Pax High Correlations

Mutual Funds . USA . 
Fund . Pax High Yield
PAXHX Fund  USD 6.13  0.01  0.16%   
The current 90-days correlation between Pax High Yield and Pax E Bond is 0.51 (i.e., Very weak diversification). The correlation of Pax High 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.

Pax High Correlation With Market

Poor diversification

The correlation between Pax High Yield and DJI is 0.62 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pax High Yield 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 Pax High Yield. 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 rate.

Moving together with Pax Mutual Fund

  0.69PXBIX Pax E BondPairCorr
  0.97PXEAX Pax Global EnvironmentalPairCorr
  0.95PXDIX Pax Esg BetaPairCorr
  0.97PXGOX Pax Global OpportunitiesPairCorr
  1.0PXHAX Pax High YieldPairCorr
  0.98PXGAX Pax Esg BetaPairCorr
  0.94PXINX Pax Msci EafePairCorr
  0.98PXLIX Pax Large CapPairCorr
  0.95PXNIX Pax Msci EafePairCorr
  0.94PXSAX Pax Small CapPairCorr
  0.94PXSIX Pax Small CapPairCorr
  0.94PXSCX Pax Small CapPairCorr
  0.98PXWGX Pax Esg BetaPairCorr
  0.98PXWIX Pax Ellevate GlobalPairCorr
  0.98PXWEX Pax Ellevate GlobalPairCorr
  0.98PGINX Pax Global EnvironmentalPairCorr
  0.98PGRNX Pax Global EnvironmentalPairCorr
  0.99PAXIX Pax BalancedPairCorr
  0.99PAXWX Pax BalancedPairCorr
  0.98PWGIX Pax Esg BetaPairCorr
  1.0VWEAX Vanguard High YieldPairCorr
  1.0VWEHX Vanguard High YieldPairCorr
  1.0BHYCX Blackrock Hi YldPairCorr
  1.0BHYIX Blackrock High YieldPairCorr
  1.0BHYSX Blackrock Hi YldPairCorr
  1.0BHYAX Blackrock High YieldPairCorr
  0.98FAHHX American Funds AmericanPairCorr
  0.98FTAHX American Funds AmericanPairCorr
  0.98AHTFX American High IncomePairCorr
  0.98AHTCX American High IncomePairCorr
  0.97PFN Pimco Income StrategyPairCorr
  0.97CIF Mfs Intermediate HighPairCorr
  0.69NXJ Nuveen New JerseyPairCorr
  0.94PCF Putnam High IncomePairCorr
  0.97PGP Pimco Global StocksplusPairCorr

Moving against Pax Mutual Fund

  0.52XNBHX Neuberger Berman IntPairCorr
  0.43XDSMX Dreyfus StrategicPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Pax Mutual Fund performing well and Pax High 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 Pax High'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
PXBIX  0.26  0.00 (0.30) 0.14  0.29 
(0.28)
 0.47 
(0.57)
 1.28 
PXEAX  0.67  0.13  0.12  0.29  0.60 
(0.76)
 1.87 
(1.47)
 4.19 
PXDIX  0.50  0.08 (0.02) 0.39  0.35 
(0.57)
 1.12 
(0.87)
 2.59 
PXGOX  0.60  0.10  0.09  0.26  0.45 
(0.66)
 2.10 
(1.15)
 3.78 
PXHAX  0.16  0.05 (0.25) 0.45  0.00 
(0.26)
 0.50 
(0.17)
 1.01 
PXGAX  0.67  0.10  0.10  0.24  0.60 
(0.79)
 2.05 
(1.40)
 4.78 
PXINX  0.56  0.11  0.04  0.45  0.51 
(0.64)
 1.43 
(1.33)
 3.23 
PXLIX  0.65  0.15  0.14  0.30  0.50 
(0.77)
 2.09 
(1.15)
 4.71 
PXNIX  0.58  0.11  0.03  0.43  0.56 
(0.64)
 1.39 
(1.36)
 3.41 
PXSAX  0.87  0.09  0.09  0.22  0.80 
(0.99)
 1.62 
(1.74)
 6.34 

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