Pax Small Correlations

PXSIX Fund

USD 19.69 0.31 1.55%

The current 90-days correlation between Pax Small Cap and Northern Small Cap is 0.18 (i.e., Average 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

Almost no diversification

The correlation between Pax Small Cap and DJI is 0.96 (i.e., Almost no 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 gross domestic product.

Moving together with Pax Mutual Fund

0.7	PXBIX	Pax E Bond	Pair Corr
0.75	PXEAX	Pax Global Environmental	Pair Corr
0.67	PXDIX	Pax Esg Beta	Pair Corr
0.77	PXGOX	Pax Global Opportunities	Pair Corr
0.89	PXHAX	Pax High Yield	Pair Corr
0.76	PXGAX	Pax Esg Beta	Pair Corr
0.89	PXINX	Pax Msci Eafe	Pair Corr
0.73	PXLIX	Pax Large Cap	Pair Corr
0.86	PXNIX	Pax Msci Eafe	Pair Corr
0.88	PXSAX	Pax Small Cap	Pair Corr
1.0	PXSCX	Pax Small Cap	Pair Corr
0.89	PXWGX	Pax Esg Beta	Pair Corr
0.94	PXWIX	Pax Ellevate Global	Pair Corr
0.86	PGINX	Pax Global Environmental	Pair Corr
0.86	PGRNX	Pax Global Environmental	Pair Corr
0.91	PAXHX	Pax High Yield	Pair Corr
0.75	PAXIX	Pax Balanced	Pair Corr
0.82	PAXWX	Pax Balanced	Pair Corr
0.85	PWGIX	Pax Esg Beta	Pair Corr
0.96	VSMAX	Vanguard Small Cap	Pair Corr
0.96	VSCIX	Vanguard Small Cap	Pair Corr
0.96	VSCPX	Vanguard Small Cap	Pair Corr
0.96	NAESX	Vanguard Small Cap	Pair Corr
0.95	FSSNX	Fidelity Small Cap	Pair Corr
0.97	DFSTX	Us Small Cap	Pair Corr
0.96	FTHSX	Fuller Thaler Behavioral	Pair Corr
0.96	FTHNX	Fuller Thaler Behavioral	Pair Corr
0.91	PASVX	T Rowe Price	Pair Corr
0.87	PRVIX	T Rowe Price	Pair Corr
0.72	PFN	Pimco Income Strategy	Pair Corr
0.73	CIF	Mfs Intermediate High	Pair Corr
0.78	RSFMX	Victory Floating Rate	Pair Corr
0.92	RMBBX	Rmb Small Cap	Pair Corr

Moving against Pax Mutual Fund

0.58	XNBHX	Neuberger Berman Int	Pair Corr
0.37	NXJ	Nuveen New Jersey	Pair Corr
0.35	XNXJX	Nuveen New Jersey	Pair Corr

Related Correlations Analysis

	IENAX	ROGSX	MRIGX	SWOBX	THQ	CMIDX	WFLLX	NOSGX
IENAX		0.09	0.4	0.67	0.47	0.57	0.65	0.58	IENAX
ROGSX	0.09		0.63	0.59	0.54	0.46	0.4	0.41	ROGSX
MRIGX	0.4	0.63		0.87	0.89	0.87	0.87	0.92	MRIGX
SWOBX	0.67	0.59	0.87		0.86	0.83	0.89	0.88	SWOBX
THQ	0.47	0.54	0.89	0.86		0.77	0.87	0.82	THQ
CMIDX	0.57	0.46	0.87	0.83	0.77		0.9	0.88	CMIDX
WFLLX	0.65	0.4	0.87	0.89	0.87	0.9		0.9	WFLLX
NOSGX	0.58	0.41	0.92	0.88	0.82	0.88	0.9		NOSGX
	IENAX	ROGSX	MRIGX	SWOBX	THQ	CMIDX	WFLLX	NOSGX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
IENAX	0.94	0.26	0.16	1.41	0.84	(1.06)	2.02	(1.50)	4.79
ROGSX	0.92	(0.09)	(0.07)	(0.01)	1.42	(0.85)	1.81	(2.47)	6.02
MRIGX	0.92	0.11	0.12	0.21	0.69	(1.16)	1.76	(1.34)	13.15
SWOBX	0.41	0.04	(0.02)	0.18	0.36	(0.49)	1.12	(0.86)	2.99
THQ	0.83	0.09	0.07	0.20	0.82	(0.88)	2.23	(1.40)	5.79
CMIDX	1.19	0.16	0.18	0.20	0.84	(1.55)	1.58	(1.85)	18.82
WFLLX	0.37	0.07	(0.03)	0.76	0.21	(0.62)	0.96	(0.70)	2.56
NOSGX	2.29	1.16	1.31	1.16	0.00	(3.08)	2.63	(1.24)	71.02

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