Pace Mortgage Correlations

PFXAX Fund

USD 10.45 0.01 0.1%

The current 90-days correlation between Pace Mortgage Backed and Putnam Diversified Income is 0.64 (i.e., Poor diversification). The correlation of Pace Mortgage 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 Mortgage Correlation With Market

Weak diversification

The correlation between Pace Mortgage Backed Securitie and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pace Mortgage Backed Securitie 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 Mortgage Backed Securities. 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 nation.

Moving together with Pace Mutual Fund

0.9	PIFAX	Pace Intermediate Fixed	Pair Corr
0.66	ESPTX	Ubs International	Pair Corr
0.86	PMUAX	Pace Municipal Fixed	Pair Corr
0.64	USDIX	Ubs Ultra Short	Pair Corr
0.63	USIPX	Ubs Ultra Short	Pair Corr
0.61	USIAX	Ubs Ultra Short	Pair Corr
0.89	UTBAX	Ubs Total Return	Pair Corr
0.9	UTBPX	Ubs Total Return	Pair Corr
0.91	UTBTX	Ubs Multi Income	Pair Corr
0.93	UDBPX	Ubs Sustainable Deve	Pair Corr
0.93	UDBTX	Ubs Sustainable Deve	Pair Corr
0.93	PBNAX	Pace Strategic Fixed	Pair Corr
0.99	PCGTX	Pace Mortgage Backed	Pair Corr
0.89	PCIFX	Pace Intermediate Fixed	Pair Corr

Moving against Pace Mutual Fund

0.34	PLAAX	Pace Large Growth	Pair Corr
0.31	PCLCX	Pace Large Growth	Pair Corr

Related Correlations Analysis

	PDINX	MDBLX	FPTPX	LIGFX	MCKSX	FARIX	CDBCX
PDINX		0.81	0.81	0.79	0.81	0.74	0.71	PDINX
MDBLX	0.81		0.68	0.72	0.78	0.47	0.91	MDBLX
FPTPX	0.81	0.68		0.96	0.95	0.77	0.51	FPTPX
LIGFX	0.79	0.72	0.96		0.99	0.74	0.54	LIGFX
MCKSX	0.81	0.78	0.95	0.99		0.7	0.61	MCKSX
FARIX	0.74	0.47	0.77	0.74	0.7		0.23	FARIX
CDBCX	0.71	0.91	0.51	0.54	0.61	0.23		CDBCX
	PDINX	MDBLX	FPTPX	LIGFX	MCKSX	FARIX	CDBCX

Risk-Adjusted Indicators

There is a big difference between Pace Mutual Fund performing well and Pace Mortgage 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 Mortgage'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
PDINX	0.10	0.00	(0.37)	(0.02)	0.04	(0.21)	0.20	(0.20)	0.60
MDBLX	0.13	0.00	(0.33)	0.06	0.11	(0.17)	0.24	(0.24)	0.71
FPTPX	0.27	0.00	(0.12)	0.08	0.25	(0.31)	0.55	(0.55)	1.32
LIGFX	0.23	0.00	(0.15)	0.07	0.23	(0.25)	0.53	(0.47)	1.46
MCKSX	0.25	0.00	(0.13)	0.07	0.29	(0.25)	0.56	(0.47)	1.52
FARIX	0.46	0.08	0.01	(1.82)	0.42	(0.55)	1.06	(0.95)	3.57
CDBCX	0.15	(0.01)	(0.32)	0.00	0.16	(0.19)	0.32	(0.32)	0.97

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