Pax Global Correlations

Mutual Funds . USA . 
Fund . Pax Global Environmental
PXEAX Fund  USD 23.64  0.31  1.33%   
The current 90-days correlation between Pax Global Environmental and Putnam Convertible Securities is 0.33 (i.e., Weak diversification). The correlation of Pax Global 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.

Pax Global Correlation With Market

Weak diversification

The correlation between Pax Global Environmental and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pax Global Environmental 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 Pax Global Environmental. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Pax Mutual Fund

  0.94FCWGX American Funds CapitalPairCorr
  0.94FWCGX American Funds CapitalPairCorr
  0.94CWGIX Capital World GrowthPairCorr
  0.94CWGFX Capital World GrowthPairCorr
  0.94CWGCX Capital World GrowthPairCorr
  0.94RWIFX Capital World GrowthPairCorr
  0.94CWICX Capital World GrowthPairCorr
  0.94RWIAX Capital World GrowthPairCorr
  0.94CWIAX Capital World GrowthPairCorr
  0.94WGIFX Capital World GrowthPairCorr
  0.74VTISX Vanguard Total InterPairCorr
  0.74VTSNX Vanguard Total InterPairCorr
  0.74VTPSX Vanguard Total InterPairCorr
  0.7VZ Verizon CommunicationsPairCorr
  0.73HPQ HP IncPairCorr
  0.62JNJ Johnson JohnsonPairCorr
  0.86DD Dupont De Nemours Earnings Call This WeekPairCorr
  0.79XOM Exxon Mobil Corp Earnings Call TodayPairCorr
  0.61HD Home DepotPairCorr
  0.79AA Alcoa CorpPairCorr
  0.76CAT Caterpillar Earnings Call This WeekPairCorr

Moving against Pax Mutual Fund

  0.7BA BoeingPairCorr

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   
XNCVX
+ 0.97
PCNTX
LCFYX
+ 0.9
PCNTX
XNCVX
+ 0.86
LCFYX
FSAWX
+ 0.7
LCFYX
FSAWX
+ 0.47
PCNTX
ARBOX
+ 0.42
PCNTX
  
High negative correlations   
ARBOX
- 0.32
FSAWX

Risk-Adjusted Indicators

There is a big difference between Pax Mutual Fund performing well and Pax Global 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 Pax Global'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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