Prudential Utility Correlations

Mutual Funds . USA . 
Fund . Prudential Utility Fund
PRUQX Fund  USD 17.64  0.26  1.50%   
The current 90-days correlation between Prudential Utility and Barings Active Short is 0.17 (i.e., Average diversification). The correlation of Prudential Utility 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.

Prudential Utility Correlation With Market

Modest diversification

The correlation between Prudential Utility Fund and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prudential Utility Fund 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 Prudential Utility Fund. 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 producer price index.

Moving together with Prudential Mutual Fund

  0.84AY Atlantica SustainablePairCorr
  0.84NI NiSourcePairCorr
  0.62CDZIP Cadiz Depositary SharesPairCorr
  0.72EVRG Evergy,PairCorr
  0.92AEE Ameren CorpPairCorr
  0.71AGR AvangridPairCorr
  0.85ALE Allete IncPairCorr
  0.91ATO Atmos EnergyPairCorr
  0.75AWR American States WaterPairCorr
  0.84BIP Brookfield InfrastructurePairCorr
  0.7BKH Black HillsPairCorr
  0.79CEG Constellation Energy Corp Buyout TrendPairCorr
  0.95CNP CenterPoint EnergyPairCorr
  0.72CPK Chesapeake UtilitiesPairCorr

Moving against Prudential Mutual Fund

  0.66ELPC Companhia ParanaensePairCorr
  0.57HE Hawaiian ElectricPairCorr
  0.46ES Eversource EnergyPairCorr
  0.46RNWWW ReNew Energy GlobalPairCorr
  0.41FE FirstEnergyPairCorr
  0.57CWT California Water ServicePairCorr
  0.48AQN Algonquin Power UtilitiesPairCorr
  0.41AWK American Water WorksPairCorr
  0.37AEP American Electric PowerPairCorr
  0.36CIG Companhia EnergeticaPairCorr
  0.33AES AESPairCorr

Related Correlations Analysis

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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   
FTFZX
+ 0.87
PRMDX
SUSAX
+ 0.86
BXDCX
GTLSX
+ 0.81
ASTIX
FTFZX
+ 0.8
BXDCX
ASTIX
+ 0.72
SUSAX
PRMDX
+ 0.68
BXDCX
  
High negative correlations   
GTLSX
- 0.38
OWSBX
ASTIX
- 0.3
OWSBX
SUSAX
- 0.0
OWSBX

Risk-Adjusted Indicators

There is a big difference between Prudential Mutual Fund performing well and Prudential Utility 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 Prudential Utility'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.

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