Pax High Yield Fund Market Value
| PAXHX Fund | USD 6.10 0.01 0.16% |
| Symbol | PAX |
Pax High 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Pax High's mutual fund what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Pax High.
| 11/03/2024 |
| 12/03/2024 |
If you would invest 0.00 in Pax High on November 3, 2024 and sell it all today you would earn a total of 0.00 from holding Pax High Yield or generate 0.0% return on investment in Pax High over 30 days. Pax High is related to or competes with Pax Esg, Pax Balanced, Tcw E, Pear Tree, and Parnassus Fixed. Under normal market conditions, the fund invests at least 80 percent of its assets in high-yield, fixed income securities that are rated below BBB-by Standard Poors Ratings Group or below Baa3 by Moodys Investors Service, similarly rated by another major rating service, or unrated and determined by the funds investment adviser to be of comparable quality. More
Pax High Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Pax High's mutual fund current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Pax High Yield upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.2191 | |||
| Information Ratio | (0.63) | |||
| Maximum Drawdown | 0.8297 | |||
| Value At Risk | (0.17) | |||
| Potential Upside | 0.3295 |
Pax High Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Pax High's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Pax High's standard deviation. In reality, there are many statistical measures that can use Pax High historical prices to predict the future Pax High's volatility.| Risk Adjusted Performance | 0.0701 | |||
| Jensen Alpha | 0.0073 | |||
| Total Risk Alpha | (0.01) | |||
| Sortino Ratio | (0.46) | |||
| Treynor Ratio | 0.2715 |
Pax High Yield Backtested Returns
At this stage we consider PAX Mutual Fund to be very steady. Pax High Yield maintains Sharpe Ratio (i.e., Efficiency) of 0.12, which implies the entity had a 0.12% return per unit of risk over the last 3 months. We have found twenty-six technical indicators for Pax High Yield, which you can use to evaluate the volatility of the fund. Please check Pax High's Standard Deviation of 0.1609, risk adjusted performance of 0.0701, and Downside Deviation of 0.2191 to confirm if the risk estimate we provide is consistent with the expected return of 0.0181%. The fund holds a Beta of 0.0466, which implies not very significant fluctuations relative to the market. As returns on the market increase, Pax High's returns are expected to increase less than the market. However, during the bear market, the loss of holding Pax High is expected to be smaller as well.
Auto-correlation | -0.01 |
Very weak reverse predictability
Pax High Yield has very weak reverse predictability. Overlapping area represents the amount of predictability between Pax High time series from 3rd of November 2024 to 18th of November 2024 and 18th of November 2024 to 3rd of December 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Pax High Yield price movement. The serial correlation of -0.01 indicates that just 1.0% of current Pax High price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.01 | |
| Spearman Rank Test | 0.33 | |
| Residual Average | 0.0 | |
| Price Variance | 0.0 |
Pax High Yield lagged returns against current returns
Autocorrelation, which is Pax High mutual fund's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Pax High's mutual fund expected returns. We can calculate the autocorrelation of Pax High returns to help us make a trade decision. For example, suppose you find that Pax High has exhibited high autocorrelation historically, and you observe that the mutual fund is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Pax High regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Pax High mutual fund is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Pax High mutual fund is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Pax High mutual fund over time.
Current vs Lagged Prices |
| Timeline |
Pax High Lagged Returns
When evaluating Pax High's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Pax High mutual fund have on its future price. Pax High autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Pax High autocorrelation shows the relationship between Pax High mutual fund current value and its past values and can show if there is a momentum factor associated with investing in Pax High Yield.
Regressed Prices |
| Timeline |
Also Currently Popular
Analyzing currently trending equities could be an opportunity to develop a better portfolio based on different market momentums that they can trigger. Utilizing the top trending stocks is also useful when creating a market-neutral strategy or pair trading technique involving a short or a long position in a currently trending equity.Other Information on Investing in PAX Mutual Fund
Pax High financial ratios help investors to determine whether PAX Mutual Fund is cheap or expensive when compared to a particular measure, such as profits or enterprise value. In other words, they help investors to determine the cost of investment in PAX with respect to the benefits of owning Pax High security.
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