Prudential Short-term Correlations

PIFEX Fund

USD 10.71 0.01 0.09%

The current 90-days correlation between Prudential Short Term and Vanguard Financials Index is 0.28 (i.e., Modest diversification). The correlation of Prudential Short-term 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.

Prudential Short-term Correlation With Market

Modest diversification

The correlation between Prudential Short Term Porate and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prudential Short Term Porate 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 Prudential Short Term Porate. 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 income.

Moving together with Prudential Mutual Fund

0.86	HYSQX	Prudential Short Duration	Pair Corr
0.71	EMDQX	Prudential Emerging	Pair Corr
0.97	PGIQX	Prudential Government	Pair Corr
0.91	PGTQX	Prudential Global Total	Pair Corr
0.97	PGTSX	Prudential Global Total	Pair Corr
0.77	SCFOX	Pgim Securitized Credit	Pair Corr
0.8	SCFZX	Pgim Securitized Credit	Pair Corr
0.77	SCFVX	Pgim Securitized Credit	Pair Corr
0.9	PHEQX	Prudential Global Total	Pair Corr
0.83	PHYGX	Pgim High Yield	Pair Corr
0.82	PHYQX	Prudential High Yield	Pair Corr
0.92	PIFGX	Prudential Short Term	Pair Corr
0.65	SDMQX	Prudential Short Duration	Pair Corr
0.78	PJERX	Prudential Jennison	Pair Corr
0.79	PJIQX	Prudential Jennison	Pair Corr

Moving against Prudential Mutual Fund

0.8	PGKAX	Pgim Jennison Technology	Pair Corr
0.79	PGKRX	Pgim Jennison Technology	Pair Corr
0.79	JSCRX	Prudential Jennison Small	Pair Corr
0.67	PGKCX	Pgim Jennison Technology	Pair Corr
0.71	PJSQX	Prudential Jennison Small	Pair Corr
0.71	JDERX	Prudential Jennison Mid	Pair Corr
0.69	PJGQX	Prudential Jennison Mid	Pair Corr
0.65	PJNQX	Jennison Natural Res	Pair Corr
0.64	PJFQX	Prudential Jennison	Pair Corr
0.59	PMVFX	Prudential Qma Mid	Pair Corr
0.55	PJFPX	Prudential Jennison	Pair Corr
0.55	PJFOX	Prudential Jennison	Pair Corr
0.55	PJGRX	Prudential Jennison	Pair Corr
0.51	SDVRX	Prudential Qma Mid	Pair Corr

Related Correlations Analysis

	VFAIX	PGFMX	FAFSX	MCBXX	FIDAX	FNPIX	GCFSX	PSSRX
VFAIX		0.74	0.96	0.0	0.91	0.92	0.57	0.94	VFAIX
PGFMX	0.74		0.59	0.0	0.53	0.87	0.91	0.58	PGFMX
FAFSX	0.96	0.59		0.0	0.98	0.85	0.37	0.99	FAFSX
MCBXX	0.0	0.0	0.0		0.0	0.0	0.0	0.0	MCBXX
FIDAX	0.91	0.53	0.98	0.0		0.79	0.31	0.99	FIDAX
FNPIX	0.92	0.87	0.85	0.0	0.79		0.7	0.84	FNPIX
GCFSX	0.57	0.91	0.37	0.0	0.31	0.7		0.35	GCFSX
PSSRX	0.94	0.58	0.99	0.0	0.99	0.84	0.35		PSSRX
	VFAIX	PGFMX	FAFSX	MCBXX	FIDAX	FNPIX	GCFSX	PSSRX

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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

PSSRX	+ 0.99	FAFSX
PSSRX	+ 0.99	FIDAX
FIDAX	+ 0.98	FAFSX
FAFSX	+ 0.96	VFAIX
PSSRX	+ 0.94	VFAIX
FNPIX	+ 0.92	VFAIX

High negative correlations

PSSRX	- 0.0	MCBXX
GCFSX	- 0.0	MCBXX
FNPIX	- 0.0	MCBXX
FIDAX	- 0.0	MCBXX
MCBXX	- 0.0	FAFSX
MCBXX	- 0.0	PGFMX

Risk-Adjusted Indicators

There is a big difference between Prudential Mutual Fund performing well and Prudential Short-term 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 Prudential Short-term'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
VFAIX	0.80	0.08	0.06	0.04	1.08	(0.86)	1.99	(1.79)	6.10
PGFMX	0.37	0.01	0.09	(0.16)	0.40	(0.42)	0.85	(0.66)	2.21
FAFSX	0.85	0.01	0.00	(0.02)	0.00	0.00	1.71	(2.10)	6.26
MCBXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FIDAX	0.94	(0.07)	0.00	(0.08)	0.00	0.00	2.02	(2.86)	6.87
FNPIX	1.19	0.10	0.07	2.88	1.67	(1.24)	2.66	(2.77)	9.08
GCFSX	0.71	0.12	0.14	(2.14)	0.85	(0.78)	1.80	(1.39)	4.68
PSSRX	0.94	(0.05)	0.00	(0.07)	0.00	0.00	1.85	(2.57)	6.03

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