Pabrai Wagons Correlations

WGNIX Fund

9.96 0.22 2.26%

The current 90-days correlation between Pabrai Wagons Instit and Locorr Longshort Modities is 0.23 (i.e., Modest diversification). The correlation of Pabrai Wagons 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.

Pabrai Wagons Correlation With Market

Very weak diversification

The correlation between Pabrai Wagons Institutional and DJI is 0.47 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pabrai Wagons Institutional and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Pabrai Wagons Institutional. 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 Pabrai Mutual Fund

1.0	WAGNX	Professionally Managed	Pair Corr
0.81	FSWFX	American Funds Smallcap	Pair Corr
0.81	FSFWX	American Funds Smallcap	Pair Corr
0.82	SCWCX	American Fds Smallcap	Pair Corr
0.81	SCWFX	Smallcap World	Pair Corr
0.81	SMCWX	Smallcap World	Pair Corr
0.81	CSPFX	Smallcap World	Pair Corr
0.81	CSPAX	Smallcap World	Pair Corr
0.81	CSPEX	Smallcap World	Pair Corr
0.81	RSLCX	Smallcap World	Pair Corr
0.81	RLLGX	Smallcap World	Pair Corr
0.62	VTSAX	Vanguard Total Stock	Pair Corr
0.63	VTSMX	Vanguard Total Stock	Pair Corr
0.62	VSMPX	Vanguard Total Stock	Pair Corr
0.62	VSTSX	Vanguard Total Stock	Pair Corr
0.62	VITSX	Vanguard Total Stock	Pair Corr

Moving against Pabrai Mutual Fund

0.82	VFSUX	Vanguard Short Term	Pair Corr
0.75	TCELX	T Rowe Price	Pair Corr
0.66	TFSLX	Touchstone Flexible	Pair Corr
0.65	VGTSX	Vanguard Total Inter	Pair Corr
0.65	VTIAX	Vanguard Total Inter	Pair Corr
0.64	BFAFX	Bond Fund	Pair Corr
0.61	VKMGX	Invesco Quality Income	Pair Corr
0.6	HSADX	Hartford Mutual Funds	Pair Corr
0.4	DPG	Duff And Phelps	Pair Corr
0.34	LASMX	Lord Abbett Sustainable	Pair Corr
0.9	MIXMX	Mainstay Short Term	Pair Corr
0.79	MKHCX	Mainstay High Yield	Pair Corr
0.77	RCEAX	Riversource Series Trust	Pair Corr
0.73	MIPLX	Massmutual Premier	Pair Corr

Related Correlations Analysis

	LCSAX	ABVCX	LMAPX	TIMXX	TSINX	OPTCX	BWDTX
LCSAX		0.59	0.23	0.0	0.19	0.21	0.11	LCSAX
ABVCX	0.59		0.23	0.0	0.2	0.25	0.12	ABVCX
LMAPX	0.23	0.23		0.0	0.78	0.67	0.88	LMAPX
TIMXX	0.0	0.0	0.0		0.0	0.0	0.0	TIMXX
TSINX	0.19	0.2	0.78	0.0		0.73	0.93	TSINX
OPTCX	0.21	0.25	0.67	0.0	0.73		0.73	OPTCX
BWDTX	0.11	0.12	0.88	0.0	0.93	0.73		BWDTX
	LCSAX	ABVCX	LMAPX	TIMXX	TSINX	OPTCX	BWDTX

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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

BWDTX	+ 0.93	TSINX
BWDTX	+ 0.88	LMAPX
TSINX	+ 0.78	LMAPX
OPTCX	+ 0.73	TSINX
BWDTX	+ 0.73	OPTCX
OPTCX	+ 0.67	LMAPX

High negative correlations

BWDTX	- 0.0	TIMXX
OPTCX	- 0.0	TIMXX
TSINX	- 0.0	TIMXX
TIMXX	- 0.0	LMAPX
TIMXX	- 0.0	ABVCX
TIMXX	- 0.0	LCSAX

Risk-Adjusted Indicators

There is a big difference between Pabrai Mutual Fund performing well and Pabrai Wagons 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 Pabrai Wagons' 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
LCSAX	0.39	(0.03)	0.00	0.95	0.00	0.00	0.79	(0.79)	2.86
ABVCX	0.82	(0.16)	0.00	(0.31)	0.00	0.00	1.20	(1.75)	10.19
LMAPX	0.12	0.01	0.41	(0.01)	0.14	(0.17)	0.24	(0.24)	0.94
TIMXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TSINX	0.66	0.13	0.18	0.14	0.84	(0.66)	1.25	(1.42)	5.20
OPTCX	0.07	(0.01)	0.44	(0.95)	0.10	(0.17)	0.21	(0.21)	0.93
BWDTX	0.07	0.00	0.92	0.15	0.00	(0.12)	0.10	(0.10)	0.41

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