Parnassus Core Correlations

PRBLX Fund

USD 67.15 0.30 0.44%

The current 90-days correlation between Parnassus E Equity and Parnassus Endeavor Fund is 0.82 (i.e., Very poor diversification). The correlation of Parnassus Core 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 Core Correlation With Market

Poor diversification

The correlation between Parnassus E Equity and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Parnassus E Equity 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 E Equity. 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

0.98	PFGEX	Parnassus Funds	Pair Corr
0.98	PFPGX	Parnassus Funds	Pair Corr
0.94	PFPRX	Parnassus Fund Inst	Pair Corr
0.96	PFPMX	Parnassus Mid Cap	Pair Corr
0.97	PFPWX	Parnassus Endeavor	Pair Corr
1.0	PRILX	Parnassus Equity Incme	Pair Corr
0.96	PARMX	Parnassus Mid Cap	Pair Corr
0.93	PARNX	Parnassus Fund Investor	Pair Corr
0.97	PARWX	Parnassus Endeavor	Pair Corr
0.98	VTSAX	Vanguard Total Stock	Pair Corr
0.98	VFIAX	Vanguard 500 Index	Pair Corr
0.98	VTSMX	Vanguard Total Stock	Pair Corr
0.98	VITSX	Vanguard Total Stock	Pair Corr
0.98	VSMPX	Vanguard Total Stock	Pair Corr
0.98	VSTSX	Vanguard Total Stock	Pair Corr
0.98	VFINX	Vanguard 500 Index	Pair Corr
0.98	VFFSX	Vanguard 500 Index	Pair Corr
0.98	VINIX	Vanguard Institutional	Pair Corr
0.98	VIIIX	Vanguard Institutional	Pair Corr
0.85	KSOCX	Kinetics Small Cap Steady Growth	Pair Corr
0.85	KSCYX	Kinetics Small Cap Steady Growth	Pair Corr
0.83	KNPCX	Kinetics Paradigm Steady Growth	Pair Corr
0.83	WWNPX	Kinetics Paradigm Steady Growth	Pair Corr
0.64	LETRX	Voya Russia Fund	Pair Corr
0.82	KINAX	Kinetics Internet	Pair Corr
0.83	KNPAX	Kinetics Paradigm Steady Growth	Pair Corr
0.85	KSCOX	Kinetics Small Cap Steady Growth	Pair Corr
0.84	LSHUX	Horizon Spin Off Steady Growth	Pair Corr
0.82	KINCX	Kinetics Internet	Pair Corr
0.73	FHCOX	Federated Hermes Con	Pair Corr
0.96	ILESX	Fisher Investments	Pair Corr
0.61	FIKAX	Fidelity Advisor Energy	Pair Corr
0.88	CFCRX	Columbia Flexible Capital	Pair Corr
0.97	RGRYX	Victory Rs Growth	Pair Corr
0.98	TAAIX	Thrivent Aggressive	Pair Corr
0.83	FAIGX	Fidelity Advisor Balanced	Pair Corr
0.93	FIKHX	Fidelity Advisor Tec	Pair Corr

Moving against Parnassus Mutual Fund

0.55

PRFIX

Parnassus Fixed Income

Pair Corr

Related Correlations Analysis

	PARWX	PARMX	JENSX	MWTRX	YACKX
PARWX		0.98	-0.33	-0.57	0.68	PARWX
PARMX	0.98		-0.29	-0.57	0.68	PARMX
JENSX	-0.33	-0.29		0.48	-0.23	JENSX
MWTRX	-0.57	-0.57	0.48		-0.29	MWTRX
YACKX	0.68	0.68	-0.23	-0.29		YACKX
	PARWX	PARMX	JENSX	MWTRX	YACKX

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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

PARMX	+ 0.98	PARWX
YACKX	+ 0.68	PARWX
YACKX	+ 0.68	PARMX
MWTRX	+ 0.48	JENSX

High negative correlations

MWTRX	- 0.57	PARMX
MWTRX	- 0.57	PARWX
JENSX	- 0.33	PARWX
YACKX	- 0.29	MWTRX
JENSX	- 0.29	PARMX
YACKX	- 0.23	JENSX

Risk-Adjusted Indicators

There is a big difference between Parnassus Mutual Fund performing well and Parnassus Core 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 Core'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
PARWX	0.57	0.01	(0.02)	0.13	0.50	(0.59)	1.17	(1.00)	2.88
PARMX	0.59	0.00	(0.03)	0.12	0.57	(0.64)	1.41	(1.10)	3.41
JENSX	0.70	(0.20)	0.00	(0.19)	0.00	0.00	1.07	(1.25)	11.42
MWTRX	0.26	(0.02)	0.00	0.50	0.00	0.00	0.45	(0.77)	1.56
YACKX	0.42	(0.06)	(0.19)	0.01	0.53	(0.43)	1.00	(0.70)	2.43

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