Pinebridge Dynamic Correlations

PDAVX Fund

USD 12.89 0.02 0.15%

The current 90-days correlation between Pinebridge Dynamic Asset and Cornerstone Moderately Aggressive is -0.23 (i.e., Very good diversification). The correlation of Pinebridge Dynamic 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.

Pinebridge Dynamic Correlation With Market

Very poor diversification

The correlation between Pinebridge Dynamic Asset and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pinebridge Dynamic Asset 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 Pinebridge Dynamic Asset. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Pinebridge Mutual Fund

0.83	RIREX	Capital Income Builder	Pair Corr
0.83	CIREX	Capital Income Builder	Pair Corr
0.83	CIRAX	Capital Income Builder	Pair Corr
0.88	VSTSX	Vanguard Total Stock	Pair Corr
0.88	VSMPX	Vanguard Total Stock	Pair Corr
0.88	VITSX	Vanguard Total Stock	Pair Corr
0.88	VFFSX	Vanguard 500 Index	Pair Corr
0.88	VFIAX	Vanguard 500 Index	Pair Corr
0.85	VTISX	Vanguard Total Inter	Pair Corr
0.85	VTSNX	Vanguard Total Inter	Pair Corr
0.85	VTPSX	Vanguard Total Inter	Pair Corr
0.88	VINIX	Vanguard Institutional	Pair Corr
0.88	VTSAX	Vanguard Total Stock	Pair Corr
0.76	CAT	Caterpillar	Pair Corr
0.72	BAC	Bank of America	Pair Corr
0.72	DD	Dupont De Nemours	Pair Corr
0.62	TRV	The Travelers Companies	Pair Corr
0.79	AA	Alcoa Corp Earnings Call This Week	Pair Corr
0.77	JPM	JPMorgan Chase	Pair Corr
0.77	AXP	American Express	Pair Corr

Moving against Pinebridge Mutual Fund

0.73	KO	Coca Cola Earnings Call This Week	Pair Corr
0.4	T	ATT Inc Earnings Call This Week	Pair Corr
0.36	PG	Procter Gamble Earnings Call This Week	Pair Corr

Related Correlations Analysis

	USCRX	TRRFX	PRRTX	TBLPX	QLMAEX	TBLSX	PKCRX
USCRX		1.0	0.98	1.0	1.0	1.0	0.97	USCRX
TRRFX	1.0		0.98	1.0	1.0	1.0	0.97	TRRFX
PRRTX	0.98	0.98		0.98	0.99	0.98	0.94	PRRTX
TBLPX	1.0	1.0	0.98		1.0	1.0	0.96	TBLPX
QLMAEX	1.0	1.0	0.99	1.0		1.0	0.96	QLMAEX
TBLSX	1.0	1.0	0.98	1.0	1.0		0.96	TBLSX
PKCRX	0.97	0.97	0.94	0.96	0.96	0.96		PKCRX
	USCRX	TRRFX	PRRTX	TBLPX	QLMAEX	TBLSX	PKCRX

Risk-Adjusted Indicators

There is a big difference between Pinebridge Mutual Fund performing well and Pinebridge Dynamic 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 Pinebridge Dynamic'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
USCRX	0.32	0.08	0.05	(0.39)	0.23	(0.36)	0.81	(0.42)	2.68
TRRFX	0.20	0.05	(0.02)	(0.45)	0.04	(0.24)	0.47	(0.24)	1.77
PRRTX	0.23	0.05	(0.01)	(0.37)	0.00	(0.28)	0.50	(0.34)	1.59
TBLPX	0.21	0.05	(0.01)	(0.47)	0.00	(0.26)	0.48	(0.29)	1.80
QLMAEX	0.27	0.06	0.02	(0.43)	0.21	(0.32)	0.67	(0.43)	2.46
TBLSX	0.25	0.06	0.01	(0.36)	0.14	(0.30)	0.67	(0.38)	2.16
PKCRX	0.07	0.01	(0.28)	(0.79)	0.00	(0.12)	0.11	(0.11)	0.43

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