Parnassus Mid Correlations

PFPMX Fund

USD 39.50 0.31 0.79%

The current 90-days correlation between Parnassus Mid Cap and Columbia Select Large Cap is 0.34 (i.e., Weak diversification). The correlation of Parnassus Mid 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.

Parnassus Mid Correlation With Market

Very weak diversification

The correlation between Parnassus Mid Cap and DJI is 0.54 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Parnassus Mid Cap 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 Parnassus Mid Cap. 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 industry.

Moving together with Parnassus Mutual Fund

0.91	PFGEX	Parnassus Funds	Pair Corr
0.9	PFPGX	Parnassus Funds	Pair Corr
0.98	PFPRX	Parnassus Fund Inst	Pair Corr
0.98	PRBLX	Parnassus E Equity	Pair Corr
0.98	PRILX	Parnassus Equity Incme	Pair Corr
1.0	PARMX	Parnassus Mid Cap	Pair Corr
0.98	PARNX	Parnassus Fund Investor	Pair Corr
0.98	PARWX	Parnassus Endeavor	Pair Corr
0.73	PNRCX	Jennison Natural Res	Pair Corr
0.63	AGYCX	Global Gold Fund	Pair Corr
0.73	BLPFX	American Funds Balanced	Pair Corr
0.82	IRCZX	International Small Cap	Pair Corr
0.72	NHFIX	Northern High Yield	Pair Corr
0.77	PJIQX	Prudential Jennison	Pair Corr
0.66	XEODX	Wells Fargo Global	Pair Corr
0.67	ARMZX	Western Asset Adjustable	Pair Corr
0.81	CFIMX	Clipper Fund	Pair Corr

Moving against Parnassus Mutual Fund

0.71

PFPWX

Parnassus Endeavor

Pair Corr

Related Correlations Analysis

	CSVZX	BFGUX	PEOPX	AIVFX	FSSMX	UIGRX	YAFIX	YAFFX
CSVZX		0.88	0.6	0.23	0.82	-0.5	0.08	0.08	CSVZX
BFGUX	0.88		0.44	0.12	0.79	-0.47	-0.02	-0.02	BFGUX
PEOPX	0.6	0.44		0.75	0.8	0.26	0.48	0.48	PEOPX
AIVFX	0.23	0.12	0.75		0.52	0.53	0.62	0.63	AIVFX
FSSMX	0.82	0.79	0.8	0.52		-0.12	0.26	0.27	FSSMX
UIGRX	-0.5	-0.47	0.26	0.53	-0.12		0.52	0.52	UIGRX
YAFIX	0.08	-0.02	0.48	0.62	0.26	0.52		1.0	YAFIX
YAFFX	0.08	-0.02	0.48	0.63	0.27	0.52	1.0		YAFFX
	CSVZX	BFGUX	PEOPX	AIVFX	FSSMX	UIGRX	YAFIX	YAFFX

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

YAFFX	+ 1.0	YAFIX
BFGUX	+ 0.88	CSVZX
FSSMX	+ 0.82	CSVZX
FSSMX	+ 0.8	PEOPX
FSSMX	+ 0.79	BFGUX
AIVFX	+ 0.75	PEOPX

High negative correlations

UIGRX	- 0.5	CSVZX
UIGRX	- 0.47	BFGUX
UIGRX	- 0.12	FSSMX
YAFFX	- 0.02	BFGUX
YAFIX	- 0.02	BFGUX

Risk-Adjusted Indicators

There is a big difference between Parnassus Mutual Fund performing well and Parnassus Mid 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 Parnassus Mid'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
CSVZX	0.72	0.20	0.22	0.31	0.49	(0.86)	1.26	(1.05)	8.33
BFGUX	0.93	0.14	0.13	0.20	0.87	(1.05)	1.47	(1.66)	12.67
PEOPX	0.56	(0.03)	(0.04)	0.02	0.85	(0.52)	1.22	(1.18)	3.30
AIVFX	0.64	(0.08)	0.00	(0.04)	0.00	0.00	1.14	(1.17)	4.15
FSSMX	0.75	(0.03)	(0.02)	0.04	1.01	(0.74)	1.71	(1.58)	4.32
UIGRX	0.94	(0.24)	0.00	(0.15)	0.00	0.00	1.59	(2.00)	12.99
YAFIX	0.80	(0.24)	0.00	(0.20)	0.00	0.00	1.10	(1.06)	18.68
YAFFX	0.80	(0.23)	0.00	(0.20)	0.00	0.00	1.09	(1.06)	18.44

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