Parnassus Equity Correlations

PRILX Fund

USD 56.05 0.10 0.18%

The current 90-days correlation between Parnassus Equity Incme and American Funds 2055 is 0.3 (i.e., Weak diversification). The correlation of Parnassus Equity 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 Equity Correlation With Market

Modest diversification

The correlation between Parnassus Equity Incme and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Parnassus Equity Incme 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 Equity Incme. 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 inflation.

Moving together with Parnassus Mutual Fund

0.84	PFGEX	Parnassus Funds	Pair Corr
0.84	PFPGX	Parnassus Funds	Pair Corr
0.98	PFPRX	Parnassus Fund Inst	Pair Corr
0.92	PFPMX	Parnassus Mid Cap	Pair Corr
0.92	PFPWX	Parnassus Endeavor	Pair Corr
1.0	PRBLX	Parnassus E Equity	Pair Corr
0.92	PARMX	Parnassus Mid Cap	Pair Corr
0.98	PARNX	Parnassus Fund Investor	Pair Corr
0.93	PARWX	Parnassus Endeavor	Pair Corr

Moving against Parnassus Mutual Fund

0.34	VTSAX	Vanguard Total Stock	Pair Corr
0.34	VSTSX	Vanguard Total Stock	Pair Corr
0.31	VFFSX	Vanguard 500 Index	Pair Corr
0.64	VSMCX	Invesco Small Cap	Pair Corr
0.53	VHYRX	Voya High Yield	Pair Corr
0.48	OPGSX	Oppenheimer Gold Spec	Pair Corr
0.48	NQQQX	Shelton Funds	Pair Corr
0.46	GAAKX	Gmo Alternative Allo	Pair Corr
0.44	GAAGX	Gmo Alternative Allo	Pair Corr
0.43	SUNBX	Spectrum Unconstrained	Pair Corr
0.37	VHCAX	Vanguard Capital Opp	Pair Corr
0.36	FPCGX	Fort Pitt Capital	Pair Corr
0.31	PQTAX	Pimco Trends Managed	Pair Corr
0.6	PYEQX	Pioneer Equity Income	Pair Corr
0.55	DMCFX	Invesco Discovery Mid	Pair Corr

Related Correlations Analysis

	FAJTX	HACAX	HNACX	HRCAX	TWCCX	TWCUX	TWUIX	PAVLX	RRTDX	PDBZX
FAJTX		0.29	0.7	0.27	0.8	0.81	0.81	0.6	0.98	0.35	FAJTX
HACAX	0.29		-0.32	1.0	0.61	0.59	0.59	0.42	0.19	0.29	HACAX
HNACX	0.7	-0.32		-0.34	0.49	0.5	0.5	0.03	0.72	0.07	HNACX
HRCAX	0.27	1.0	-0.34		0.59	0.57	0.57	0.41	0.17	0.28	HRCAX
TWCCX	0.8	0.61	0.49	0.59		1.0	1.0	0.41	0.77	0.41	TWCCX
TWCUX	0.81	0.59	0.5	0.57	1.0		1.0	0.41	0.78	0.42	TWCUX
TWUIX	0.81	0.59	0.5	0.57	1.0	1.0		0.41	0.78	0.42	TWUIX
PAVLX	0.6	0.42	0.03	0.41	0.41	0.41	0.41		0.63	0.07	PAVLX
RRTDX	0.98	0.19	0.72	0.17	0.77	0.78	0.78	0.63		0.3	RRTDX
PDBZX	0.35	0.29	0.07	0.28	0.41	0.42	0.42	0.07	0.3		PDBZX
	FAJTX	HACAX	HNACX	HRCAX	TWCCX	TWCUX	TWUIX	PAVLX	RRTDX	PDBZX

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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

HRCAX	+ 1.0	HACAX
TWCUX	+ 1.0	TWCCX
TWUIX	+ 1.0	TWCCX
TWUIX	+ 1.0	TWCUX
RRTDX	+ 0.98	FAJTX
TWCUX	+ 0.81	FAJTX

High negative correlations

HRCAX	- 0.34	HNACX
HNACX	- 0.32	HACAX

Risk-Adjusted Indicators

There is a big difference between Parnassus Mutual Fund performing well and Parnassus Equity 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 Equity'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
FAJTX	0.51	(0.03)	(0.06)	0.04	0.74	(0.49)	1.19	(1.21)	3.09
HACAX	0.96	(0.20)	0.00	(0.24)	0.00	0.00	1.70	(2.11)	12.67
HNACX	0.95	0.08	0.09	0.13	0.98	(1.03)	2.33	(1.89)	14.26
HRCAX	0.96	(0.20)	0.00	(0.27)	0.00	0.00	1.70	(2.10)	13.21
TWCCX	0.82	(0.05)	(0.04)	0.03	1.13	(0.83)	1.78	(1.98)	4.77
TWCUX	0.82	(0.04)	(0.04)	0.03	1.12	(0.81)	1.78	(1.97)	4.77
TWUIX	0.82	(0.04)	(0.04)	0.03	1.12	(0.81)	1.78	(1.97)	4.76
PAVLX	0.55	(0.07)	0.00	(0.04)	0.00	0.00	1.10	(1.06)	5.01
RRTDX	0.45	(0.02)	(0.05)	0.05	0.64	(0.44)	0.97	(0.99)	2.64
PDBZX	0.17	(0.01)	(0.35)	(0.22)	0.20	(0.18)	0.33	(0.33)	0.90

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