Pax Small Correlations

Mutual Funds . USA . 
Fund . Pax Small Cap
PXSCX Fund  USD 17.75  0.08  0.45%   
The current 90-days correlation between Pax Small Cap and Pax Global Environmental is 0.78 (i.e., Poor diversification). The correlation of Pax Small 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 Small Correlation With Market

Weak diversification

The correlation between Pax Small Cap and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pax Small Cap 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 Small Cap. 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 main economic indicators.

Moving together with Pax Mutual Fund

  0.67PXBIX Pax E BondPairCorr
  0.68PXEAX Pax Global EnvironmentalPairCorr
  0.61PXGOX Pax Global OpportunitiesPairCorr
  0.83PXGAX Pax Esg BetaPairCorr
  0.79PXLIX Pax Large CapPairCorr
  1.0PXSAX Pax Small CapPairCorr
  1.0PXSIX Pax Small CapPairCorr
  0.83PXWGX Pax Esg BetaPairCorr
  0.88PXWIX Pax Ellevate GlobalPairCorr
  0.87PXWEX Pax Ellevate GlobalPairCorr
  0.68PGINX Pax Global EnvironmentalPairCorr
  0.68PGRNX Pax Global EnvironmentalPairCorr
  0.81PAXIX Pax BalancedPairCorr
  0.81PAXWX Pax BalancedPairCorr
  0.83PWGIX Pax Esg BetaPairCorr
  0.87VSMAX Vanguard Small CapPairCorr
  0.86VSCIX Vanguard Small CapPairCorr
  0.87VSCPX Vanguard Small CapPairCorr
  0.87NAESX Vanguard Small CapPairCorr
  0.9FSSNX Fidelity Small CapPairCorr
  0.91DFSTX Us Small CapPairCorr
  0.85PASVX T Rowe PricePairCorr
  0.85PRVIX T Rowe PricePairCorr
  0.85TRZVX T Rowe PricePairCorr
  0.87PRSVX T Rowe PricePairCorr
  0.68LSHEX Kinetics Spin Off Steady GrowthPairCorr
  0.74LSHAX Horizon Spin Off Steady GrowthPairCorr
  0.65KNPYX Kinetics Paradigm Steady GrowthPairCorr

Moving against Pax Mutual Fund

  0.39CMCYX Cm Modity IndexPairCorr

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   
PXWEX
+ 0.97
PXWGX
PXWGX
+ 0.93
PGRNX
PXINX
+ 0.89
PGRNX
PXWEX
+ 0.88
PGRNX
PXINX
+ 0.74
PXWGX
PXWEX
+ 0.71
PXINX
  
High negative correlations   
PAXHX
- 0.08
PXINX
PAXHX
- 0.0
PGRNX

Risk-Adjusted Indicators

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