PGIM Active Correlations

PHYL Etf

USD 35.11 0.04 0.11%

The current 90-days correlation between PGIM Active High and Xtrackers High Beta is 0.93 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as PGIM Active moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if PGIM Active High moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

PGIM Active Correlation With Market

Modest diversification

The correlation between PGIM Active High and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding PGIM Active 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 PGIM Active High. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with PGIM Etf

0.99	HYG	iShares iBoxx High	Pair Corr
0.99	USHY	iShares Broad USD	Pair Corr
0.99	JNK	SPDR Bloomberg High	Pair Corr
0.94	SHYG	iShares 0 5	Pair Corr
0.99	HYLB	Xtrackers USD High	Pair Corr
0.95	SJNK	SPDR Bloomberg Short	Pair Corr
0.92	ANGL	VanEck Fallen Angel	Pair Corr
0.95	FALN	iShares Fallen Angels	Pair Corr
0.91	HYLS	First Trust Tactical	Pair Corr
0.92	HYDW	Xtrackers Low Beta	Pair Corr
0.71	BITX	Volatility Shares Trust Buyout Trend	Pair Corr
0.74	IGV	iShares Expanded Tech	Pair Corr
0.76	UMI	USCF Midstream Energy	Pair Corr
0.78	Z	Zillow Group Class	Pair Corr
0.69	WANT	Direxion Daily Cnsmr	Pair Corr
0.68	SPYG	SPDR Portfolio SP	Pair Corr
0.84	XCCC	BondBloxx ETF Trust	Pair Corr
0.66	PTNQ	Pacer Trendpilot 100	Pair Corr
0.65	HAPR	Innovator Premium Income	Pair Corr
0.65	FLDR	Fidelity Low Duration	Pair Corr
0.85	AUGP	PGIM Large Cap	Pair Corr
0.64	OLO	Olo Inc	Pair Corr
0.69	VUG	Vanguard Growth Index	Pair Corr

Related Correlations Analysis

	HYUP	SHYL	HYGV	FLHY	HYDB
HYUP		0.96	0.98	0.96	0.98	HYUP
SHYL	0.96		0.96	0.92	0.93	SHYL
HYGV	0.98	0.96		0.96	0.99	HYGV
FLHY	0.96	0.92	0.96		0.96	FLHY
HYDB	0.98	0.93	0.99	0.96		HYDB
	HYUP	SHYL	HYGV	FLHY	HYDB

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PGIM Active Constituents Risk-Adjusted Indicators

There is a big difference between PGIM Etf performing well and PGIM Active ETF 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 PGIM Active'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
HYUP	0.20	0.01	(0.02)	0.15	0.23	(0.20)	0.38	(0.34)	1.53
SHYL	0.16	0.01	(0.02)	0.17	0.14	(0.17)	0.32	(0.22)	1.27
HYGV	0.21	0.01	(0.03)	0.10	0.25	(0.22)	0.35	(0.42)	1.50
FLHY	0.21	0.00	(0.05)	0.04	0.25	(0.23)	0.38	(0.34)	1.50
HYDB	0.21	0.01	(0.03)	0.10	0.27	(0.22)	0.47	(0.39)	1.66

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PGIM Active Correlations

PGIM Active Correlation With Market

Modest diversification

Moving together with PGIM Etf

Related Correlations Analysis

PGIM Active Constituents Risk-Adjusted Indicators

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