Pace Municipal Correlations

PCMNX Fund

USD 11.99 0.02 0.17%

The current 90-days correlation between Pace Municipal Fixed and Virtus International Small Cap is 0.63 (i.e., Poor diversification). The correlation of Pace Municipal 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.

Pace Municipal Correlation With Market

Very good diversification

The correlation between Pace Municipal Fixed and DJI is -0.33 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pace Municipal Fixed 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 Pace Municipal Fixed. 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 board of governors.

Moving together with Pace Mutual Fund

0.74	PEVAX	Pace Smallmedium Value	Pair Corr
0.67	EMPTX	Ubs Emerging Markets	Pair Corr
0.7	PHDTX	Pace High Yield	Pair Corr
0.71	PHIAX	Pace High Yield	Pair Corr
0.62	PHYPX	Pace High Yield	Pair Corr
0.76	PIFAX	Pace Intermediate Fixed	Pair Corr
0.62	PLAAX	Pace Large Growth	Pair Corr
0.81	PMUAX	Pace Municipal Fixed	Pair Corr
0.74	UTBAX	Ubs Total Return	Pair Corr
0.8	UTBPX	Ubs Total Return	Pair Corr
0.8	UTBTX	Ubs Multi Income	Pair Corr
0.64	PQUAX	Pace Smallmedium Growth	Pair Corr
0.69	PREAX	Pace Global Real	Pair Corr
0.69	PREQX	Ubs Pace Global	Pair Corr
0.67	UEMPX	Ubs Emerging Markets	Pair Corr
0.79	PBNAX	Pace Strategic Fixed	Pair Corr
0.67	BNGLX	Ubs Global Allocation	Pair Corr
0.71	BNSCX	Ubs Small Cap	Pair Corr
0.64	PCGTX	Pace Mortgage Backed	Pair Corr

Related Correlations Analysis

	VISAX	TASCX	SWSSX	HFMDX	ESSCX	FGSKX
VISAX		0.84	0.83	0.81	0.94	0.93	VISAX
TASCX	0.84		0.98	0.91	0.91	0.94	TASCX
SWSSX	0.83	0.98		0.91	0.91	0.94	SWSSX
HFMDX	0.81	0.91	0.91		0.93	0.86	HFMDX
ESSCX	0.94	0.91	0.91	0.93		0.94	ESSCX
FGSKX	0.93	0.94	0.94	0.86	0.94		FGSKX
	VISAX	TASCX	SWSSX	HFMDX	ESSCX	FGSKX

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Risk-Adjusted Indicators

There is a big difference between Pace Mutual Fund performing well and Pace Municipal 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 Pace Municipal'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
VISAX	0.72	0.15	0.09	(14.45)	1.17	(0.75)	1.42	(0.95)	6.18
TASCX	1.08	0.03	0.02	0.07	1.58	(1.14)	2.37	(2.64)	10.57
SWSSX	1.27	0.02	0.01	0.05	1.77	(1.42)	2.47	(2.80)	12.91
HFMDX	1.32	0.07	0.02	(0.40)	1.89	(1.39)	2.64	(3.15)	13.38
ESSCX	0.97	0.16	0.08	(0.64)	1.43	(0.96)	2.62	(1.98)	7.05
FGSKX	1.39	0.15	0.07	0.15	1.91	(1.50)	3.09	(2.64)	15.08

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Pace Municipal Correlations

Pace Municipal Correlation With Market

Very good diversification

Moving together with Pace Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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