Pioneer Select Correlations

PGOFX Fund

USD 44.91 0.23 0.51%

The current 90-days correlation between Pioneer Select Mid and Wells Fargo Specialized is 0.92 (i.e., Almost no diversification). The correlation of Pioneer Select 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.

Pioneer Select Correlation With Market

Very weak diversification

The correlation between Pioneer Select Mid and DJI is 0.59 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pioneer Select Mid 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 Pioneer Select Mid. 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 census.

Moving together with Pioneer Mutual Fund

0.93	PFGRX	Pioneer Fundamental	Pair Corr
0.82	PYCGX	Pioneer Mid Cap	Pair Corr
1.0	PGRRX	Pioneer Select Mid	Pair Corr
0.92	AOBLX	Pioneer Classic Balanced	Pair Corr
0.94	PYODX	Pioneer Fund Pioneer	Pair Corr
0.96	INDCX	Pioneer Disciplined	Pair Corr
0.96	PINDX	Pioneer Disciplined	Pair Corr
0.94	PIODX	Pioneer Fund Pioneer	Pair Corr
0.92	FUNCX	Pioneer Fundamental	Pair Corr
0.79	PMARX	Pioneer Flexible Opp	Pair Corr
0.81	PRRCX	Pioneer Flexible Opp	Pair Corr

Moving against Pioneer Mutual Fund

0.54	PICYX	Pioneer Bond	Pair Corr
0.51	STIRX	Pioneer Strategic Income	Pair Corr
0.5	STRYX	Pioneer Strategic Income	Pair Corr
0.41	PIEKX	Pioneer International	Pair Corr
0.56	PIOBX	Pioneer Bond	Pair Corr
0.55	PCYBX	Pioneer Bond	Pair Corr
0.52	PSRAX	Pioneer Strategic Income	Pair Corr
0.51	PSHYX	Pioneer Short Term	Pair Corr
0.51	PSRCX	Pioneer Strategic Income	Pair Corr
0.46	PSHCX	Pioneer Short Term	Pair Corr
0.43	MCFRX	Pioneer Multi Asset	Pair Corr
0.41	PMAIX	Pioneer Multi Asset	Pair Corr
0.41	PCITX	Pioneer International	Pair Corr
0.4	MYFRX	Pioneer Multi Asset	Pair Corr
0.39	PMACX	Pioneer Multi Asset	Pair Corr

Related Correlations Analysis

	WFTIX	WFSTX	JAGTX	HTECX	TOWTX	WSTRX	BGSCX	WFTDX
WFTIX		1.0	0.94	0.98	0.94	0.96	0.93	1.0	WFTIX
WFSTX	1.0		0.94	0.98	0.94	0.96	0.93	1.0	WFSTX
JAGTX	0.94	0.94		0.95	0.88	0.96	1.0	0.94	JAGTX
HTECX	0.98	0.98	0.95		0.96	0.98	0.94	0.98	HTECX
TOWTX	0.94	0.94	0.88	0.96		0.93	0.86	0.94	TOWTX
WSTRX	0.96	0.96	0.96	0.98	0.93		0.96	0.96	WSTRX
BGSCX	0.93	0.93	1.0	0.94	0.86	0.96		0.93	BGSCX
WFTDX	1.0	1.0	0.94	0.98	0.94	0.96	0.93		WFTDX
	WFTIX	WFSTX	JAGTX	HTECX	TOWTX	WSTRX	BGSCX	WFTDX

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Risk-Adjusted Indicators

There is a big difference between Pioneer Mutual Fund performing well and Pioneer Select 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 Pioneer Select'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
WFTIX	0.90	(0.07)	(0.14)	1.72	(2.29)	4.88
WFSTX	0.90	(0.07)	(0.14)	1.71	(2.25)	4.93
JAGTX	1.18	(0.07)	(0.14)	2.00	(3.18)	6.40
HTECX	1.13	(0.07)	(0.14)	1.51	(3.14)	5.92
TOWTX	0.69	(0.05)	(0.13)	1.31	(1.85)	4.10
WSTRX	1.34	(0.06)	(0.12)	2.01	(3.60)	7.04
BGSCX	1.48	(0.10)	(0.16)	2.37	(3.68)	9.08
WFTDX	0.91	(0.07)	(0.14)	1.70	(2.29)	4.98

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