Parnassus Funds Correlations

PFPGX Fund

27.17 0.14 0.52%

The current 90-days correlation between Parnassus Funds and Financials Ultrasector Profund is 0.38 (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

Poor diversification

The correlation between Parnassus Funds and DJI is 0.67 (i.e., Poor 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 price.

Moving together with Parnassus Mutual Fund

1.0	PFGEX	Parnassus Funds	Pair Corr
0.91	PFPRX	Parnassus Fund Inst	Pair Corr
0.93	PFPMX	Parnassus Mid Cap	Pair Corr
0.94	PFPWX	Parnassus Endeavor	Pair Corr
0.98	PRBLX	Parnassus E Equity	Pair Corr
0.98	PRILX	Parnassus Equity Incme	Pair Corr
0.93	PARMX	Parnassus Mid Cap	Pair Corr
0.91	PARNX	Parnassus Fund Investor	Pair Corr
0.94	PARWX	Parnassus Endeavor	Pair Corr
0.99	FAFGX	American Funds	Pair Corr
0.99	FFAFX	American Funds	Pair Corr
0.99	GFACX	Growth Fund	Pair Corr
0.99	GFAFX	Growth Fund	Pair Corr
0.99	AGTHX	Growth Fund	Pair Corr
0.99	CGFFX	Growth Fund	Pair Corr
0.99	CGFCX	Growth Fund	Pair Corr
0.99	CGFAX	Growth Fund	Pair Corr
0.99	CGFEX	Growth Fund	Pair Corr
0.99	RGAEX	Growth Fund	Pair Corr
0.99	VTSAX	Vanguard Total Stock	Pair Corr
0.99	VFIAX	Vanguard 500 Index	Pair Corr
0.99	VTSMX	Vanguard Total Stock	Pair Corr
0.99	VSMPX	Vanguard Total Stock	Pair Corr
0.99	VSTSX	Vanguard Total Stock	Pair Corr
0.99	VITSX	Vanguard Total Stock	Pair Corr
0.99	VFINX	Vanguard 500 Index	Pair Corr
0.99	VFFSX	Vanguard 500 Index	Pair Corr
0.93	IMOPX	Voya Midcap Opportunities	Pair Corr
0.93	FSRFX	Transportation Portfolio	Pair Corr
0.96	AMGOX	Alger Mid Cap	Pair Corr
0.98	FIKHX	Fidelity Advisor Tec	Pair Corr
0.8	AMVYX	Mid Cap Value	Pair Corr
0.99	VFTAX	Vanguard Ftse Social	Pair Corr
0.96	LGWIX	Ladenburg Growth	Pair Corr
0.9	SRORX	Calamos Antetokounmpo	Pair Corr

Moving against Parnassus Mutual Fund

0.66

PRFIX

Parnassus Fixed Income

Pair Corr

Related Correlations Analysis

	FNPIX	RGFIX	MSVVX	DVFYX	XFINX
FNPIX		0.0	0.83	0.99	0.66	FNPIX
RGFIX	0.0		0.0	0.0	0.0	RGFIX
MSVVX	0.83	0.0		0.86	0.68	MSVVX
DVFYX	0.99	0.0	0.86		0.68	DVFYX
XFINX	0.66	0.0	0.68	0.68		XFINX
	FNPIX	RGFIX	MSVVX	DVFYX	XFINX

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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

DVFYX	+ 0.99	FNPIX
DVFYX	+ 0.86	MSVVX
MSVVX	+ 0.83	FNPIX
XFINX	+ 0.68	MSVVX
XFINX	+ 0.68	DVFYX
XFINX	+ 0.66	FNPIX

High negative correlations

XFINX	- 0.0	RGFIX
DVFYX	- 0.0	RGFIX
MSVVX	- 0.0	RGFIX
RGFIX	- 0.0	FNPIX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FNPIX	1.08	0.06	0.13	0.16	0.87	(1.18)	2.09	(1.83)	11.72
RGFIX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MSVVX	0.78	(0.06)	(0.03)	0.08	0.81	(0.83)	1.78	(1.41)	5.71
DVFYX	0.80	0.04	0.10	0.16	0.51	(0.97)	1.85	(1.39)	7.57
XFINX	0.11	0.02	(0.28)	0.47	0.13	(0.14)	0.22	(0.14)	1.00

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