Pax Global Correlations

PAXGX Fund  USD 16.01  0.28  1.78%   
The current 90-days correlation between Pax Global Opportunities and Pax High Yield is 0.44 (i.e., Very weak diversification). The correlation of Pax Global 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 Global Correlation With Market

Poor diversification

The correlation between Pax Global Opportunities and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pax Global Opportunities 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 Global Opportunities. 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 price.

Moving together with Pax Mutual Fund

  0.74PAXLX Pax Large CapPairCorr
  0.84RMQAX Monthly RebalancePairCorr

Moving against Pax Mutual Fund

  0.36AOUIX Angel Oak UltrashortPairCorr

Related Correlations Analysis

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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   
PAXDXPAXBX
PAXDXPXHIX
PAXBXPXHIX
PAXLXPAXGX
PAXDXPAXGX
PAXGXPXHIX
  
High negative correlations   
PAXLXPXHIX
PAXLXPAXBX

Risk-Adjusted Indicators

There is a big difference between Pax Mutual Fund performing well and Pax Global 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 Global'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.