Pax Ellevate Correlations
| PXWEX Fund | USD 31.80 0.08 0.25% |
The current 90-days correlation between Pax Ellevate Global and Pax Global Environmental is 0.89 (i.e., Very poor diversification). The correlation of Pax Ellevate 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 Ellevate Correlation With Market
Very weak diversification
The correlation between Pax Ellevate Global and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pax Ellevate Global and DJI in the same portfolio, assuming nothing else is changed.
Pax |
Moving together with Pax Mutual Fund
| 0.85 | PXEAX | Pax Global Environmental | PairCorr |
| 0.84 | PXGOX | Pax Global Opportunities | PairCorr |
| 0.94 | PXGAX | Pax Esg Beta | PairCorr |
| 0.92 | PXLIX | Pax Large Cap | PairCorr |
| 0.85 | PXSAX | Pax Small Cap | PairCorr |
| 0.85 | PXSIX | Pax Small Cap | PairCorr |
| 0.85 | PXSCX | Pax Small Cap | PairCorr |
| 0.94 | PXWGX | Pax Esg Beta | PairCorr |
| 1.0 | PXWIX | Pax Ellevate Global | PairCorr |
| 0.84 | PGINX | Pax Global Environmental | PairCorr |
| 0.85 | PGRNX | Pax Global Environmental | PairCorr |
| 0.86 | PAXIX | Pax Balanced | PairCorr |
| 0.86 | PAXWX | Pax Balanced | PairCorr |
| 0.94 | PWGIX | Pax Esg Beta | PairCorr |
| 0.67 | FCWGX | American Funds Capital | PairCorr |
| 0.67 | FWCGX | American Funds Capital | PairCorr |
| 0.7 | CWGIX | Capital World Growth | PairCorr |
| 0.7 | CWGFX | Capital World Growth | PairCorr |
| 0.7 | CWGCX | Capital World Growth | PairCorr |
| 0.7 | RWIFX | Capital World Growth | PairCorr |
| 0.7 | CWICX | Capital World Growth | PairCorr |
| 0.7 | RWIAX | Capital World Growth | PairCorr |
| 0.7 | CWIAX | Capital World Growth | PairCorr |
| 0.67 | WGIFX | Capital World Growth | PairCorr |
Moving against Pax Mutual Fund
Related Correlations Analysis
| 0.76 | 0.71 | 0.83 | 0.22 | PGRNX | ||
| 0.76 | 0.86 | 0.88 | -0.3 | PXSCX | ||
| 0.71 | 0.86 | 0.75 | -0.28 | PXWGX | ||
| 0.83 | 0.88 | 0.75 | -0.04 | PAXWX | ||
| 0.22 | -0.3 | -0.28 | -0.04 | PAXHX | ||
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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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Pax Mutual Fund performing well and Pax Ellevate 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 Ellevate'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| PGRNX | 0.81 | (0.07) | 0.00 | (0.17) | 0.00 | 1.33 | 4.39 | |||
| PXSCX | 0.92 | (0.19) | 0.00 | (0.29) | 0.00 | 1.50 | 4.53 | |||
| PXWGX | 0.96 | (0.26) | 0.00 | (0.39) | 0.00 | 1.10 | 11.23 | |||
| PAXWX | 0.50 | (0.05) | 0.00 | (0.16) | 0.00 | 0.85 | 2.94 | |||
| PAXHX | 0.15 | 0.01 | 0.24 | 0.00 | 0.15 | 0.50 | 1.17 |