Parnassus Mid Correlations

Mutual Funds . USA . 
Fund . Parnassus Mid Cap
PFPMX Fund  USD 44.94  0.06  0.13%   
The current 90-days correlation between Parnassus Mid Cap and International Fund International is 0.71 (i.e., Poor 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

  0.92PFGEX Parnassus FundsPairCorr
  0.96PFPRX Parnassus Fund InstPairCorr
  0.98PFPWX Parnassus EndeavorPairCorr
  0.9PRBLX Parnassus E EquityPairCorr
  0.97PRILX Parnassus Equity IncmePairCorr
  1.0PARMX Parnassus Mid CapPairCorr
  0.96PARNX Parnassus Fund InvestorPairCorr
  0.98PARWX Parnassus EndeavorPairCorr
  0.95VIMAX Vanguard Mid CapPairCorr
  0.95VIMSX Vanguard Mid CapPairCorr
  0.95VMCPX Vanguard Mid CapPairCorr
  0.95VMCIX Vanguard Mid CapPairCorr
  0.9VEXAX Vanguard Extended MarketPairCorr
  0.9VEMPX Vanguard Extended MarketPairCorr
  0.87VIEIX Vanguard Extended MarketPairCorr
  0.9VSEMX Vanguard Extended MarketPairCorr
  0.9VEXMX Vanguard Extended MarketPairCorr
  0.87FSMAX Fidelity Extended MarketPairCorr
  0.81LSHCX Horizon Spin Off Downward RallyPairCorr
  0.8KNPAX Kinetics Paradigm Downward RallyPairCorr
  0.79KMKAX Kinetics Market Oppo Downward RallyPairCorr
  0.8KNPYX Kinetics Paradigm Downward RallyPairCorr
  0.73SMPSX Semiconductor UltrasectorPairCorr
  0.62LETRX Voya Russia FundPairCorr
  0.8KNPCX Kinetics Paradigm Downward RallyPairCorr
  0.79KMKCX Kinetics Market Oppo Downward RallyPairCorr
  0.81LSHUX Horizon Spin Off Downward RallyPairCorr
  0.8WWNPX Kinetics Paradigm Downward RallyPairCorr
  0.79RQECX Resq Dynamic AllocationPairCorr
  0.7RIV Rivernorth OpportunitiesPairCorr
  0.9LLPFX Longleaf PartnersPairCorr
  0.94INDEX Sp 500 EqualPairCorr
  0.85FEMDX Franklin Emerging MarketPairCorr
  0.96WBCIX William Blair SmallPairCorr
  0.83GAB Gabelli Equity TrustPairCorr
  0.85SCRYX Small Cap CorePairCorr
  0.94VTSAX Vanguard Total StockPairCorr

Moving against Parnassus Mutual Fund

  0.47PFPLX Parnassus Fixed IncomePairCorr
  0.47PRFIX Parnassus Fixed IncomePairCorr

Related Correlations Analysis

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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   
RRTLX
+ 0.81
MSTSX
OSHDF
+ 0.79
VIASP
SITKF
+ 0.78
MSTSX
MSTSX
+ 0.77
PCLPX
RRTLX
+ 0.71
LBHIX
LBHIX
+ 0.67
MSTSX
  
High negative correlations   
70082LAB3
- 0.3
FMIYX
VIASP
- 0.16
FMIYX
SITKF
- 0.12
VIASP
VIASP
- 0.11
MSTSX
OSHDF
- 0.11
FMIYX
SITKF
- 0.08
OSHDF

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FMIYX  0.55 (0.08)(0.18) 0.00  0.63 
(0.61)
 1.08 
(0.98)
 3.04 
PCLPX  0.84  0.01 (0.08) 2.39  1.16 
(0.86)
 1.40 
(1.86)
 4.82 
AQUI  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
 0.00 
 0.00 
MSTSX  0.48 (0.05)(0.15) 0.04  0.53 
(0.58)
 1.03 
(1.02)
 2.80 
LBHIX  0.11  0.01 (0.40) 0.46  0.00 
(0.29)
 0.24 
(0.24)
 0.96 
VIASP  0.74  0.08 (0.03)(2.22) 1.13 
(0.80)
 2.28 
(1.20)
 7.18 
RRTLX  0.24  0.01 (0.30) 0.50  0.24 
(0.27)
 0.56 
(0.56)
 1.37 
OSHDF  39.65  22.61  0.00 (0.96) 0.00 
 0.00 
 0.00 
 0.00 
 1,329 
70082LAB3  1.00  0.03 (0.04) 1.56  2.25 
(1.07)
 1.75 
(1.69)
 24.27 
SITKF  5.54  1.04  0.14  4.02  5.03 
(8.12)
 14.29 
(9.09)
 32.64 

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