Pax Balanced Correlations

PAXWX Fund

USD 27.10 0.06 0.22%

The current 90-days correlation between Pax Balanced and Pax Esg Beta is 0.92 (i.e., Almost no 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 0.76 (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 housing.

Moving together with Pax Mutual Fund

0.85	PXEAX	Pax Global Environmental	Pair Corr
0.79	PXGOX	Pax Global Opportunities	Pair Corr
0.61	PXGAX	Pax Esg Beta	Pair Corr
0.81	PXLIX	Pax Large Cap	Pair Corr
0.61	PXWGX	Pax Esg Beta	Pair Corr
0.69	PXWIX	Pax Ellevate Global	Pair Corr
0.85	PGINX	Pax Global Environmental	Pair Corr
0.85	PGRNX	Pax Global Environmental	Pair Corr
0.68	PAXHX	Pax High Yield	Pair Corr
1.0	PAXIX	Pax Balanced	Pair Corr
0.69	ABALX	American Balanced	Pair Corr
0.69	BALFX	American Balanced	Pair Corr
0.7	RLBBX	American Balanced	Pair Corr
0.69	CLBAX	American Balanced	Pair Corr
0.69	CLBEX	American Balanced	Pair Corr

Moving against Pax Mutual Fund

0.47	USPSX	Profunds Ultrashort	Pair Corr
0.47	USPIX	Profunds Ultrashort	Pair Corr
0.46	UIPIX	Ultrashort Mid Cap	Pair Corr

Related Correlations Analysis

	PXWGX	PAXHX	DSEFX	NBSRX	PORTX
PXWGX		0.52	0.98	0.91	0.48	PXWGX
PAXHX	0.52		0.52	0.52	0.42	PAXHX
DSEFX	0.98	0.52		0.95	0.4	DSEFX
NBSRX	0.91	0.52	0.95		0.21	NBSRX
PORTX	0.48	0.42	0.4	0.21		PORTX
	PXWGX	PAXHX	DSEFX	NBSRX	PORTX

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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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PXWGX	0.57	0.00	(0.03)	0.11	0.66	(0.60)	1.17	(1.24)	3.53
PAXHX	0.12	0.01	(0.46)	0.27	0.00	(0.21)	0.33	(0.17)	0.83
DSEFX	0.60	0.01	(0.01)	0.13	0.74	(0.64)	1.24	(1.54)	3.88
NBSRX	0.55	0.01	0.00	0.13	0.56	(0.63)	1.03	(1.39)	4.82
PORTX	0.48	(0.06)	(0.16)	0.01	0.64	(0.49)	0.93	(1.16)	2.91

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