Prudential Muni Correlations

PHIZX Fund

USD 9.64 0.03 0.31%

The current 90-days correlation between Prudential Muni High and Calamos Dynamic Convertible is 0.09 (i.e., Significant diversification). The correlation of Prudential Muni 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 Muni Correlation With Market

Very good diversification

The correlation between Prudential Muni High and DJI is -0.23 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prudential Muni High 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 Muni High. 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 nation.

Moving together with Prudential Mutual Fund

0.7	PGIGX	Pgim Esg Short	Pair Corr
0.65	PGIPX	Pgim Esg Short	Pair Corr
0.68	PGIKX	Pgim Esg Short	Pair Corr
0.74	PHECX	Prudential Global Total	Pair Corr
0.77	PHEAX	Prudential Global Total	Pair Corr
0.7	TGMBX	Prudential Porate Bond	Pair Corr
0.78	PHEZX	Prudential Global Total	Pair Corr
0.99	PHICX	Prudential Muni High	Pair Corr

Related Correlations Analysis

	CCD	ARBOX	VAADX	GCV	LCFYX
CCD		0.52	0.31	-0.44	0.32	CCD
ARBOX	0.52		0.88	-0.1	0.87	ARBOX
VAADX	0.31	0.88		0.11	0.99	VAADX
GCV	-0.44	-0.1	0.11		0.12	GCV
LCFYX	0.32	0.87	0.99	0.12		LCFYX
	CCD	ARBOX	VAADX	GCV	LCFYX

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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

LCFYX	+ 0.99	VAADX
VAADX	+ 0.88	ARBOX
LCFYX	+ 0.87	ARBOX
ARBOX	+ 0.52	CCD
LCFYX	+ 0.32	CCD
VAADX	+ 0.31	CCD

High negative correlations

GCV	- 0.44	CCD
GCV	- 0.1	ARBOX

Risk-Adjusted Indicators

There is a big difference between Prudential Mutual Fund performing well and Prudential Muni 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 Muni'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
CCD	0.75	(0.03)	(0.10)	0.06	0.92	(0.83)	1.88	(1.68)	4.88
ARBOX	0.05	0.02	0.00	5.95	0.00	0.00	0.09	0.00	0.26
VAADX	0.44	0.09	0.07	0.28	0.21	(0.53)	1.09	(0.84)	2.28
GCV	0.90	0.09	0.00	0.42	1.23	(0.93)	1.87	(1.80)	7.45
LCFYX	0.37	0.08	0.03	0.29	0.00	(0.45)	1.01	(0.69)	2.22

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