Pax Esg Correlations

PAXDX Fund

USD 9.08 0.14 1.57%

The current 90-days correlation between Pax Esg Beta and Ab Small Cap is 0.19 (i.e., Average diversification). The correlation of Pax Esg 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 Esg Correlation With Market

Modest diversification

The correlation between Pax Esg Beta and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pax Esg Beta 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 Esg Beta. 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 unemployment.

Moving together with Pax Mutual Fund

0.95	PAXGX	Pax Global Opportunities	Pair Corr
0.83	PAXLX	Pax Large Cap	Pair Corr
0.62	GLIFX	Lazard Global Listed	Pair Corr
0.63	GLFOX	Lazard Global Listed	Pair Corr
0.88	VCRCX	Mainstay Cbre Global	Pair Corr
0.83	TOLSX	Deutsche Global Infr	Pair Corr
0.88	TOLZX	Deutsche Global Infr	Pair Corr
0.88	VCRAX	Voya Cbre Global	Pair Corr
0.87	VCRIX	Voya Cbre Global	Pair Corr
0.88	TOLLX	Deutsche Global Infr	Pair Corr
0.88	TOLIX	Deutsche Global Infr	Pair Corr
0.72	PHASX	Midcap Growth	Pair Corr
0.67	ILVEX	Columbia Integrated Large	Pair Corr

Moving against Pax Mutual Fund

0.9	JSORX	Jpmorgan Strategic Income	Pair Corr
0.67	DCFRX	Dunham Floating Rate	Pair Corr
0.54	FTCAX	Templeton Strained Bond	Pair Corr
0.49	FSAHX	Fidelity Short Duration	Pair Corr
0.43	LGLSX	L Abbett Growth	Pair Corr
0.39	UIPIX	Ultrashort Mid Cap	Pair Corr
0.59	HGOFX	Hartford Growth	Pair Corr
0.53	MSSMX	Small Pany Growth	Pair Corr
0.5	AAGOX	Alger Large Cap	Pair Corr
0.38	LIFFX	Lord Abbett Inflation	Pair Corr

Related Correlations Analysis

	QUAIX	ARTSX	TFAGX	LMBMX	NEAIX	LGLSX
QUAIX		0.87	0.7	0.86	0.77	0.56	QUAIX
ARTSX	0.87		0.44	0.93	0.48	0.19	ARTSX
TFAGX	0.7	0.44		0.45	0.75	0.76	TFAGX
LMBMX	0.86	0.93	0.45		0.42	0.15	LMBMX
NEAIX	0.77	0.48	0.75	0.42		0.76	NEAIX
LGLSX	0.56	0.19	0.76	0.15	0.76		LGLSX
	QUAIX	ARTSX	TFAGX	LMBMX	NEAIX	LGLSX

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Risk-Adjusted Indicators

There is a big difference between Pax Mutual Fund performing well and Pax Esg 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 Esg'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
QUAIX	1.03	0.07	0.04	0.13	1.29	(1.07)	1.93	(2.07)	9.07
ARTSX	1.06	0.02	0.01	0.06	1.70	(0.96)	2.14	(2.17)	8.55
TFAGX	0.66	0.03	0.00	0.98	0.94	(0.68)	1.44	(1.53)	5.84
LMBMX	1.01	(0.03)	0.00	(0.02)	0.00	0.00	1.90	(1.85)	10.46
NEAIX	1.13	0.09	0.06	0.17	1.15	(1.28)	2.28	(1.60)	8.12
LGLSX	1.04	0.21	0.13	0.40	1.25	(1.06)	2.43	(2.37)	7.49

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