Parnassus Funds Fund Market Value
| PFGEX Fund | 27.11 0.14 0.52% |
| Symbol | Parnassus |
Parnassus Funds 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Parnassus Funds' mutual fund what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Parnassus Funds.
| 12/13/2022 |
| 12/02/2024 |
If you would invest 0.00 in Parnassus Funds on December 13, 2022 and sell it all today you would earn a total of 0.00 from holding Parnassus Funds or generate 0.0% return on investment in Parnassus Funds over 720 days. Parnassus Funds is related to or competes with Champlain Small, Ab Small, Touchstone Small, Small Cap, Rbb Fund, Tax-managed, and Us Small. The fund normally invests at least 80 percent of its net assets in equity securities of large-sized growth companies More
Parnassus Funds Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Parnassus Funds' mutual fund current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Parnassus Funds upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 1.15 | |||
| Information Ratio | (0.03) | |||
| Maximum Drawdown | 4.88 | |||
| Value At Risk | (1.95) | |||
| Potential Upside | 1.57 |
Parnassus Funds Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Parnassus Funds' investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Parnassus Funds' standard deviation. In reality, there are many statistical measures that can use Parnassus Funds historical prices to predict the future Parnassus Funds' volatility.| Risk Adjusted Performance | 0.0903 | |||
| Jensen Alpha | (0.01) | |||
| Total Risk Alpha | (0.06) | |||
| Sortino Ratio | (0.02) | |||
| Treynor Ratio | 0.1199 |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Parnassus Funds' price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
Parnassus Funds Backtested Returns
At this stage we consider Parnassus Mutual Fund to be very steady. Parnassus Funds maintains Sharpe Ratio (i.e., Efficiency) of 0.16, which implies the entity had a 0.16% return per unit of risk over the last 3 months. We have found twenty-seven technical indicators for Parnassus Funds, which you can use to evaluate the volatility of the fund. Please check Parnassus Funds' Coefficient Of Variation of 867.7, risk adjusted performance of 0.0903, and Semi Deviation of 0.9685 to confirm if the risk estimate we provide is consistent with the expected return of 0.15%. The fund holds a Beta of 0.85, which implies possible diversification benefits within a given portfolio. Parnassus Funds returns are very sensitive to returns on the market. As the market goes up or down, Parnassus Funds is expected to follow.
Auto-correlation | 0.88 |
Very good predictability
Parnassus Funds has very good predictability. Overlapping area represents the amount of predictability between Parnassus Funds time series from 13th of December 2022 to 8th of December 2023 and 8th of December 2023 to 2nd of December 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Parnassus Funds price movement. The serial correlation of 0.88 indicates that approximately 88.0% of current Parnassus Funds price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.88 | |
| Spearman Rank Test | 0.82 | |
| Residual Average | 0.0 | |
| Price Variance | 2.42 |
Parnassus Funds lagged returns against current returns
Autocorrelation, which is Parnassus Funds mutual fund's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Parnassus Funds' mutual fund expected returns. We can calculate the autocorrelation of Parnassus Funds returns to help us make a trade decision. For example, suppose you find that Parnassus Funds has exhibited high autocorrelation historically, and you observe that the mutual fund is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Parnassus Funds regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Parnassus Funds mutual fund is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Parnassus Funds mutual fund is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Parnassus Funds mutual fund over time.
Current vs Lagged Prices |
| Timeline |
Parnassus Funds Lagged Returns
When evaluating Parnassus Funds' market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Parnassus Funds mutual fund have on its future price. Parnassus Funds autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Parnassus Funds autocorrelation shows the relationship between Parnassus Funds mutual fund current value and its past values and can show if there is a momentum factor associated with investing in Parnassus Funds .
Regressed Prices |
| Timeline |
Also Currently Popular
Analyzing currently trending equities could be an opportunity to develop a better portfolio based on different market momentums that they can trigger. Utilizing the top trending stocks is also useful when creating a market-neutral strategy or pair trading technique involving a short or a long position in a currently trending equity.Other Information on Investing in Parnassus Mutual Fund
Parnassus Funds financial ratios help investors to determine whether Parnassus Mutual Fund is cheap or expensive when compared to a particular measure, such as profits or enterprise value. In other words, they help investors to determine the cost of investment in Parnassus with respect to the benefits of owning Parnassus Funds security.
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