Parnassus Funds Correlations

Mutual Funds . USA . 
Fund . Parnassus Funds
PFPGX Fund   26.89  0.03  0.11%   
The current 90-days correlation between Parnassus Funds and Mfs Technology Fund is 0.97 (i.e., Almost no diversification). The correlation of Parnassus Funds 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 Funds Correlation With Market

Poor diversification

The correlation between Parnassus Funds and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Parnassus Funds 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 Funds . 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 price.

Moving together with Parnassus Mutual Fund

  1.0PFGEX Parnassus FundsPairCorr
  0.89PFPRX Parnassus Fund InstPairCorr
  0.91PFPMX Parnassus Mid CapPairCorr
  0.91PFPWX Parnassus EndeavorPairCorr
  0.9PRBLX Parnassus E EquityPairCorr
  0.97PRILX Parnassus Equity IncmePairCorr
  0.91PARMX Parnassus Mid CapPairCorr
  0.89PARNX Parnassus Fund InvestorPairCorr
  0.91PARWX Parnassus EndeavorPairCorr
  0.93FAFGX American FundsPairCorr
  0.93FFAFX American FundsPairCorr
  0.93GFACX Growth FundPairCorr
  0.98GFAFX Growth FundPairCorr
  0.98AGTHX Growth FundPairCorr
  0.98CGFFX Growth FundPairCorr
  0.93CGFCX Growth FundPairCorr
  0.93CGFAX Growth FundPairCorr
  0.98CGFEX Growth FundPairCorr
  0.98RGAEX Growth FundPairCorr
  0.93WBCIX William Blair SmallPairCorr
  0.85SMERX Invesco Small CapPairCorr
  0.92VFIAX Vanguard 500 IndexPairCorr
  0.86RQECX Resq Dynamic AllocationPairCorr
  0.83SCRYX Small Cap CorePairCorr
  0.92VFINX Vanguard 500 IndexPairCorr
  0.95VTMFX Vanguard Tax ManagedPairCorr
  0.86RWSIX Redwood Systematic MacroPairCorr
  0.91LLPFX Longleaf PartnersPairCorr
  0.98VTSAX Vanguard Total StockPairCorr
  0.9LTFOX Lord Abbett AffiliatedPairCorr
  0.99VIGAX Vanguard Growth IndexPairCorr

Moving against Parnassus Mutual Fund

  0.64PFPLX Parnassus Fixed IncomePairCorr
  0.64PRFIX Parnassus Fixed IncomePairCorr
  0.61PFHCX Pacific Funds SmallPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Parnassus Mutual Fund performing well and Parnassus Funds 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 Funds' 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.

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