Pax High Correlations

Mutual Funds . USA . 
Fund . Pax High Yield
PXHAX Fund  USD 6.07  0.01  0.17%   
The current 90-days correlation between Pax High Yield and Technology Ultrasector Profund is 0.16 (i.e., Average diversification). The correlation of Pax High 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 High Correlation With Market

Modest diversification

The correlation between Pax High Yield and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pax High Yield 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 High Yield. 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 Pax Mutual Fund

  0.99PAXHX Pax High YieldPairCorr
  0.98VWEAX Vanguard High YieldPairCorr
  0.9VWEHX Vanguard High YieldPairCorr
  0.94BHYCX Blackrock Hi YldPairCorr
  0.97BHYIX Blackrock High YieldPairCorr
  0.96BHYSX Blackrock Hi YldPairCorr
  0.96BHYAX Blackrock High YieldPairCorr
  0.97FAHHX American Funds AmericanPairCorr
  0.96FTAHX American Funds AmericanPairCorr
  0.97AHTFX American High IncomePairCorr
  0.98AHTCX American High IncomePairCorr
  0.65DXQLX Direxion Monthly NasdaqPairCorr
  0.65RYVLX Nasdaq 100 2xPairCorr
  0.65RYVYX Nasdaq 100 2xPairCorr
  0.65UOPIX Ultra Nasdaq 100PairCorr
  0.65UOPSX Ultranasdaq 100 ProfundPairCorr
  0.73INPIX Internet UltrasectorPairCorr
  0.69INPSX Internet UltrasectorPairCorr

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   
USTCX
+ 0.96
JGLTX
CMTFX
+ 0.85
USTCX
CMTFX
+ 0.81
JGLTX
HTECX
+ 0.72
JGLTX
HTECX
+ 0.68
USTCX
TOWTX
+ 0.65
TEPIX
  
High negative correlations   
ICTEX
- 0.23
USTCX
ICTEX
- 0.22
CMTFX
ICTEX
- 0.12
JGLTX

Risk-Adjusted Indicators

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