Parnassus Fixed Correlations

PFPLX Fund

USD 14.91 0.05 0.34%

The current 90-days correlation between Parnassus Fixed Income and Parnassus Fund Inst is 0.07 (i.e., Significant diversification). The correlation of Parnassus Fixed 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.

Parnassus Fixed Correlation With Market

Average diversification

The correlation between Parnassus Fixed Income and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Parnassus Fixed Income 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 Parnassus Fixed Income. 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 bureau of economic analysis.

Moving together with Parnassus Mutual Fund

0.96	PRFIX	Parnassus Fixed Income	Pair Corr
0.95	MWTNX	Metropolitan West Total	Pair Corr
0.98	MWTSX	Metropolitan West Total	Pair Corr
0.95	PTTPX	Pimco Total Return	Pair Corr
0.96	PTRRX	Total Return	Pair Corr
0.96	PTRAX	Total Return	Pair Corr
0.95	PTTRX	Total Return	Pair Corr
0.99	FIWGX	Strategic Advisers	Pair Corr
0.95	DODIX	Dodge Income	Pair Corr
0.94	MWTIX	Metropolitan West Total	Pair Corr
0.95	MWTRX	Metropolitan West Total	Pair Corr
0.61	AMHIX	American High Income	Pair Corr

Moving against Parnassus Mutual Fund

0.66	PFGEX	Parnassus Funds	Pair Corr
0.63	PFPGX	Parnassus Funds	Pair Corr
0.53	PRBLX	Parnassus E Equity	Pair Corr
0.53	PRILX	Parnassus Equity Incme	Pair Corr
0.47	PFPMX	Parnassus Mid Cap	Pair Corr
0.47	PFPWX	Parnassus Endeavor	Pair Corr
0.47	PARMX	Parnassus Mid Cap	Pair Corr
0.47	PARWX	Parnassus Endeavor	Pair Corr
0.38	PFPRX	Parnassus Fund Inst	Pair Corr
0.38	PARNX	Parnassus Fund Investor	Pair Corr
0.78	LETRX	Voya Russia Fund	Pair Corr
0.77	KSOCX	Kinetics Small Cap	Pair Corr
0.77	KSCYX	Kinetics Small Cap	Pair Corr
0.77	KNPCX	Kinetics Paradigm Steady Growth	Pair Corr
0.77	WWNPX	Kinetics Paradigm Steady Growth	Pair Corr
0.77	KNPAX	Kinetics Paradigm Steady Growth	Pair Corr
0.77	KSCOX	Kinetics Small Cap	Pair Corr
0.77	LSHUX	Horizon Spin Off Steady Growth	Pair Corr
0.75	KINAX	Kinetics Internet	Pair Corr
0.75	KINCX	Kinetics Internet	Pair Corr
0.69	FSRFX	Transportation Portfolio	Pair Corr
0.61	VSEQX	Vanguard Strategic Equity	Pair Corr
0.59	RNGHX	New Economy Fund	Pair Corr
0.56	TAAIX	Thrivent Aggressive	Pair Corr
0.53	FBALX	Fidelity Balanced	Pair Corr
0.43	FAIGX	Fidelity Advisor Balanced	Pair Corr
0.42	VTWAX	Vanguard Total World	Pair Corr
0.33	AMECX	Income Fund	Pair Corr

Related Correlations Analysis

	PFPRX	PFPMX	PFPWX	PRILX	PRFIX
PFPRX		0.97	0.96	0.94	-0.39	PFPRX
PFPMX	0.97		0.98	0.96	-0.47	PFPMX
PFPWX	0.96	0.98		0.97	-0.47	PFPWX
PRILX	0.94	0.96	0.97		-0.56	PRILX
PRFIX	-0.39	-0.47	-0.47	-0.56		PRFIX
	PFPRX	PFPMX	PFPWX	PRILX	PRFIX

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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

PFPWX	+ 0.98	PFPMX
PFPMX	+ 0.97	PFPRX
PRILX	+ 0.97	PFPWX
PFPWX	+ 0.96	PFPRX
PRILX	+ 0.96	PFPMX
PRILX	+ 0.94	PFPRX

High negative correlations

PRFIX	- 0.56	PRILX
PRFIX	- 0.47	PFPWX
PRFIX	- 0.47	PFPMX
PRFIX	- 0.39	PFPRX

Risk-Adjusted Indicators

There is a big difference between Parnassus Mutual Fund performing well and Parnassus Fixed 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 Parnassus Fixed'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
PFPRX	0.70	(0.02)	(0.02)	0.11	0.87	(0.71)	1.53	(1.28)	4.57
PFPMX	0.58	0.00	(0.03)	0.13	0.57	(0.63)	1.40	(1.09)	3.41
PFPWX	0.56	0.01	(0.02)	0.14	0.49	(0.59)	1.16	(0.98)	2.87
PRILX	0.55	0.00	(0.05)	0.12	0.68	(0.56)	1.15	(1.44)	3.75
PRFIX	0.22	(0.01)	0.00	0.51	0.00	0.00	0.40	(0.54)	1.14

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