Parnassus Core Correlations

PRCS Etf

26.03 0.32 1.24%

The current 90-days correlation between Parnassus Core Select and FT Vest Equity is 0.77 (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 poor diversification

The correlation between Parnassus Core Select and DJI is 0.84 (i.e., Very poor 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 private.

Moving together with Parnassus Etf

0.98	VTI	Vanguard Total Stock	Pair Corr
0.98	SPY	SPDR SP 500	Pair Corr
0.98	IVV	iShares Core SP	Pair Corr
0.82	BND	Vanguard Total Bond	Pair Corr
0.95	VTV	Vanguard Value Index	Pair Corr
0.97	VUG	Vanguard Growth Index	Pair Corr
0.98	VO	Vanguard Mid Cap	Pair Corr
0.87	VEA	Vanguard FTSE Developed	Pair Corr
0.96	VB	Vanguard Small Cap	Pair Corr
0.94	VWO	Vanguard FTSE Emerging	Pair Corr
0.95	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.85	PMBS	PIMCO Mortgage Backed	Pair Corr
0.94	ITWO	Proshares Russell 2000	Pair Corr
0.84	BAC	Bank of America	Pair Corr
0.93	MSFT	Microsoft	Pair Corr
0.78	PFE	Pfizer Inc	Pair Corr
0.95	CAT	Caterpillar	Pair Corr
0.76	JNJ	Johnson Johnson	Pair Corr
0.85	CSCO	Cisco Systems	Pair Corr
0.83	DD	Dupont De Nemours	Pair Corr
0.82	AA	Alcoa Corp	Pair Corr

Moving against Parnassus Etf

0.48	TRV	The Travelers Companies	Pair Corr
0.77	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	DHDG	MBCC	DIHP	MCDS	DINT	DISV	DIVN	DJAN	MDLV
DHDG		0.8	0.77	0.81	0.86	0.95	-0.43	0.96	0.89	DHDG
MBCC	0.8		0.69	0.96	0.92	0.82	-0.59	0.89	0.93	MBCC
DIHP	0.77	0.69		0.71	0.79	0.87	-0.18	0.74	0.8	DIHP
MCDS	0.81	0.96	0.71		0.93	0.85	-0.54	0.9	0.95	MCDS
DINT	0.86	0.92	0.79	0.93		0.9	-0.49	0.91	0.95	DINT
DISV	0.95	0.82	0.87	0.85	0.9		-0.48	0.96	0.94	DISV
DIVN	-0.43	-0.59	-0.18	-0.54	-0.49	-0.48		-0.59	-0.49	DIVN
DJAN	0.96	0.89	0.74	0.9	0.91	0.96	-0.59		0.95	DJAN
MDLV	0.89	0.93	0.8	0.95	0.95	0.94	-0.49	0.95		MDLV
	DHDG	MBCC	DIHP	MCDS	DINT	DISV	DIVN	DJAN	MDLV

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

DJAN	+ 0.96	DHDG
MCDS	+ 0.96	MBCC
DJAN	+ 0.96	DISV
DISV	+ 0.95	DHDG
MDLV	+ 0.95	MCDS
MDLV	+ 0.95	DINT

High negative correlations

DJAN	- 0.59	DIVN
DIVN	- 0.59	MBCC
DIVN	- 0.54	MCDS
MDLV	- 0.49	DIVN
DIVN	- 0.49	DINT
DIVN	- 0.48	DISV

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
DHDG	0.15	0.02	(0.22)	0.17	0.00	(0.16)	0.45	(0.28)	1.23
MBCC	0.51	(0.01)	(0.05)	0.08	0.59	(0.53)	1.07	(0.99)	3.50
DIHP	0.54	0.02	(0.02)	0.12	0.57	(0.57)	1.25	(1.06)	3.72
MCDS	0.64	(0.03)	(0.03)	0.07	0.69	(0.66)	1.34	(1.16)	3.77
DINT	0.72	0.04	0.02	0.14	0.66	(0.75)	1.75	(1.45)	4.09
DISV	0.56	0.12	0.12	0.28	0.38	(0.67)	1.56	(1.08)	3.53
DIVN	0.53	0.09	0.04	0.38	0.46	(0.61)	1.26	(0.85)	3.50
DJAN	0.28	0.03	(0.06)	0.17	0.00	(0.33)	0.66	(0.43)	1.89
MDLV	0.43	0.01	(0.05)	0.11	0.49	(0.43)	0.91	(0.88)	2.05

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