Power Income Correlations

Mutual Funds . USA . 
Fund . Power Income Fund
PWRAX Fund  USD 9.11  0.01  0.11%   
The current 90-days correlation between Power Income and Power Dividend Index is 0.59 (i.e., Very weak diversification). The correlation of Power Income 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.

Power Income Correlation With Market

Poor diversification

The correlation between Power Income Fund and DJI is 0.73 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Power Income 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 Power Income 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 nation.

Moving together with Power Mutual Fund

  0.96PWRCX Power IncomePairCorr
  0.9PWRIX Power IncomePairCorr
  0.73MOJCX Power Momentum IndexPairCorr
  0.73MOJOX Power Momentum IndexPairCorr
  0.83GTAAX Power Global TacticalPairCorr
  0.84PWDAX Power Dividend IndexPairCorr
  0.84PWDCX Power Dividend IndexPairCorr
  0.84PWDIX Power Dividend IndexPairCorr
  0.81BSICX Blackrock Strategic OppsPairCorr
  0.82BASIX Blackrock Strategic OppsPairCorr
  0.84BSIIX Blackrock StrategicPairCorr
  0.83BSIKX Blackrock StrategicPairCorr
  0.87PMZNX Pimco Mortgage OpporPairCorr
  0.8JSORX Jpmorgan Strategic IncomePairCorr
  0.89PMZCX Pimco Mortgage OpporPairCorr
  0.89PMZAX Pimco Mortgage OpporPairCorr
  0.78JSOZX Jpmorgan Strategic IncomePairCorr
  0.81JSOCX Jpmorgan Strategic IncomePairCorr
  0.79FTYPX Fidelity Freedom IndexPairCorr
  0.79FFBTX Fidelity Freedom BlendPairCorr
  0.81GAAVX Gmo Alternative AlloPairCorr
  0.75GCAVX Gmo Small CapPairCorr
  0.8GHVIX Gmo High YieldPairCorr
  0.8PABCX Prudential BalancedPairCorr
  0.77SSAWX State Street TargetPairCorr
  0.81PESPX Dreyfus Midcap IndexPairCorr
  0.71SEIYX Simt High YieldPairCorr
  0.71SSHVX Sound Shore FundPairCorr
  0.61GCTAX Goldman Sachs TaxPairCorr
  0.88GCFRX Nationwide InvestorPairCorr
  0.79DGINX Dgi BalancedPairCorr
  0.74MKSPX Blackrock Advantage TotalPairCorr
  0.82MIPIX Matthews Asia DividendPairCorr
  0.85FIIVX Fidelity Income ReplPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Power Mutual Fund performing well and Power Income 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 Power Income'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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