PennantPark Floating Correlations

PFLT Stock

USD 11.21 0.12 1.06%

The current 90-days correlation between PennantPark Floating Rate and Gladstone Investment is 0.29 (i.e., Modest diversification). The correlation of PennantPark Floating 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.

PennantPark Floating Correlation With Market

Weak diversification

The correlation between PennantPark Floating Rate and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding PennantPark Floating Rate 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 PennantPark Floating Rate. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with PennantPark Stock

0.73	V	Visa Class A	Pair Corr
0.61	MA	Mastercard	Pair Corr
0.85	FDUS	Fidus Investment Corp	Pair Corr
0.63	AXP	American Express	Pair Corr
0.8	COF	Capital One Financial	Pair Corr
0.82	DFS	Discover Financial	Pair Corr
0.84	GBDC	Golub Capital BDC	Pair Corr
0.66	NMFC	New Mountain Finance	Pair Corr
0.7	NTRS	Northern Trust	Pair Corr
0.63	ARES	Ares Management LP	Pair Corr
0.79	TCPC	BlackRock TCP Capital Earnings Call Tomorrow	Pair Corr
0.62	TPVG	Triplepoint Venture Earnings Call This Week	Pair Corr
0.81	TSLX	Sixth Street Specialty	Pair Corr
0.88	C	Citigroup	Pair Corr
0.81	BK	Bank of New York	Pair Corr

Moving against PennantPark Stock

0.7	FHI	Federated Investors	Pair Corr
0.61	AMTD	AMTD IDEA Group	Pair Corr
0.53	DHIL	Diamond Hill Investment Earnings Call Tomorrow	Pair Corr
0.46	AMG	Affiliated Managers	Pair Corr
0.43	PYPL	PayPal Holdings	Pair Corr
0.53	CM	Canadian Imperial Bank Earnings Call Tomorrow	Pair Corr
0.52	LC	LendingClub Corp	Pair Corr
0.49	CB	Chubb	Pair Corr
0.48	EG	Everest Group	Pair Corr
0.47	AX	Axos Financial	Pair Corr
0.47	IX	Orix Corp Ads	Pair Corr
0.36	BX	Blackstone Group	Pair Corr

Related Correlations Analysis

	GAIN	HRZN	SCM	PSEC	GLAD	MAIN	WHF	FDUS
GAIN		0.68	0.6	0.38	0.06	0.22	0.75	0.5	GAIN
HRZN	0.68		0.93	0.18	0.51	0.7	0.77	0.87	HRZN
SCM	0.6	0.93		0.01	0.69	0.84	0.75	0.96	SCM
PSEC	0.38	0.18	0.01		-0.37	-0.34	0.28	-0.13	PSEC
GLAD	0.06	0.51	0.69	-0.37		0.93	0.22	0.77	GLAD
MAIN	0.22	0.7	0.84	-0.34	0.93		0.41	0.91	MAIN
WHF	0.75	0.77	0.75	0.28	0.22	0.41		0.7	WHF
FDUS	0.5	0.87	0.96	-0.13	0.77	0.91	0.7		FDUS
	GAIN	HRZN	SCM	PSEC	GLAD	MAIN	WHF	FDUS

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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

FDUS	+ 0.96	SCM
SCM	+ 0.93	HRZN
MAIN	+ 0.93	GLAD
FDUS	+ 0.91	MAIN
FDUS	+ 0.87	HRZN
MAIN	+ 0.84	SCM

High negative correlations

GLAD	- 0.37	PSEC
MAIN	- 0.34	PSEC
FDUS	- 0.13	PSEC

Risk-Adjusted Indicators

There is a big difference between PennantPark Stock performing well and PennantPark Floating Company 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 PennantPark Floating'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
GAIN	0.86	0.00	0.00	0.00	0.97	(1.02)	1.56	(1.70)	5.91
HRZN	0.71	0.15	0.09	0.81	1.30	(0.77)	1.39	(1.19)	7.48
SCM	0.57	0.19	0.18	0.45	0.70	(0.63)	1.46	(1.14)	4.04
PSEC	0.97	0.03	0.02	0.08	1.19	(1.22)	2.74	(2.03)	8.05
GLAD	0.98	0.19	0.14	1.02	1.18	(1.00)	2.20	(1.72)	5.95
MAIN	0.68	0.25	0.26	1.09	0.53	(0.73)	1.58	(1.13)	3.43
WHF	0.82	0.10	0.09	5.23	1.08	(0.89)	1.47	(1.90)	5.82
FDUS	0.60	0.22	0.29	1.50	0.42	(0.70)	1.38	(0.97)	3.18

PennantPark Floating Corporate Management

Allorto CPA	CFO Treasurer	Profile
Richard Houten	Senior Houston	Profile
Matthew Visgilio	Manager Operations	Profile
Salvatore III	Partner	Profile

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