Pax Ellevate Correlations

PXWEX Fund

USD 35.92 0.11 0.31%

The current 90-days correlation between Pax Ellevate Global and Pax Global Environmental is -0.09 (i.e., Good diversification). 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

Significant diversification

The correlation between Pax Ellevate Global and DJI is 0.05 (i.e., Significant 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 income.

Moving together with Pax Mutual Fund

0.62	PXHAX	Pax High Yield	Pair Corr
0.96	PXGAX	Pax Esg Beta	Pair Corr
0.96	PXLIX	Pax Large Cap	Pair Corr
0.86	PXSAX	Pax Small Cap	Pair Corr
0.8	PXSIX	Pax Small Cap	Pair Corr
0.8	PXSCX	Pax Small Cap	Pair Corr
0.9	PXWGX	Pax Esg Beta	Pair Corr
0.94	PXWIX	Pax Ellevate Global	Pair Corr
0.61	PAXHX	Pax High Yield	Pair Corr
0.9	PWGIX	Pax Esg Beta	Pair Corr
0.88	FCWGX	American Funds Capital	Pair Corr
0.88	FWCGX	American Funds Capital	Pair Corr
0.81	CWGIX	Capital World Growth	Pair Corr
0.81	CWGFX	Capital World Growth	Pair Corr
0.87	CWGCX	Capital World Growth	Pair Corr
0.88	RWIFX	Capital World Growth	Pair Corr
0.79	CWICX	Capital World Growth	Pair Corr
0.79	RWIAX	Capital World Growth	Pair Corr
0.81	CWIAX	Capital World Growth	Pair Corr
0.81	WGIFX	Capital World Growth	Pair Corr
0.9	ELFNX	Elfun Trusts Elfun	Pair Corr
0.85	AMECX	Income Fund	Pair Corr
0.78	HIX	Western Asset High	Pair Corr
0.81	FIVUX	First Investors Oppo	Pair Corr
0.8	ACP	Aberdeen Income Credit	Pair Corr
0.62	AHYDX	High Yield Fund	Pair Corr

Moving against Pax Mutual Fund

0.48	PXDIX	Pax Esg Beta	Pair Corr
0.38	PXINX	Pax Msci Eafe	Pair Corr
0.38	PXNIX	Pax Msci Eafe	Pair Corr
0.37	PXBIX	Pax E Bond	Pair Corr
0.59	PFHCX	Pacific Funds Small	Pair Corr

Related Correlations Analysis

	PGRNX	PXSCX	PXWGX	PAXWX	PAXHX
PGRNX		0.0	0.29	0.74	0.28	PGRNX
PXSCX	0.0		0.92	0.39	0.52	PXSCX
PXWGX	0.29	0.92		0.57	0.5	PXWGX
PAXWX	0.74	0.39	0.57		0.63	PAXWX
PAXHX	0.28	0.52	0.5	0.63		PAXHX
	PGRNX	PXSCX	PXWGX	PAXWX	PAXHX

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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

PXWGX	+ 0.92	PXSCX
PAXWX	+ 0.74	PGRNX
PAXHX	+ 0.63	PAXWX
PAXWX	+ 0.57	PXWGX
PAXHX	+ 0.52	PXSCX
PAXHX	+ 0.5	PXWGX

High negative correlations

PXSCX

- 0.0

PGRNX

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
PGRNX	0.65	(0.06)	(0.11)	0.03	0.77	(0.68)	1.06	(1.19)	4.15
PXSCX	0.73	0.05	0.10	0.16	0.52	(0.87)	1.85	(1.32)	5.85
PXWGX	0.51	0.02	(0.02)	0.14	0.48	(0.56)	1.03	(0.83)	3.53
PAXWX	0.36	(0.02)	(0.18)	0.07	0.36	(0.40)	0.68	(0.70)	2.21
PAXHX	0.11	0.01	(0.47)	0.46	0.00	(0.20)	0.33	(0.17)	0.66

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