Parnassus Fixed Correlations
| PFPLX Fund | USD 14.89 0.01 0.07% |
The current 90-days correlation between Parnassus Fixed Income and Parnassus Fund Inst is 0.21 (i.e., Modest diversification). The correlation of Parnassus Fixed 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 Fixed Correlation With Market
Average diversification
The correlation between Parnassus Fixed Income and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Parnassus Fixed Income and DJI in the same portfolio, assuming nothing else is changed.
Parnassus |
Moving together with Parnassus Mutual Fund
| 0.94 | PRFIX | Parnassus Fixed Income | PairCorr |
| 0.92 | MWTNX | Metropolitan West Total | PairCorr |
| 0.92 | MWTSX | Metropolitan West Total | PairCorr |
| 0.98 | PTTPX | Pimco Total Return | PairCorr |
| 0.99 | PTRRX | Total Return | PairCorr |
| 0.99 | PTRAX | Total Return | PairCorr |
| 0.92 | PTTRX | Total Return | PairCorr |
| 0.99 | FIWGX | Strategic Advisers | PairCorr |
| 0.99 | DODIX | Dodge Income | PairCorr |
| 0.98 | MWTIX | Metropolitan West Total | PairCorr |
| 0.98 | MWTRX | Metropolitan West Total | PairCorr |
| 0.7 | BBHLX | Bbh Partner Fund | PairCorr |
| 0.73 | BSIKX | Blackrock Strategic | PairCorr |
| 0.71 | IMYCX | Voya High Yield | PairCorr |
| 0.85 | ICERX | Mainstay Epoch Inter | PairCorr |
Related Correlations Analysis
| 0.9 | 0.93 | 0.94 | 0.28 | PFPRX | ||
| 0.9 | 0.88 | 0.86 | 0.49 | PFPMX | ||
| 0.93 | 0.88 | 0.99 | 0.42 | PFPWX | ||
| 0.94 | 0.86 | 0.99 | 0.36 | PRILX | ||
| 0.28 | 0.49 | 0.42 | 0.36 | PRFIX | ||
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Risk-Adjusted Indicators
There is a big difference between Parnassus Mutual Fund performing well and Parnassus Fixed 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 Fixed'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| PFPRX | 0.87 | (0.16) | 0.00 | (0.26) | 0.00 | 1.44 | 7.50 | |||
| PFPMX | 0.72 | (0.19) | 0.00 | 2.16 | 0.00 | 1.41 | 5.83 | |||
| PFPWX | 0.66 | (0.08) | 0.00 | (0.14) | 0.00 | 1.23 | 7.36 | |||
| PRILX | 0.77 | (0.11) | 0.00 | (0.18) | 0.00 | 1.17 | 8.92 | |||
| PRFIX | 0.23 | 0.02 | 0.16 | (0.33) | 0.17 | 0.55 | 1.43 |