Prudential Jennison Correlations

Mutual Funds . USA . 
Fund . Prudential Jennison Equity
AGOCX Fund  USD 12.56  0.07  0.56%   
The current 90-days correlation between Prudential Jennison and Calamos Dynamic Convertible is 0.22 (i.e., Modest diversification). The correlation of Prudential Jennison 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 Jennison Correlation With Market

Poor diversification

The correlation between Prudential Jennison Equity and DJI is 0.65 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prudential Jennison Equity and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Prudential Jennison Equity. 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 main economic indicators.

Moving together with Prudential Mutual Fund

  0.98TEDRX Franklin Mutual GlobalPairCorr
  0.98FMDRX Franklin Mutual GlobalPairCorr
  0.98DOXWX Dodge Cox GlobalPairCorr
  0.94TRZRX T Rowe PricePairCorr
  0.98MDISX Franklin Mutual GlobalPairCorr
  0.98TEDSX Franklin Mutual GlobalPairCorr
  0.93PRAFX T Rowe PricePairCorr
  0.98BEGRX Franklin Mutual BeaconPairCorr
  0.9FSMMX Fs Multi StrategyPairCorr
  0.97BTMPX Ishares Msci EafePairCorr
  0.97BTMKX Blackrock InternationalPairCorr
  0.97MDIIX Blackrock Intern IndexPairCorr
  0.98DQIYX Dreyfus Equity IncomePairCorr
  0.97FFFCX Fidelity Freedom 2010PairCorr
  0.97CSRYX Columbia Select LargePairCorr
  0.92FISVX Fidelity Small CapPairCorr
  0.95FDEGX Fidelity Growth StraPairCorr
  0.94PSHAX Short Term FundPairCorr
  0.95DCEMX Dunham Emerging MarketsPairCorr
  0.93SPSDX Sterling Capital BehPairCorr
  0.97RIVKX American Funds InterPairCorr
  0.64IBM International BusinessPairCorr

Moving against Prudential Mutual Fund

  0.55MCD McDonaldsPairCorr
  0.34HPQ HP IncPairCorr
  0.32TRV The Travelers CompaniesPairCorr

Related Correlations Analysis

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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   
PCNTX
+ 0.98
NCIDX
PCNTX
+ 0.98
XAVKX
XAVKX
+ 0.97
NCIDX
GCV
+ 0.96
NCIDX
GCV
+ 0.95
PCNTX
GCV
+ 0.94
XAVKX
  
High negative correlations   
GCV
- 0.53
CCD
PCNTX
- 0.39
CCD
NCIDX
- 0.36
CCD
XAVKX
- 0.35
CCD

Risk-Adjusted Indicators

There is a big difference between Prudential Mutual Fund performing well and Prudential Jennison 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 Jennison'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.

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