Pax Ellevate Correlations

PXWIX Fund

USD 35.44 0.18 0.51%

The current 90-days correlation between Pax Ellevate Global and Pax Ellevate Global is 1.0 (i.e., No risk reduction). The correlation of Pax Ellevate 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 Ellevate Correlation With Market

Poor diversification

The correlation between Pax Ellevate Global and DJI is 0.76 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pax Ellevate Global 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 Ellevate Global. 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

0.62	PXEAX	Pax Global Environmental	Pair Corr
0.98	PXGAX	Pax Esg Beta	Pair Corr
0.88	PXLIX	Pax Large Cap	Pair Corr
0.77	PXSAX	Pax Small Cap	Pair Corr
0.82	PXSIX	Pax Small Cap	Pair Corr
0.82	PXSCX	Pax Small Cap	Pair Corr
0.98	PXWGX	Pax Esg Beta	Pair Corr
1.0	PXWEX	Pax Ellevate Global	Pair Corr
0.62	PGRNX	Pax Global Environmental	Pair Corr
0.68	PAXIX	Pax Balanced	Pair Corr
0.67	PAXWX	Pax Balanced	Pair Corr
0.91	PWGIX	Pax Esg Beta	Pair Corr
0.83	FCWGX	American Funds Capital	Pair Corr
0.84	FWCGX	American Funds Capital	Pair Corr
0.91	CWGIX	Capital World Growth	Pair Corr
0.91	CWGFX	Capital World Growth	Pair Corr
0.82	CWGCX	Capital World Growth	Pair Corr
0.84	RWIFX	Capital World Growth	Pair Corr
0.9	CWICX	Capital World Growth	Pair Corr
0.9	RWIAX	Capital World Growth	Pair Corr
0.91	CWIAX	Capital World Growth	Pair Corr
0.92	WGIFX	Capital World Growth	Pair Corr
0.77	PFN	Pimco Income Strategy	Pair Corr
0.82	XNKGX	Nuveen Georgia Quality	Pair Corr
0.65	XPPRX	Voya Prime Rate	Pair Corr
0.76	PCF	Putnam High Income	Pair Corr

Moving against Pax Mutual Fund

0.55	PXBIX	Pax E Bond	Pair Corr
0.52	XNXJX	Nuveen New Jersey	Pair Corr
0.43	XNBHX	Neuberger Berman Int	Pair Corr

Related Correlations Analysis

	PXWEX	PXSIX	PGINX	ACCSX	PXNIX
PXWEX		0.81	0.56	-0.54	-0.26	PXWEX
PXSIX	0.81		0.14	-0.71	-0.67	PXSIX
PGINX	0.56	0.14		0.11	0.44	PGINX
ACCSX	-0.54	-0.71	0.11		0.83	ACCSX
PXNIX	-0.26	-0.67	0.44	0.83		PXNIX
	PXWEX	PXSIX	PGINX	ACCSX	PXNIX

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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

PXNIX	+ 0.83	ACCSX
PXSIX	+ 0.81	PXWEX
PGINX	+ 0.56	PXWEX
PXNIX	+ 0.44	PGINX
PGINX	+ 0.14	PXSIX
ACCSX	+ 0.11	PGINX

High negative correlations

ACCSX	- 0.71	PXSIX
PXNIX	- 0.67	PXSIX
ACCSX	- 0.54	PXWEX
PXNIX	- 0.26	PXWEX

Risk-Adjusted Indicators

There is a big difference between Pax Mutual Fund performing well and Pax Ellevate 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 Ellevate'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
PXWEX	0.54	(0.04)	(0.10)	0.06	0.64	(0.57)	1.14	(1.38)	3.44
PXSIX	0.77	0.02	0.05	0.13	0.72	(0.85)	1.84	(1.50)	5.90
PGINX	0.72	0.00	(0.12)	0.07	0.92	(0.74)	1.25	(1.59)	4.13
ACCSX	0.25	(0.03)	0.00	0.88	0.00	0.00	0.39	(0.77)	1.84
PXNIX	0.66	(0.15)	0.00	(0.22)	0.00	0.00	1.02	(1.56)	4.05

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