Parnassus Equity Correlations

PRILX Fund

USD 67.66 0.45 0.67%

The current 90-days correlation between Parnassus Equity Incme and Wcm Focused International is 0.75 (i.e., Poor diversification). The correlation of Parnassus Equity 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 Equity Correlation With Market

Poor diversification

The correlation between Parnassus Equity Incme and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Parnassus Equity Incme 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 Equity Incme. 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

0.97	PFGEX	Parnassus Funds	Pair Corr
0.97	PFPGX	Parnassus Funds	Pair Corr
0.93	PFPRX	Parnassus Fund Inst	Pair Corr
0.97	PFPMX	Parnassus Mid Cap	Pair Corr
0.97	PFPWX	Parnassus Endeavor	Pair Corr
0.93	PRBLX	Parnassus E Equity	Pair Corr
0.96	PARMX	Parnassus Mid Cap	Pair Corr
0.93	PARNX	Parnassus Fund Investor	Pair Corr
0.97	PARWX	Parnassus Endeavor	Pair Corr
0.98	VTSAX	Vanguard Total Stock	Pair Corr
0.92	VFIAX	Vanguard 500 Index	Pair Corr
0.98	VTSMX	Vanguard Total Stock	Pair Corr
0.92	VITSX	Vanguard Total Stock	Pair Corr
0.98	VSMPX	Vanguard Total Stock	Pair Corr
0.98	VSTSX	Vanguard Total Stock	Pair Corr
0.92	VFINX	Vanguard 500 Index	Pair Corr
0.98	VFFSX	Vanguard 500 Index	Pair Corr
0.98	VINIX	Vanguard Institutional	Pair Corr
0.98	VIIIX	Vanguard Institutional	Pair Corr
0.91	VWELX	Vanguard Wellington	Pair Corr
0.89	SMERX	Invesco Small Cap	Pair Corr
0.92	GRSPX	Greenspring Fund Retail	Pair Corr
0.98	VTMFX	Vanguard Tax Managed	Pair Corr
0.98	INDEX	Sp 500 Equal	Pair Corr
0.93	FBALX	Fidelity Balanced	Pair Corr
0.92	THMAX	Thrivent Moderate	Pair Corr
0.97	AGTHX	Growth Fund	Pair Corr
0.89	RWSIX	Redwood Systematic Macro	Pair Corr
0.86	FEMDX	Franklin Emerging Market	Pair Corr
0.84	RQECX	Resq Dynamic Allocation	Pair Corr
0.98	CMEUX	Six Circles Managed	Pair Corr
0.91	FCNTX	Fidelity Contrafund	Pair Corr
0.79	GAB	Gabelli Equity Trust	Pair Corr

Moving against Parnassus Mutual Fund

0.54	PFPLX	Parnassus Fixed Income	Pair Corr
0.54	PRFIX	Parnassus Fixed Income	Pair Corr

Related Correlations Analysis

	WCMIX	PFPMX	PIMIX	PFPWX	MWTIX
WCMIX		0.01	0.47	-0.04	0.49	WCMIX
PFPMX	0.01		-0.15	0.98	-0.58	PFPMX
PIMIX	0.47	-0.15		-0.13	0.85	PIMIX
PFPWX	-0.04	0.98	-0.13		-0.57	PFPWX
MWTIX	0.49	-0.58	0.85	-0.57		MWTIX
	WCMIX	PFPMX	PIMIX	PFPWX	MWTIX

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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

PFPWX	+ 0.98	PFPMX
MWTIX	+ 0.85	PIMIX
MWTIX	+ 0.49	WCMIX
PIMIX	+ 0.47	WCMIX
PFPMX	+ 0.01	WCMIX

High negative correlations

MWTIX	- 0.58	PFPMX
MWTIX	- 0.57	PFPWX
PIMIX	- 0.15	PFPMX
PFPWX	- 0.13	PIMIX
PFPWX	- 0.04	WCMIX

Risk-Adjusted Indicators

There is a big difference between Parnassus Mutual Fund performing well and Parnassus Equity 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 Equity'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
WCMIX	0.69	(0.13)	0.00	(0.04)	0.00	0.00	1.19	(1.71)	4.94
PFPMX	0.58	0.00	(0.03)	0.12	0.55	(0.66)	1.40	(1.09)	3.41
PIMIX	0.15	(0.01)	(0.55)	(0.09)	0.16	(0.17)	0.28	(0.28)	1.04
PFPWX	0.57	0.01	(0.02)	0.13	0.49	(0.61)	1.16	(0.98)	2.87
MWTIX	0.23	(0.05)	0.00	(0.73)	0.00	0.00	0.44	(0.77)	1.56

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