Prudential Short Correlations

SDMCX Fund

USD 8.97 0.01 0.11%

The current 90-days correlation between Prudential Short Duration and Scharf Balanced Opportunity is 0.24 (i.e., Modest diversification). The correlation of Prudential Short 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.

Prudential Short Correlation With Market

Average diversification

The correlation between Prudential Short Duration and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prudential Short Duration and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Prudential Short Duration. 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 services.

Moving together with Prudential Mutual Fund

0.89	HYSZX	Prudential Short Duration	Pair Corr
0.85	HYSAX	Prudential Short Duration	Pair Corr
0.84	HYSCX	Prudential Short Duration	Pair Corr
0.87	EMDCX	Prudential Emerging	Pair Corr
0.9	EMDAX	Prudential Emerging	Pair Corr
0.9	EMDZX	Prudential Emerging	Pair Corr
0.81	FRFZX	Prudential Floating Rate	Pair Corr
0.79	FRFAX	Prudential Floating Rate	Pair Corr
0.72	FRFCX	Prudential Floating Rate	Pair Corr
0.63	PGVZX	Prudential Government	Pair Corr
0.63	PHICX	Prudential Muni High	Pair Corr
0.7	PHIZX	Prudential Muni High	Pair Corr
0.65	PHLAX	Prudential Health	Pair Corr
0.73	PHSZX	Prudential Health	Pair Corr
0.81	PHYZX	Prudential High Yield	Pair Corr
0.79	PHYEX	Pgim High Yield	Pair Corr
0.93	PIFCX	Prudential Short Term	Pair Corr
0.96	PIFZX	Prudential Short Term	Pair Corr

Moving against Prudential Mutual Fund

0.6	PWJCX	Prudential Jennison	Pair Corr
0.59	PWJZX	Prudential Jennison	Pair Corr
0.59	PWJAX	Prudential Jennison	Pair Corr
0.31	PGJCX	Prudential Jennison	Pair Corr
0.34	PJGCX	Prudential Jennison	Pair Corr

Related Correlations Analysis

	LOGBX	FABWX	VOLJX	REMVX	CPUCX	HDCAX	LMUSX
LOGBX		0.18	0.24	-0.32	0.26	-0.28	-0.09	LOGBX
FABWX	0.18		0.91	0.73	0.18	0.35	0.8	FABWX
VOLJX	0.24	0.91		0.75	0.35	0.54	0.8	VOLJX
REMVX	-0.32	0.73	0.75		0.2	0.72	0.75	REMVX
CPUCX	0.26	0.18	0.35	0.2		0.45	0.21	CPUCX
HDCAX	-0.28	0.35	0.54	0.72	0.45		0.64	HDCAX
LMUSX	-0.09	0.8	0.8	0.75	0.21	0.64		LMUSX
	LOGBX	FABWX	VOLJX	REMVX	CPUCX	HDCAX	LMUSX

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

VOLJX	+ 0.91	FABWX
LMUSX	+ 0.8	FABWX
LMUSX	+ 0.8	VOLJX
REMVX	+ 0.75	VOLJX
LMUSX	+ 0.75	REMVX
REMVX	+ 0.73	FABWX

High negative correlations

REMVX	- 0.32	LOGBX
HDCAX	- 0.28	LOGBX
LMUSX	- 0.09	LOGBX

Risk-Adjusted Indicators

There is a big difference between Prudential Mutual Fund performing well and Prudential Short 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 Prudential Short'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
LOGBX	0.41	0.00	(0.08)	0.07	0.47	(0.44)	0.74	(0.62)	2.53
FABWX	0.64	0.02	0.01	0.09	0.97	(0.63)	1.22	(1.48)	4.04
VOLJX	0.60	0.00	0.00	0.08	0.94	(0.59)	1.36	(1.22)	3.88
REMVX	0.68	0.04	0.02	0.14	0.78	(0.78)	1.30	(1.08)	4.51
CPUCX	0.16	(0.01)	(0.36)	(0.14)	0.18	(0.20)	0.32	(0.32)	0.75
HDCAX	0.47	(0.02)	(0.08)	0.03	0.68	(0.47)	1.01	(1.16)	2.95
LMUSX	0.63	(0.05)	(0.04)	0.03	1.06	(0.54)	1.25	(1.58)	4.75

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