Power Income Correlations

PWRCX Fund

USD 8.89 0.02 0.23%

The current 90-days correlation between Power Income and Ashmore Emerging Markets is 0.57 (i.e., Very weak diversification). The correlation of Power Income 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.

Power Income Correlation With Market

Modest diversification

The correlation between Power Income Fund and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Power Income Fund 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 Power Income Fund. 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 main economic indicators.

Moving together with Power Mutual Fund

0.99	PWRAX	Power Income	Pair Corr
0.99	PWRIX	Power Income	Pair Corr
0.74	MOJCX	Power Momentum Index	Pair Corr
0.73	MOJAX	Power Momentum Index	Pair Corr
0.72	MOJOX	Power Momentum Index	Pair Corr
0.61	GTAAX	Power Global Tactical	Pair Corr
0.71	FTYPX	Fidelity Freedom Index	Pair Corr
0.84	FFBTX	Fidelity Freedom Blend	Pair Corr
0.96	GABFX	Gmo Asset Allocation	Pair Corr
0.83	GCAVX	Gmo Small Cap	Pair Corr
0.85	GQLOX	Gmo Quality Fund	Pair Corr
0.63	GMCQX	Gmo Equity Allocation	Pair Corr
0.88	ATBYX	Intermediate Term Tax	Pair Corr
0.85	FIRFX	Fidelity Income Repl	Pair Corr
0.73	FCBCX	Nuveen Strategic Income	Pair Corr
0.97	DFIGX	Dfa Intermediate Gov	Pair Corr
0.96	FGORX	Franklin Government	Pair Corr
0.62	JVANX	John Hancock Variable	Pair Corr

Moving against Power Mutual Fund

0.55	JSOCX	Jpmorgan Strategic Income	Pair Corr
0.53	JSOSX	Jpmorgan Strategic Income	Pair Corr
0.52	JSOZX	Jpmorgan Strategic Income	Pair Corr
0.51	JSORX	Jpmorgan Strategic Income	Pair Corr
0.49	JSOAX	Jpmorgan Strategic Income	Pair Corr
0.33	GAAVX	Gmo Alternative Allo	Pair Corr

Related Correlations Analysis

	IGIEX	WIFMX	GSIRX	SEKRX	ECSWX	PIEFX	EMDIX
IGIEX		0.84	0.94	0.74	0.29	0.74	0.93	IGIEX
WIFMX	0.84		0.84	0.69	0.51	0.81	0.88	WIFMX
GSIRX	0.94	0.84		0.65	0.47	0.65	0.94	GSIRX
SEKRX	0.74	0.69	0.65		0.03	0.91	0.67	SEKRX
ECSWX	0.29	0.51	0.47	0.03		0.12	0.55	ECSWX
PIEFX	0.74	0.81	0.65	0.91	0.12		0.7	PIEFX
EMDIX	0.93	0.88	0.94	0.67	0.55	0.7		EMDIX
	IGIEX	WIFMX	GSIRX	SEKRX	ECSWX	PIEFX	EMDIX

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Risk-Adjusted Indicators

There is a big difference between Power Mutual Fund performing well and Power Income 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 Power Income'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
IGIEX	0.25	0.00	0.00	0.01	0.31	(0.33)	0.60	(0.49)	1.57
WIFMX	0.56	0.05	0.06	0.19	0.67	(0.66)	1.11	(1.38)	3.07
GSIRX	0.24	0.01	0.04	0.11	0.22	(0.28)	0.62	(0.41)	1.46
SEKRX	0.64	0.01	0.01	0.03	0.85	(0.68)	1.52	(1.56)	3.71
ECSWX	0.56	0.11	0.13	(1.09)	0.63	(0.65)	1.30	(1.28)	6.16
PIEFX	0.73	0.02	0.02	0.08	0.97	(0.72)	1.45	(1.61)	3.95
EMDIX	0.19	0.02	0.05	0.15	0.12	(0.26)	0.51	(0.39)	0.90

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