Parnassus Equity Correlations

PRILX Fund

USD 61.27 0.89 1.47%

The current 90-days correlation between Parnassus Equity Incme and Wcm Focused International is 0.92 (i.e., Almost no diversification). The correlation of Parnassus Equity 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 Equity Correlation With Market

Very weak diversification

The correlation between Parnassus Equity Incme and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Parnassus Equity Incme 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 Parnassus Equity Incme. 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 bureau of economic analysis.

Moving together with Parnassus Mutual Fund

0.78	PFGEX	Parnassus Funds	Pair Corr
0.94	PFPRX	Parnassus Fund Inst	Pair Corr
0.86	PFPMX	Parnassus Mid Cap	Pair Corr
0.99	PFPWX	Parnassus Endeavor	Pair Corr
1.0	PRBLX	Parnassus E Equity	Pair Corr
0.91	PARMX	Parnassus Mid Cap	Pair Corr
0.94	PARNX	Parnassus Fund Investor	Pair Corr
0.99	PARWX	Parnassus Endeavor	Pair Corr
0.63	GABFX	Gmo Asset Allocation Steady Growth	Pair Corr
0.76	GCAVX	Gmo Small Cap	Pair Corr
0.69	GQLOX	Gmo Quality Fund	Pair Corr
0.99	GMCQX	Gmo Equity Allocation	Pair Corr

Moving against Parnassus Mutual Fund

0.43	OOSYX	Oppenheimer Senior	Pair Corr
0.4	APHPX	Artisan Global Uncon	Pair Corr
0.4	DHEYX	Diamond Hill Short	Pair Corr
0.37	PSDLX	Putnam Short Duration	Pair Corr

Related Correlations Analysis

	WCMIX	PFPMX	PIMIX	PFPWX	MWTIX
WCMIX		0.77	0.44	0.92	0.65	WCMIX
PFPMX	0.77		0.06	0.88	0.51	PFPMX
PIMIX	0.44	0.06		0.18	0.83	PIMIX
PFPWX	0.92	0.88	0.18		0.52	PFPWX
MWTIX	0.65	0.51	0.83	0.52		MWTIX
	WCMIX	PFPMX	PIMIX	PFPWX	MWTIX

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Risk-Adjusted Indicators

There is a big difference between Parnassus Mutual Fund performing well and Parnassus Equity 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 Parnassus Equity'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
WCMIX	0.90	(0.08)	0.00	(0.13)	0.00	0.00	1.56	(1.60)	11.25
PFPMX	0.72	(0.19)	0.00	2.16	0.00	0.00	1.41	(2.06)	5.83
PIMIX	0.18	0.04	0.21	0.57	0.00	(0.23)	0.48	(0.29)	1.34
PFPWX	0.66	(0.08)	0.00	(0.14)	0.00	0.00	1.23	(1.43)	7.36
MWTIX	0.29	0.04	0.15	0.33	0.23	(0.36)	0.68	(0.56)	1.69

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