Prudential Muni Correlations

PHICX Fund

USD 9.09 0.01 0.11%

The current 90-days correlation between Prudential Muni High and Rbc Short Duration is 0.49 (i.e., Very weak diversification). The correlation of Prudential Muni 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.

Prudential Muni Correlation With Market

Significant diversification

The correlation between Prudential Muni High and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prudential Muni High 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 Prudential Muni High. 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 banks.

Moving together with Prudential Mutual Fund

0.92

PHIZX

Prudential Muni High

Pair Corr

Moving against Prudential Mutual Fund

0.37	PFSAX	Prudential Financial	Pair Corr
0.33	PFSZX	Prudential Financial	Pair Corr
0.31	FRFAX	Prudential Floating Rate	Pair Corr

Related Correlations Analysis

	RSDIX	MBSAX	BMBSX	MFIRX	TSDAX	RHYAX
RSDIX		0.95	0.96	0.97	0.96	0.94	RSDIX
MBSAX	0.95		0.95	0.97	0.94	0.97	MBSAX
BMBSX	0.96	0.95		0.96	0.95	0.92	BMBSX
MFIRX	0.97	0.97	0.96		0.93	0.97	MFIRX
TSDAX	0.96	0.94	0.95	0.93		0.93	TSDAX
RHYAX	0.94	0.97	0.92	0.97	0.93		RHYAX
	RSDIX	MBSAX	BMBSX	MFIRX	TSDAX	RHYAX

Risk-Adjusted Indicators

There is a big difference between Prudential Mutual Fund performing well and Prudential Muni 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 Prudential Muni'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
RSDIX	0.09	0.02	(0.66)	1.28	0.00	(0.17)	0.41	(0.10)	0.62
MBSAX	0.21	0.04	(0.16)	27.40	0.13	(0.25)	0.43	(0.36)	1.24
BMBSX	0.08	0.01	(0.73)	0.65	0.00	(0.12)	0.18	(0.09)	0.36
MFIRX	0.15	0.04	(0.21)	0.63	0.00	(0.26)	0.38	(0.19)	0.77
TSDAX	0.05	0.01	0.00	0.93	0.00	0.00	0.11	(0.11)	0.55
RHYAX	0.09	0.04	(0.37)	(1.06)	0.00	(0.14)	0.21	(0.10)	0.62

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