Parnassus Core Correlations

PRCS Etf

27.54 0.03 0.11%

The current 90-days correlation between Parnassus Core Select and FT Cboe Vest is 0.86 (i.e., Very poor 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

Poor diversification

The correlation between Parnassus Core Select and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Parnassus Core Select and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Parnassus Etf

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Parnassus Core Select. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Parnassus Etf

0.68	VTI	Vanguard Total Stock	Pair Corr
0.64	SPY	SPDR SP 500	Pair Corr
0.64	IVV	iShares Core SP	Pair Corr
0.67	BND	Vanguard Total Bond	Pair Corr
0.7	VTV	Vanguard Value Index	Pair Corr
0.82	VO	Vanguard Mid Cap	Pair Corr
0.71	VEA	Vanguard FTSE Developed	Pair Corr
0.78	VB	Vanguard Small Cap	Pair Corr
0.69	VWO	Vanguard FTSE Emerging	Pair Corr
0.9	CPST	Calamos ETF Trust	Pair Corr
0.96	ITDD	iShares Trust	Pair Corr
0.84	TPHD	Timothy Plan High	Pair Corr
0.63	IEMG	iShares Core MSCI	Pair Corr
0.8	BA	Boeing Earnings Call This Week	Pair Corr
0.62	INTC	Intel Earnings Call This Week	Pair Corr
0.66	AA	Alcoa Corp	Pair Corr

Moving against Parnassus Etf

0.35	T	ATT Inc Earnings Call This Week	Pair Corr
0.34	TRV	The Travelers Companies	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.58	0.29	-0.3	0.2	-0.12	0.52	-0.1	-0.31	-0.38	META
MSFT	0.58		0.78	-0.55	0.52	0.21	0.32	-0.3	-0.84	-0.75	MSFT
UBER	0.29	0.78		-0.46	0.42	0.42	-0.02	-0.43	-0.8	-0.51	UBER
F	-0.3	-0.55	-0.46		-0.66	-0.08	0.11	0.63	0.69	0.64	F
T	0.2	0.52	0.42	-0.66		0.5	-0.23	-0.47	-0.5	-0.64	T
A	-0.12	0.21	0.42	-0.08	0.5		-0.38	-0.25	-0.21	-0.3	A
CRM	0.52	0.32	-0.02	0.11	-0.23	-0.38		0.53	-0.06	-0.27	CRM
JPM	-0.1	-0.3	-0.43	0.63	-0.47	-0.25	0.53		0.53	0.28	JPM
MRK	-0.31	-0.84	-0.8	0.69	-0.5	-0.21	-0.06	0.53		0.76	MRK
XOM	-0.38	-0.75	-0.51	0.64	-0.64	-0.3	-0.27	0.28	0.76		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

UBER	+ 0.78	MSFT
XOM	+ 0.76	MRK
MRK	+ 0.69	F
XOM	+ 0.64	F
JPM	+ 0.63	F
MSFT	+ 0.58	META

High negative correlations

MRK	- 0.84	MSFT
MRK	- 0.8	UBER
XOM	- 0.75	MSFT
T	- 0.66	F
XOM	- 0.64	T
F	- 0.55	MSFT

Parnassus Core Competition Risk-Adjusted Indicators

There is a big difference between Parnassus Etf performing well and Parnassus Core 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 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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
META	1.42	(0.24)	0.00	(0.13)	0.00	0.00	3.16	(2.67)	13.46
MSFT	1.01	(0.23)	0.00	(0.50)	0.00	0.00	1.65	(2.50)	4.90
UBER	1.48	(0.23)	0.00	(0.20)	0.00	0.00	2.60	(3.82)	10.23
F	1.49	0.10	0.10	0.16	1.32	(1.82)	3.69	(2.35)	16.30
T	0.88	(0.19)	0.00	(0.46)	0.00	0.00	1.53	(1.85)	4.30
A	1.19	(0.15)	0.00	(0.02)	0.00	0.00	2.90	(2.24)	7.85
CRM	1.57	(0.20)	0.00	(0.06)	0.00	0.00	3.59	(3.10)	12.37
JPM	1.12	(0.09)	(0.03)	0.03	1.69	(1.11)	2.00	(3.11)	7.38
MRK	1.24	0.33	0.22	0.53	1.06	(1.54)	3.59	(1.98)	8.09
XOM	1.06	0.27	0.15	3.31	0.96	(1.21)	2.38	(1.51)	5.82

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