Parnassus Funds Correlations

Mutual Funds . USA . 
Fund . Parnassus Funds
PFGEX Fund   25.63  0.40  1.59%   
The current 90-days correlation between Parnassus Funds and Pimco Emerging Markets is 0.37 (i.e., Weak diversification). The correlation of Parnassus Funds 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.

Parnassus Funds Correlation With Market

Weak diversification

The correlation between Parnassus Funds and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Parnassus Funds 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 Parnassus Funds . 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 income.

Moving together with Parnassus Mutual Fund

  1.0PFPGX Parnassus FundsPairCorr
  0.86PFPRX Parnassus Fund InstPairCorr
  0.75PFPMX Parnassus Mid CapPairCorr
  0.78PFPWX Parnassus EndeavorPairCorr
  0.78PRBLX Parnassus E EquityPairCorr
  0.78PRILX Parnassus Equity IncmePairCorr
  0.77PARMX Parnassus Mid CapPairCorr
  0.85PARNX Parnassus Fund InvestorPairCorr
  0.78PARWX Parnassus EndeavorPairCorr
  0.85FAFGX American FundsPairCorr
  0.85FFAFX American FundsPairCorr
  0.82GFACX Growth FundPairCorr
  0.73GFAFX Growth FundPairCorr
  0.84CGFFX Growth FundPairCorr
  0.82CGFCX Growth FundPairCorr
  0.84CGFAX Growth FundPairCorr
  0.73CGFEX Growth FundPairCorr
  0.84RGAEX Growth FundPairCorr
  0.69VTSAX Vanguard Total StockPairCorr
  0.69VTSMX Vanguard Total StockPairCorr
  0.68VSMPX Vanguard Total StockPairCorr
  0.68VSTSX Vanguard Total StockPairCorr
  0.85VITSX Vanguard Total StockPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Parnassus Mutual Fund performing well and Parnassus Funds 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 Parnassus Funds' 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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