.0	RPFGX
FTIXX	- 0.0	FNPIX
FTIXX	- 0.0	HILFX

Risk-Adjusted Indicators

There is a big difference between Prudential Mutual Fund performing well and Prudential Day 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 Day'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
IAAEX	0.95	0.32	0.39	0.70	0.29	(1.25)	1.85	(1.17)	19.44
HILFX	1.05	0.05	0.05	0.09	1.09	(1.27)	1.71	(2.06)	12.15
FNPIX	1.01	(0.04)	(0.01)	0.02	1.43	(0.96)	1.85	(2.56)	6.55
RPFGX	0.66	0.13	0.10	0.75	0.73	(0.68)	1.60	(1.27)	4.28
ICFAX	0.87	0.21	0.29	0.25	0.33	(1.20)	1.66	(0.98)	14.63
FTIXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GCFSX	0.51	0.14	0.13	1.21	0.52	(0.58)	1.15	(1.04)	3.77
BTO	0.88	0.17	0.17	0.21	0.78	(0.99)	2.95	(1.55)	5.37

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