Pax Balanced Correlations

PAXIX Fund  USD 26.87  0.23  0.86%   
The current 90-days correlation between Pax Balanced and Investec Global Franchise is 0.8 (i.e., Very poor 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

Very weak diversification

The correlation between Pax Balanced Fund and DJI is 0.54 (i.e., Very weak 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

  0.62PXBIX Pax E BondPairCorr
  0.92PXEAX Pax Global EnvironmentalPairCorr
  0.81PXDIX Pax Esg BetaPairCorr
  0.94PXGOX Pax Global OpportunitiesPairCorr
  0.85PXGAX Pax Esg BetaPairCorr
  0.84PXLIX Pax Large CapPairCorr
  0.9PXSAX Pax Small CapPairCorr
  0.9PXSIX Pax Small CapPairCorr
  0.9PXSCX Pax Small CapPairCorr
  0.85PXWGX Pax Esg BetaPairCorr
  0.91PXWIX Pax Ellevate GlobalPairCorr
  0.91PXWEX Pax Ellevate GlobalPairCorr
  0.92PGINX Pax Global EnvironmentalPairCorr
  0.92PGRNX Pax Global EnvironmentalPairCorr
  1.0PAXWX Pax BalancedPairCorr
  0.85PWGIX Pax Esg BetaPairCorr
  0.89FBONX American Funds AmericanPairCorr
  0.89FBAFX American Funds AmericanPairCorr
  0.89ABALX American BalancedPairCorr
  0.89BALCX American BalancedPairCorr
  0.89RLBCX American BalancedPairCorr
  0.89RLBBX American BalancedPairCorr
  0.89CLBAX American BalancedPairCorr
  0.89CLBEX American BalancedPairCorr
  0.89RLBFX American BalancedPairCorr
  0.7VTSAX Vanguard Total StockPairCorr
  0.62VFIAX Vanguard 500 IndexPairCorr
  0.71VTSMX Vanguard Total StockPairCorr
  0.7VSMPX Vanguard Total StockPairCorr
  0.7VSTSX Vanguard Total StockPairCorr
  0.7VITSX Vanguard Total StockPairCorr
  0.62VFINX Vanguard 500 IndexPairCorr
  0.61VFFSX Vanguard 500 IndexPairCorr

Moving against Pax Mutual Fund

  0.39ESFAX Ashmore Emerging MarketsPairCorr
  0.39SNPIX Short Oil GasPairCorr

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   
DBLGXPRSAX
QGMIXBXFIX
DBLGXUSLUX
PRSAXZGFIX
USLUXRPGIX
QGMIXZGFIX
  
High negative correlations   
QGMIXUSLUX

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.