Prudential Floating Correlations

PFRIX Fund

USD 8.90 0.02 0.22%

The current 90-days correlation between Prudential Floating Rate and Shelton Emerging Markets is 0.52 (i.e., Very weak diversification). The correlation of Prudential Floating 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 Floating Correlation With Market

Very poor diversification

The correlation between Prudential Floating Rate and DJI is 0.87 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prudential Floating Rate 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 Floating Rate. 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 gross domestic product.

Moving together with Prudential Mutual Fund

0.62	PWJQX	Prudential Jennison	Pair Corr
0.61	PWJDX	Pgim Jennison Intern	Pair Corr
0.98	HYSQX	Prudential Short Duration	Pair Corr
0.77	EMDQX	Prudential Emerging	Pair Corr
0.88	PFSQX	Prudential Jennison	Pair Corr
0.78	PGJQX	Prudential Jennison	Pair Corr
0.61	PGIQX	Prudential Government	Pair Corr
0.65	PGKCX	Pgim Jennison Technology	Pair Corr
0.64	PGKAX	Pgim Jennison Technology	Pair Corr
0.67	PGKRX	Pgim Jennison Technology	Pair Corr
0.61	PGRQX	Prudential Global Real	Pair Corr
0.67	PGTQX	Prudential Global Total	Pair Corr
0.93	SCFQX	Pgim Securitized Credit	Pair Corr
0.92	SCFOX	Pgim Securitized Credit	Pair Corr
0.94	SCFZX	Pgim Securitized Credit	Pair Corr
0.93	SCFVX	Pgim Securitized Credit	Pair Corr
0.73	PHIQX	Prudential Muni High	Pair Corr
0.86	PHLQX	Prudential Health	Pair Corr
0.95	PHYGX	Pgim High Yield	Pair Corr
0.94	PHYQX	Prudential High Yield	Pair Corr
0.86	PIBQX	Prudential Balanced	Pair Corr
0.73	JSCRX	Prudential Jennison Small	Pair Corr
0.91	PIFEX	Prudential Short Term	Pair Corr
0.92	PIFGX	Prudential Short Term	Pair Corr
0.95	SDMQX	Prudential Short Duration	Pair Corr
0.88	SDVRX	Prudential Qma Mid	Pair Corr
0.86	PJDQX	Pgim Jennison Rising	Pair Corr
0.81	PJFPX	Prudential Jennison	Pair Corr
0.81	PJFQX	Prudential Jennison	Pair Corr
0.81	PJFOX	Prudential Jennison	Pair Corr
0.84	PJERX	Prudential Jennison	Pair Corr
0.86	PJHRX	Prudential Health	Pair Corr
0.84	PJIQX	Prudential Jennison	Pair Corr

Related Correlations Analysis

	TEOJX	ABNTX	RECIX	TMSSX	ABPYX	RYMBX	MFTFX	EMSLX
TEOJX		0.74	0.95	-0.1	0.0	0.88	0.95	0.82	TEOJX
ABNTX	0.74		0.7	-0.26	-0.09	0.75	0.75	0.68	ABNTX
RECIX	0.95	0.7		0.04	-0.08	0.77	0.96	0.85	RECIX
TMSSX	-0.1	-0.26	0.04		0.33	-0.38	-0.03	0.06	TMSSX
ABPYX	0.0	-0.09	-0.08	0.33		-0.05	-0.07	0.01	ABPYX
RYMBX	0.88	0.75	0.77	-0.38	-0.05		0.8	0.65	RYMBX
MFTFX	0.95	0.75	0.96	-0.03	-0.07	0.8		0.89	MFTFX
EMSLX	0.82	0.68	0.85	0.06	0.01	0.65	0.89		EMSLX
	TEOJX	ABNTX	RECIX	TMSSX	ABPYX	RYMBX	MFTFX	EMSLX

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

MFTFX	+ 0.96	RECIX
RECIX	+ 0.95	TEOJX
MFTFX	+ 0.95	TEOJX
EMSLX	+ 0.89	MFTFX
RYMBX	+ 0.88	TEOJX
EMSLX	+ 0.85	RECIX

High negative correlations

RYMBX	- 0.38	TMSSX
TMSSX	- 0.26	ABNTX
TMSSX	- 0.1	TEOJX
ABPYX	- 0.09	ABNTX
ABPYX	- 0.08	RECIX
MFTFX	- 0.07	ABPYX

Risk-Adjusted Indicators

There is a big difference between Prudential Mutual Fund performing well and Prudential Floating 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 Floating'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
TEOJX	0.64	0.11	0.09	0.26	0.65	(0.73)	1.59	(1.27)	4.27
ABNTX	0.07	0.00	(0.45)	(0.09)	0.00	(0.11)	0.10	(0.10)	0.39
RECIX	0.81	0.28	0.29	0.49	0.48	(0.95)	1.89	(1.33)	11.52
TMSSX	0.14	(0.03)	0.00	(0.31)	0.00	0.00	0.23	(0.23)	2.21
ABPYX	0.39	(0.08)	0.00	(0.10)	0.00	0.00	0.70	(1.10)	2.19
RYMBX	0.91	0.12	0.06	(5.05)	0.99	(1.07)	1.82	(1.59)	6.05
MFTFX	1.06	0.22	0.13	1.02	1.22	(1.16)	2.06	(2.15)	6.76
EMSLX	0.99	0.39	0.36	0.80	0.42	(1.14)	2.05	(1.66)	19.48

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