Power Income Correlations

PWRIX Fund

USD 9.07 0.01 0.11%

The current 90-days correlation between Power Income and T Rowe Price is 0.25 (i.e., Modest 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

Good diversification

The correlation between Power Income Fund and DJI is -0.18 (i.e., Good 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 gross domestic product.

Moving together with Power Mutual Fund

1.0	PWRAX	Power Income	Pair Corr
1.0	PWRCX	Power Income	Pair Corr
0.93	BSIKX	Blackrock Strategic	Pair Corr
0.94	BSICX	Blackrock Strategic Opps	Pair Corr
0.93	BASIX	Blackrock Strategic Opps	Pair Corr
0.93	BSIIX	Blackrock Strategic	Pair Corr
0.61	JSORX	Jpmorgan Strategic Income	Pair Corr
0.64	JSOZX	Jpmorgan Strategic Income	Pair Corr
0.61	JSOSX	Jpmorgan Strategic Income	Pair Corr
0.92	PMZCX	Pimco Mortgage Oppor	Pair Corr
0.82	VGTSX	Vanguard Total Inter	Pair Corr
0.85	VTIAX	Vanguard Total Inter	Pair Corr
0.78	FHKCX	Fidelity China Region	Pair Corr
0.88	OSIIX	Oppenheimer Global Strtgc	Pair Corr
0.83	TRIGX	T Rowe Price	Pair Corr
0.71	MIPIX	Matthews Asia Dividend	Pair Corr
0.86	GQJPX	Gqg Partners Interna	Pair Corr
0.71	RYWTX	Emerging Markets	Pair Corr
0.82	DURIX	Deutsche European Equity	Pair Corr
0.75	PCCFX	Prudential Income Builder	Pair Corr

Moving against Power Mutual Fund

0.4	VSMPX	Vanguard Total Stock	Pair Corr
0.4	VITSX	Vanguard Total Stock	Pair Corr
0.37	VFINX	Vanguard 500 Index	Pair Corr
0.36	VFFSX	Vanguard 500 Index	Pair Corr
0.31	VTSAX	Vanguard Total Stock	Pair Corr
0.31	VTSMX	Vanguard Total Stock	Pair Corr
0.31	VSTSX	Vanguard Total Stock	Pair Corr

Related Correlations Analysis

	TRSTX	HRSTX	OPTCX	BXDCX	SGLIX	SEDAX	NWJVX
TRSTX		0.73	0.74	0.97	-0.2	0.87	0.96	TRSTX
HRSTX	0.73		0.84	0.78	0.32	0.81	0.77	HRSTX
OPTCX	0.74	0.84		0.75	0.13	0.74	0.75	OPTCX
BXDCX	0.97	0.78	0.75		-0.14	0.89	0.97	BXDCX
SGLIX	-0.2	0.32	0.13	-0.14		0.12	-0.17	SGLIX
SEDAX	0.87	0.81	0.74	0.89	0.12		0.89	SEDAX
NWJVX	0.96	0.77	0.75	0.97	-0.17	0.89		NWJVX
	TRSTX	HRSTX	OPTCX	BXDCX	SGLIX	SEDAX	NWJVX

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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

BXDCX	+ 0.97	TRSTX
NWJVX	+ 0.97	BXDCX
NWJVX	+ 0.96	TRSTX
SEDAX	+ 0.89	BXDCX
NWJVX	+ 0.89	SEDAX
SEDAX	+ 0.87	TRSTX

High negative correlations

SGLIX	- 0.2	TRSTX
NWJVX	- 0.17	SGLIX
SGLIX	- 0.14	BXDCX

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
TRSTX	0.06	0.01	0.00	(0.36)	0.00	0.00	0.20	(0.20)	0.60
HRSTX	0.06	(0.01)	0.20	1.19	0.12	(0.10)	0.12	(0.12)	0.71
OPTCX	0.07	(0.01)	0.27	1.48	0.09	(0.17)	0.21	(0.21)	0.93
BXDCX	0.08	0.01	0.67	(0.30)	0.00	(0.15)	0.22	(0.11)	0.54
SGLIX	0.81	(0.26)	0.00	(4.87)	0.00	0.00	0.97	(0.97)	18.08
SEDAX	0.25	0.02	0.28	4.21	0.20	(0.33)	0.59	(0.36)	1.19
NWJVX	0.08	0.01	0.68	0.92	0.00	(0.14)	0.20	(0.10)	0.61

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