Pioneer Multi-asset Correlations

MAUCX Fund

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The current 90-days correlation between Pioneer Multi Asset and Touchstone Large Cap is -0.18 (i.e., Good diversification). The correlation of Pioneer Multi-asset 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.

Pioneer Multi-asset Correlation With Market

Good diversification

The correlation between Pioneer Multi Asset Ultrashort and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pioneer Multi Asset Ultrashort and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Pioneer Multi Asset Ultrashort. 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 main economic indicators.

Moving together with Pioneer Mutual Fund

0.83	PGEKX	Pioneer Global Equity	Pair Corr
0.89	BALRX	Pioneer Solutions	Pair Corr
0.97	STIIX	Pioneer Short Term	Pair Corr
0.97	STIKX	Pioneer Short Term	Pair Corr
0.93	STRKX	Pioneer Strategic Income	Pair Corr
0.93	GOF	Guggenheim Strategic	Pair Corr
0.94	PMFRX	Pioneer Multi Asset	Pair Corr
0.94	PMFKX	Pioneer Multi Asset	Pair Corr
1.0	MAUKX	Pioneer Multi Asset	Pair Corr
0.82	PRGEX	Pioneer Global Equity	Pair Corr
0.91	PBFKX	Pioneer Bond	Pair Corr
0.99	PTSPX	Pimco Short Term	Pair Corr
0.99	PTSHX	Short Term Fund	Pair Corr
0.99	PSFAX	Short Term Fund	Pair Corr
0.98	PTSRX	Short Term Fund	Pair Corr
0.99	PSDNX	Putnam Ultra Short	Pair Corr
1.0	LUSNX	Lord Abbett Ultra	Pair Corr
0.96	VUBFX	Vanguard Ultra-short-term	Pair Corr
0.99	PSDRX	Putnam Short Duration	Pair Corr
0.98	PSDYX	Putnam Short Duration	Pair Corr
0.78	BRUFX	Bruce Fund Bruce	Pair Corr
0.8	KF	Korea Closed	Pair Corr
0.66	VHCIX	Vanguard Health Care	Pair Corr
0.92	IIIAX	Voya International Index	Pair Corr

Moving against Pioneer Mutual Fund

0.63	PIOKX	Pioneer Fund Class	Pair Corr
0.53	PFGKX	Pioneer Fundamental	Pair Corr
0.49	PSMKX	Pioneer Select Mid	Pair Corr
0.34	PCBKX	Pioneer Classic Balanced	Pair Corr
0.75	SPGSX	State Street Premier	Pair Corr

Related Correlations Analysis

	TACLX	AUERX	SMYIX	GMLVX	DHGCX	ARECX
TACLX		0.18	0.68	0.55	0.58	0.89	TACLX
AUERX	0.18		0.8	-0.17	-0.48	-0.04	AUERX
SMYIX	0.68	0.8		0.15	0.0	0.47	SMYIX
GMLVX	0.55	-0.17	0.15		0.63	0.68	GMLVX
DHGCX	0.58	-0.48	0.0	0.63		0.78	DHGCX
ARECX	0.89	-0.04	0.47	0.68	0.78		ARECX
	TACLX	AUERX	SMYIX	GMLVX	DHGCX	ARECX

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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

ARECX	+ 0.89	TACLX
SMYIX	+ 0.8	AUERX
ARECX	+ 0.78	DHGCX
SMYIX	+ 0.68	TACLX
ARECX	+ 0.68	GMLVX
DHGCX	+ 0.63	GMLVX

High negative correlations

DHGCX	- 0.48	AUERX
GMLVX	- 0.17	AUERX
ARECX	- 0.04	AUERX
DHGCX	- 0.0	SMYIX

Risk-Adjusted Indicators

There is a big difference between Pioneer Mutual Fund performing well and Pioneer Multi-asset 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 Pioneer Multi-asset'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
TACLX	0.62	0.06	0.08	0.05	0.74	(0.63)	1.28	(1.14)	3.10
AUERX	0.81	0.01	0.00	(0.02)	0.00	0.00	1.59	(1.75)	4.19
SMYIX	0.77	0.02	0.02	0.00	1.00	(0.80)	1.57	(1.62)	4.51
GMLVX	0.70	0.06	0.07	0.10	0.88	(0.75)	1.57	(1.62)	5.51
DHGCX	0.17	0.00	0.09	0.34	0.20	(0.21)	0.36	(0.31)	1.46
ARECX	0.72	0.07	0.08	0.07	0.89	(0.74)	1.56	(1.42)	4.45

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