Prudential Jennison Correlations

PJIAX Fund  USD 22.69  0.01  0.04%   
The current 90-days correlation between Prudential Jennison and Prudential Jennison Growth is 0.62 (i.e., Poor diversification). The correlation of Prudential Jennison 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 Jennison Correlation With Market

Almost no diversification

The correlation between Prudential Jennison Equity and DJI is 0.92 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prudential Jennison Equity 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 Jennison Equity. 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 nation.

Moving together with Prudential Mutual Fund

  0.96PJFAX Prudential JennisonPairCorr
  0.98PSIFX Prudential Qma StockPairCorr
  1.0PBEAX Prudential Jennison ValuePairCorr
  0.99PEEAX Prudential Jennison MidPairCorr
  0.94VVIAX Vanguard Value IndexPairCorr
  0.95DOXGX Dodge Cox StockPairCorr
  0.9AFMFX American MutualPairCorr
  0.86FFMMX American Funds AmericanPairCorr
  0.86FFFMX American Funds AmericanPairCorr
  0.9AMRMX American MutualPairCorr
  0.86AMFFX American MutualPairCorr
  0.85AMFCX American MutualPairCorr
  0.99DODGX Dodge Stock FundPairCorr
  0.97VIVAX Vanguard Value IndexPairCorr
  0.62FSMMX Fs Multi StrategyPairCorr
  0.91SPMPX Invesco Steelpath MlpPairCorr
  0.91MLPNX Oppenheimer Steelpath MlpPairCorr
  0.9MLPMX Oppenheimer Steelpath MlpPairCorr
  0.9SPMJX Invesco Steelpath MlpPairCorr
  0.87DIS Walt DisneyPairCorr
  0.96CSCO Cisco Systems Aggressive PushPairCorr

Moving against Prudential Mutual Fund

  0.74PGVAX Prudential GovernmentPairCorr
  0.6BTMPX Ishares Msci EafePairCorr
  0.54PHECX Prudential Global TotalPairCorr
  0.48PURZX Prudential Global RealPairCorr
  0.79MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr
  0.61BTMKX Blackrock InternationalPairCorr
  0.6MDIIX Blackrock Intern IndexPairCorr
  0.48FMFFX Fs Managed FuturesPairCorr

Related Correlations Analysis

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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   
PSIFXPJFAX
PBEAXPEEAX
PSIFXPBEAX
PSIFXPEEAX
PEEAXPJFAX
PBEAXPJFAX
  
High negative correlations   
PGVAXPEEAX
PSIFXPGVAX
PGVAXPBEAX
PGVAXPJFAX

Risk-Adjusted Indicators

There is a big difference between Prudential Mutual Fund performing well and Prudential Jennison 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 Jennison'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.