Parnassus Mid Correlations

PARMX Fund

USD 36.45 0.18 0.49%

The current 90-days correlation between Parnassus Mid Cap and Parnassus Endeavor Fund is 0.83 (i.e., Very poor diversification). The correlation of Parnassus Mid 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 Mid Correlation With Market

Poor diversification

The correlation between Parnassus Mid Cap and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Parnassus Mid Cap 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 Mid Cap. 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 population.

Moving together with Parnassus Mutual Fund

0.89	PFPRX	Parnassus Fund Inst	Pair Corr
1.0	PFPMX	Parnassus Mid Cap	Pair Corr
0.86	PFPWX	Parnassus Endeavor	Pair Corr
0.86	PRILX	Parnassus Equity Incme	Pair Corr
0.89	PARNX	Parnassus Fund Investor	Pair Corr
0.88	VIMAX	Vanguard Mid Cap	Pair Corr
0.88	VIMSX	Vanguard Mid Cap	Pair Corr
0.88	VMCPX	Vanguard Mid Cap	Pair Corr
0.88	VMCIX	Vanguard Mid Cap	Pair Corr
0.87	VEXAX	Vanguard Extended Market	Pair Corr
0.87	VEMPX	Vanguard Extended Market	Pair Corr
0.87	VIEIX	Vanguard Extended Market	Pair Corr
0.87	VSEMX	Vanguard Extended Market	Pair Corr
0.87	VEXMX	Vanguard Extended Market	Pair Corr
0.87	FSMAX	Fidelity Extended Market	Pair Corr

Moving against Parnassus Mutual Fund

0.34	ABNOX	Ab Bond Inflation	Pair Corr
0.32	DLDFX	Destinations Low Duration	Pair Corr
0.31	USGDX	Morgan Stanley Government	Pair Corr

Related Correlations Analysis

	PARWX	PRBLX	FMIJX	PARNX	PRDSX
PARWX		0.98	0.6	0.85	0.81	PARWX
PRBLX	0.98		0.58	0.88	0.82	PRBLX
FMIJX	0.6	0.58		0.2	0.12	FMIJX
PARNX	0.85	0.88	0.2		0.96	PARNX
PRDSX	0.81	0.82	0.12	0.96		PRDSX
	PARWX	PRBLX	FMIJX	PARNX	PRDSX

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Risk-Adjusted Indicators

There is a big difference between Parnassus Mutual Fund performing well and Parnassus Mid 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 Mid'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
PARWX	0.71	(0.03)	(0.11)	1.32	(1.57)	3.61
PRBLX	0.75	(0.02)	(0.09)	1.30	(1.55)	3.65
FMIJX	0.57	0.01	(0.06)	1.14	(1.31)	3.59
PARNX	0.95	(0.14)	(0.22)	1.46	(2.40)	5.10
PRDSX	1.05	(0.22)	(0.28)	1.61	(2.67)	6.33

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