Prudential Floating Correlations

Mutual Funds . USA . 
Fund . Prudential Floating Rate
FRFZX Fund  USD 9.03  0.01  0.11%   
The current 90-days correlation between Prudential Floating Rate and Prudential High Yield is 0.67 (i.e., Poor diversification). The correlation of Prudential Floating 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 Floating Correlation With Market

Significant diversification

The correlation between Prudential Floating Rate and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prudential Floating Rate and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Prudential Floating Rate. 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 nation.

Moving together with Prudential Mutual Fund

  0.73PWJZX Prudential JennisonPairCorr
  0.73PWJAX Prudential JennisonPairCorr
  0.73PWJCX Prudential JennisonPairCorr
  0.76HYSZX Prudential Short DurationPairCorr
  0.74HYSAX Prudential Short DurationPairCorr
  0.74HYSCX Prudential Short DurationPairCorr
  0.75PGAQX Pgim Esg HighPairCorr
  0.76PGANX Pgim Esg HighPairCorr
  0.75PGAUX Pgim Esg HighPairCorr
  0.73PGAVX Pgim Esg HighPairCorr
  0.66PGFCX Pgim ConservativePairCorr
  0.65PGFEX Pgim Enhanced RetirementPairCorr
  1.0FRFAX Prudential Floating RatePairCorr
  0.97FRFCX Prudential Floating RatePairCorr
  0.72PHIZX Prudential Muni HighPairCorr
  0.78PHYZX Prudential High YieldPairCorr
  0.78PHYEX Pgim High YieldPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Prudential Mutual Fund performing well and Prudential Floating 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 Floating'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.

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