Parnassus Core Correlations

PRBLX Fund

USD 61.93 0.44 0.72%

The current 90-days correlation between Parnassus E Equity and Parnassus Endeavor Fund is 0.92 (i.e., Almost no diversification). The correlation of Parnassus Core 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 Core Correlation With Market

Modest diversification

The correlation between Parnassus E Equity and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Parnassus E Equity 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 E Equity. 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 bureau of economic analysis.

Moving together with Parnassus Mutual Fund

0.94	PFPMX	Parnassus Mid Cap	Pair Corr
0.98	PFPWX	Parnassus Endeavor	Pair Corr
1.0	PRILX	Parnassus Equity Incme	Pair Corr
0.94	PARMX	Parnassus Mid Cap	Pair Corr
0.95	PARNX	Parnassus Fund Investor	Pair Corr
0.98	PARWX	Parnassus Endeavor	Pair Corr
0.73	HCKIX	Hartford Checks	Pair Corr

Moving against Parnassus Mutual Fund

0.66	LLDYX	Lord Abbett Short	Pair Corr
0.65	PQTAX	Pimco Trends Managed	Pair Corr
0.65	PQTNX	Pimco Trends Managed	Pair Corr
0.65	PQTIX	Aa Pimco Tr	Pair Corr
0.57	GPMFX	Guidepath Managed Futures	Pair Corr
0.54	FMUSX	Federated Municipal	Pair Corr
0.53	DFCMX	Dfa Calfrna Shrt	Pair Corr
0.43	WSHNX	Short Duration Income	Pair Corr

Related Correlations Analysis

	PARWX	PARMX	JENSX	MWTRX	YACKX
PARWX		0.95	0.54	0.65	0.9	PARWX
PARMX	0.95		0.58	0.72	0.96	PARMX
JENSX	0.54	0.58		0.36	0.57	JENSX
MWTRX	0.65	0.72	0.36		0.71	MWTRX
YACKX	0.9	0.96	0.57	0.71		YACKX
	PARWX	PARMX	JENSX	MWTRX	YACKX

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Risk-Adjusted Indicators

There is a big difference between Parnassus Mutual Fund performing well and Parnassus Core 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 Core'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
PARWX	0.67	(0.09)	(0.10)	1.41	(1.13)	7.86
PARMX	0.77	(0.16)	(0.24)	1.47	(2.04)	6.27
JENSX	0.68	(0.15)	(0.34)	1.01	(1.25)	11.28
MWTRX	0.28	(0.03)	(0.16)	0.78	(0.68)	1.91
YACKX	0.52	(0.16)	(0.29)	0.92	(0.75)	8.77

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