Pax Balanced Correlations

Mutual Funds . USA . 
Fund . Pax Balanced Fund
PAXIX Fund  USD 26.18  0.05  0.19%   
The current 90-days correlation between Pax Balanced and Transamerica International Equity is -0.04 (i.e., Good diversification). The correlation of Pax Balanced 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 Balanced Correlation With Market

Poor diversification

The correlation between Pax Balanced Fund and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pax Balanced Fund 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 Balanced Fund. 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 gross domestic product.

Moving together with Pax Mutual Fund

  0.84PXEAX Pax Global EnvironmentalPairCorr
  0.76PXGAX Pax Esg BetaPairCorr
  0.88PXSAX Pax Small CapPairCorr
  0.88PXSIX Pax Small CapPairCorr
  0.88PXSCX Pax Small CapPairCorr
  0.76PXWGX Pax Esg BetaPairCorr
  0.87PXWIX Pax Ellevate GlobalPairCorr
  0.87PXWEX Pax Ellevate GlobalPairCorr
  0.84PGINX Pax Global EnvironmentalPairCorr
  0.84PGRNX Pax Global EnvironmentalPairCorr
  1.0PAXWX Pax BalancedPairCorr
  0.8FBONX American Funds AmericanPairCorr
  0.8FBAFX American Funds AmericanPairCorr
  0.82ABALX American BalancedPairCorr
  0.82BALCX American BalancedPairCorr
  0.74BALFX American BalancedPairCorr
  0.82RLBCX American BalancedPairCorr
  0.82RLBBX American BalancedPairCorr
  0.82CLBAX American BalancedPairCorr
  0.82CLBEX American BalancedPairCorr
  0.82RLBFX American BalancedPairCorr
  0.69WHIYX Ivy High IncomePairCorr
  0.78IVHIX Ivy High IncomePairCorr
  0.69IHIFX Ivy High IncomePairCorr
  0.71WRHIX Ivy High IncomePairCorr
  0.78WHIAX Ivy High IncomePairCorr

Moving against Pax Mutual Fund

  0.41CCLFX Cliffwater CorporatePairCorr
  0.35LIFAX Lord Abbett InflationPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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