Parnassus Core Correlations

PRCS Etf

26.86 0.22 0.83%

The current 90-days correlation between Parnassus Core Select and Vanguard FTSE Emerging is 0.6 (i.e., Poor diversification). The correlation of Parnassus Core 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 Core Correlation With Market

Very weak diversification

The correlation between Parnassus Core Select 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 Core Select and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Parnassus Etf

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Parnassus Core Select. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in services.

Moving together with Parnassus Etf

0.8	VTI	Vanguard Total Stock	Pair Corr
0.8	SPY	SPDR SP 500	Pair Corr
0.8	IVV	iShares Core SP	Pair Corr
0.63	ITWO	Proshares Russell 2000	Pair Corr
0.7	SIXJ	AIM ETF Products	Pair Corr
0.63	FB	ProShares Trust ProShares	Pair Corr
0.67	WDNA	WisdomTree BioRevolution	Pair Corr
0.75	PSFD	Pacer Swan SOS	Pair Corr
0.7	JANW	AIM ETF Products	Pair Corr

Moving against Parnassus Etf

0.37	MPAY	Exchange Traded Concepts	Pair Corr
0.44	XLU	Utilities Select Sector	Pair Corr

Related Correlations Analysis

	VTI	SPY	IVV	BND	VTV	VUG	VO	VEA	VB	VWO
VTI		1.0	1.0	0.42	0.71	0.25	0.9	0.73	0.87	0.69	VTI
SPY	1.0		1.0	0.39	0.68	0.3	0.87	0.7	0.83	0.66	SPY
IVV	1.0	1.0		0.39	0.68	0.3	0.87	0.7	0.83	0.66	IVV
BND	0.42	0.39	0.39		0.78	-0.55	0.68	0.77	0.67	0.72	BND
VTV	0.71	0.68	0.68	0.78		-0.49	0.91	0.98	0.93	0.93	VTV
VUG	0.25	0.3	0.3	-0.55	-0.49		-0.15	-0.45	-0.23	-0.44	VUG
VO	0.9	0.87	0.87	0.68	0.91	-0.15		0.91	0.98	0.85	VO
VEA	0.73	0.7	0.7	0.77	0.98	-0.45	0.91		0.93	0.96	VEA
VB	0.87	0.83	0.83	0.67	0.93	-0.23	0.98	0.93		0.89	VB
VWO	0.69	0.66	0.66	0.72	0.93	-0.44	0.85	0.96	0.89		VWO
	VTI	SPY	IVV	BND	VTV	VUG	VO	VEA	VB	VWO

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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

SPY	+ 1.0	VTI
IVV	+ 1.0	VTI
IVV	+ 1.0	SPY
VEA	+ 0.98	VTV
VB	+ 0.98	VO
VWO	+ 0.96	VEA

High negative correlations

VUG	- 0.55	BND
VUG	- 0.49	VTV
VEA	- 0.45	VUG
VWO	- 0.44	VUG
VB	- 0.23	VUG
VO	- 0.15	VUG

Parnassus Core Constituents Risk-Adjusted Indicators

There is a big difference between Parnassus Etf performing well and Parnassus Core ETF 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 Core'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
VTI	0.56	(0.01)	(0.03)	0.05	0.71	(0.58)	1.16	(1.29)	3.71
SPY	0.54	(0.02)	(0.05)	0.05	0.71	(0.55)	1.00	(1.25)	3.51
IVV	0.54	(0.02)	(0.04)	0.05	0.71	(0.54)	0.99	(1.27)	3.50
BND	0.14	0.02	(0.32)	0.60	0.00	(0.16)	0.30	(0.26)	0.65
VTV	0.54	0.10	0.14	0.19	0.32	(0.67)	1.39	(1.07)	3.02
VUG	0.73	(0.12)	0.00	(0.08)	0.00	0.00	1.37	(1.89)	4.38
VO	0.60	0.02	0.02	0.09	0.68	(0.63)	1.45	(1.45)	3.92
VEA	0.58	0.16	0.17	0.28	0.52	(0.65)	1.48	(1.30)	3.03
VB	0.75	0.09	0.11	0.15	0.64	(0.85)	1.86	(1.36)	4.99
VWO	0.61	0.08	0.07	0.20	0.56	(0.70)	1.55	(1.15)	4.21

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