Pia Mbs Correlations

PMTGX Fund

USD 8.29 0.03 0.36%

The current 90-days correlation between Pia Mbs Bond and Fidelity Sai Inflationfocused is -0.06 (i.e., Good diversification). The correlation of Pia Mbs 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.

Pia Mbs Correlation With Market

Good diversification

The correlation between Pia Mbs Bond and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pia Mbs Bond 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 Pia Mbs Bond. 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 price.

Moving together with Pia Mutual Fund

0.97	PBBBX	Pia Bbb Bond	Pair Corr
0.99	VFIJX	Vanguard Gnma	Pair Corr
0.99	VSIGX	Vanguard Intermediate-ter	Pair Corr
0.99	UGSFX	Us Government Securities	Pair Corr
0.99	AMUSX	Us Government Securities	Pair Corr
0.97	FSUGX	American Funds Government	Pair Corr
0.99	UGSCX	Us Government Securities	Pair Corr
0.99	FSUUX	American Funds Government	Pair Corr
0.99	VMBSX	Vanguard Mortgage-backed	Pair Corr
0.99	VFIIX	Vanguard Gnma	Pair Corr
0.99	FUTBX	Fidelity Sai Treasury	Pair Corr
0.72	MHD	Blackrock Muniholdings	Pair Corr

Moving against Pia Mutual Fund

0.81	LSHUX	Horizon Spin Off Steady Growth	Pair Corr
0.81	LSHEX	Kinetics Spin Off Steady Growth	Pair Corr
0.81	LSHCX	Horizon Spin Off Steady Growth	Pair Corr
0.81	WWNPX	Kinetics Paradigm Steady Growth	Pair Corr
0.71	PIAMX	Pia High Yield	Pair Corr
0.7	PHYSX	Pia High Yield	Pair Corr
0.81	KNPCX	Kinetics Paradigm Steady Growth	Pair Corr
0.81	LSHAX	Horizon Spin Off Steady Growth	Pair Corr
0.81	KNPYX	Kinetics Paradigm Steady Growth	Pair Corr
0.81	GOAXX	Money Market Obligations	Pair Corr
0.75	VFINX	Vanguard 500 Index	Pair Corr
0.73	MIEYX	Mm Sp 500	Pair Corr
0.68	RICGX	Investment Of America	Pair Corr
0.67	OSPPX	Oppenheimer Steelpath Mlp	Pair Corr
0.67	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.67	SPMJX	Invesco Steelpath Mlp	Pair Corr
0.66	SSMOX	Steward Small Mid	Pair Corr
0.62	LVAMX	Lsv Managed Volatility	Pair Corr
0.61	GOODX	Goodhaven Fund Goodhaven	Pair Corr
0.55	NTDAX	Nationwide Destination	Pair Corr
0.47	PFN	Pimco Income Strategy	Pair Corr
0.36	JHYFX	Janus High Yield	Pair Corr
0.33	BGRFX	Baron Growth	Pair Corr
0.84	GUMPX	Guggenheim Market Neutral	Pair Corr
0.84	PFRIX	Prudential Floating Rate	Pair Corr

Related Correlations Analysis

	FIFGX	GSCFX	ABNTX	WAFAX	MFTFX	FIBLX	PRIPX
FIFGX		-0.03	0.14	-0.11	-0.39	0.08	-0.06	FIFGX
GSCFX	-0.03		0.9	0.96	0.67	0.98	0.9	GSCFX
ABNTX	0.14	0.9		0.91	0.63	0.93	0.86	ABNTX
WAFAX	-0.11	0.96	0.91		0.72	0.93	0.92	WAFAX
MFTFX	-0.39	0.67	0.63	0.72		0.61	0.63	MFTFX
FIBLX	0.08	0.98	0.93	0.93	0.61		0.88	FIBLX
PRIPX	-0.06	0.9	0.86	0.92	0.63	0.88		PRIPX
	FIFGX	GSCFX	ABNTX	WAFAX	MFTFX	FIBLX	PRIPX

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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

FIBLX	+ 0.98	GSCFX
WAFAX	+ 0.96	GSCFX
FIBLX	+ 0.93	ABNTX
FIBLX	+ 0.93	WAFAX
PRIPX	+ 0.92	WAFAX
WAFAX	+ 0.91	ABNTX

High negative correlations

MFTFX	- 0.39	FIFGX
WAFAX	- 0.11	FIFGX
PRIPX	- 0.06	FIFGX
GSCFX	- 0.03	FIFGX

Risk-Adjusted Indicators

There is a big difference between Pia Mutual Fund performing well and Pia Mbs 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 Pia Mbs' 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
FIFGX	0.92	(0.01)	0.00	0.22	0.00	0.00	1.72	(1.98)	4.96
GSCFX	0.21	(0.03)	0.00	(0.86)	0.00	0.00	0.33	(0.55)	1.30
ABNTX	0.14	(0.01)	(0.49)	(0.75)	0.19	(0.17)	0.29	(0.30)	0.88
WAFAX	0.24	(0.03)	0.00	(1.53)	0.00	0.00	0.42	(0.53)	1.26
MFTFX	0.98	(0.15)	0.00	(0.09)	0.00	0.00	1.70	(1.95)	5.42
FIBLX	0.20	(0.02)	0.00	(0.41)	0.00	0.00	0.32	(0.43)	1.26
PRIPX	0.27	(0.08)	0.00	(1.14)	0.00	0.00	0.37	(0.57)	1.12

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