Pax Large Correlations

PXLIX Fund

USD 12.16 0.04 0.33%

The current 90-days correlation between Pax Large Cap and Putnam Convertible Securities is 0.24 (i.e., Modest diversification). The correlation of Pax Large 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.

Pax Large Correlation With Market

Good diversification

The correlation between Pax Large Cap and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pax Large Cap 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 Pax Large Cap. 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 Pax Mutual Fund

0.89	VTSAX	Vanguard Total Stock	Pair Corr
0.87	VFIAX	Vanguard 500 Index	Pair Corr
0.64	VTSMX	Vanguard Total Stock	Pair Corr
0.7	VITSX	Vanguard Total Stock	Pair Corr
0.98	VSMPX	Vanguard Total Stock	Pair Corr
0.98	VSTSX	Vanguard Total Stock	Pair Corr
0.63	VFINX	Vanguard 500 Index	Pair Corr
0.97	VFFSX	Vanguard 500 Index	Pair Corr
0.97	VINIX	Vanguard Institutional	Pair Corr
0.97	VIIIX	Vanguard Institutional	Pair Corr
0.65	CISGX	Touchstone Sands Capital	Pair Corr
0.61	HD	Home Depot	Pair Corr
0.7	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.83	AXP	American Express	Pair Corr

Moving against Pax Mutual Fund

0.4	UGPIX	Ultrachina Profund	Pair Corr
0.4	UGPSX	Ultrachina Profund	Pair Corr
0.34	T	ATT Inc Earnings Call This Week	Pair Corr
0.6	VZ	Verizon Communications	Pair Corr

Related Correlations Analysis

	PCNTX	CNSDX	HNCVX	LCFYX	WESRX	GCV	MCFCX
PCNTX		0.93	0.91	0.85	0.89	0.43	0.85	PCNTX
CNSDX	0.93		0.98	0.9	0.95	0.51	0.87	CNSDX
HNCVX	0.91	0.98		0.96	0.98	0.59	0.87	HNCVX
LCFYX	0.85	0.9	0.96		0.95	0.67	0.84	LCFYX
WESRX	0.89	0.95	0.98	0.95		0.6	0.86	WESRX
GCV	0.43	0.51	0.59	0.67	0.6		0.51	GCV
MCFCX	0.85	0.87	0.87	0.84	0.86	0.51		MCFCX
	PCNTX	CNSDX	HNCVX	LCFYX	WESRX	GCV	MCFCX

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Risk-Adjusted Indicators

There is a big difference between Pax Mutual Fund performing well and Pax Large 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 Pax Large'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
PCNTX	0.63	(0.11)	1.56	1.05	(1.68)	3.46
CNSDX	0.60	(0.07)	(0.22)	1.11	(1.43)	2.83
HNCVX	0.63	(0.03)	(0.14)	1.06	(1.61)	3.34
LCFYX	0.66	(0.01)	(0.10)	1.12	(1.42)	3.20
WESRX	0.65	(0.02)	(0.12)	1.36	(1.48)	3.47
GCV	0.93	0.02	(0.04)	2.17	(2.14)	6.16
MCFCX	0.30	(0.06)	(0.33)	0.48	(0.62)	2.14

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