Pia High Correlations

PIAMX Fund

USD 8.16 0.02 0.25%

The current 90-days correlation between Pia High Yield and Morningstar Global Income is 0.45 (i.e., Very weak diversification). The correlation of Pia High 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.

Pia High Correlation With Market

Very weak diversification

The correlation between Pia High Yield and DJI is 0.52 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pia High Yield 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 Pia High Yield. 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 industry.

Moving together with Pia Mutual Fund

1.0	PHYSX	Pia High Yield	Pair Corr
0.65	TCTGX	Transamerica Cleartrack	Pair Corr
0.65	TDKTX	Cleartrack 2015 Class	Pair Corr
0.65	TCTJX	Transamerica Cleartrack	Pair Corr
0.69	PDI	Pimco Dynamic Income	Pair Corr

Moving against Pia Mutual Fund

0.73	MISHX	Ab Municipal Income	Pair Corr
0.72	NMTRX	Municipal Total Return	Pair Corr
0.49	SHRMX	Stone Ridge High	Pair Corr
0.47	LMSMX	Western Asset Smash	Pair Corr
0.43	FXIMX	Fixed Income Shares	Pair Corr
0.43	BATAX	Blackrock Allocation	Pair Corr
0.35	PIASX	Pia Short Term	Pair Corr
0.35	BRAMX	Bats Series M	Pair Corr
0.31	FXICX	Fixed Income Shares	Pair Corr
0.5	AUNOX	Ab Municipal Bond	Pair Corr
0.47	PFRAX	Pimco Foreign Bond	Pair Corr
0.37	UIPIX	Ultrashort Mid Cap	Pair Corr
0.43	COIAX	Conservative Income	Pair Corr
0.33	EMDAX	Prudential Emerging	Pair Corr

Related Correlations Analysis

	MSTGX	JGECX	CBSYX	CNGLX	USLUX	CAEIX	SGMAX
MSTGX		0.81	0.86	0.77	0.82	0.52	0.75	MSTGX
JGECX	0.81		0.88	0.83	0.95	0.46	0.95	JGECX
CBSYX	0.86	0.88		0.87	0.89	0.57	0.84	CBSYX
CNGLX	0.77	0.83	0.87		0.89	0.52	0.79	CNGLX
USLUX	0.82	0.95	0.89	0.89		0.38	0.96	USLUX
CAEIX	0.52	0.46	0.57	0.52	0.38		0.34	CAEIX
SGMAX	0.75	0.95	0.84	0.79	0.96	0.34		SGMAX
	MSTGX	JGECX	CBSYX	CNGLX	USLUX	CAEIX	SGMAX

Risk-Adjusted Indicators

There is a big difference between Pia Mutual Fund performing well and Pia High 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 Pia High'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
MSTGX	0.23	(0.01)	(0.16)	0.02	0.22	(0.28)	0.41	(0.50)	1.31
JGECX	0.67	0.12	0.17	0.19	0.42	(0.86)	1.08	(1.13)	8.86
CBSYX	0.42	0.05	0.05	0.12	0.36	(0.46)	0.86	(0.74)	5.44
CNGLX	0.56	0.03	0.02	0.09	0.61	(0.65)	1.11	(1.19)	4.51
USLUX	0.95	0.14	0.13	0.18	0.93	(1.16)	1.65	(2.09)	10.33
CAEIX	0.75	0.03	0.03	0.09	0.94	(0.76)	1.49	(1.70)	4.41
SGMAX	0.61	0.17	0.21	0.39	0.29	(0.82)	0.81	(0.70)	16.10

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