| PFPRX Fund | | | USD 65.81 0.16 0.24% |
The current 90-days correlation between Parnassus Fund Inst and Parnassus Endeavor Fund is 0.85 (i.e., Very poor diversification). The correlation of Parnassus Fund 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 Fund Correlation With Market
Very poor diversification
The correlation between Parnassus Fund Inst and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Parnassus Fund Inst and DJI in the same portfolio, assuming nothing else is changed.
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Your Equity Center to better understand how to build diversified portfolios, which includes a position in Parnassus Fund Inst. 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 metropolitan statistical area.