Prudential Muni Correlations

PHIQX Fund

USD 9.36 0.01 0.11%

The current 90-days correlation between Prudential Muni High and Angel Oak Ultrashort is 0.01 (i.e., Significant diversification). The correlation of Prudential Muni 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 Muni Correlation With Market

Good diversification

The correlation between Prudential Muni High and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prudential Muni High 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 Prudential Muni High. 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 producer price index.

Moving together with Prudential Mutual Fund

0.8	EMDQX	Prudential Emerging	Pair Corr
0.81	PGIQX	Prudential Government	Pair Corr
0.82	SCFQX	Pgim Securitized Credit	Pair Corr
0.84	SCFOX	Pgim Securitized Credit	Pair Corr
0.85	SCFZX	Pgim Securitized Credit	Pair Corr
0.86	PHEQX	Prudential Global Total	Pair Corr
0.87	PHLQX	Prudential Health	Pair Corr
0.67	PIBQX	Prudential Balanced	Pair Corr
0.85	PIFEX	Prudential Short Term	Pair Corr
0.85	PIFGX	Prudential Short Term	Pair Corr
0.92	SDMQX	Prudential Short Duration	Pair Corr
0.63	PJDQX	Pgim Jennison Rising	Pair Corr
0.69	PJERX	Prudential Jennison	Pair Corr
0.87	PJHRX	Prudential Health	Pair Corr
0.7	PJIQX	Prudential Jennison	Pair Corr

Moving against Prudential Mutual Fund

0.63	PWJQX	Prudential Jennison	Pair Corr
0.63	PWJRX	Prudential Jennison	Pair Corr
0.63	PWJBX	Pgim Jennison Intern	Pair Corr
0.63	PWJDX	Pgim Jennison Intern	Pair Corr
0.46	PFSQX	Prudential Jennison	Pair Corr
0.44	PJGQX	Prudential Jennison Mid	Pair Corr
0.38	JDERX	Prudential Jennison Mid	Pair Corr

Related Correlations Analysis

	AOUNX	OWSBX	GTLSX	ORSTX	VMSSX	GTAPX	LCCMX
AOUNX		0.89	0.86	0.91	0.9	0.85	0.71	AOUNX
OWSBX	0.89		0.81	0.81	0.85	0.8	0.61	OWSBX
GTLSX	0.86	0.81		0.79	0.79	1.0	0.57	GTLSX
ORSTX	0.91	0.81	0.79		0.94	0.79	0.66	ORSTX
VMSSX	0.9	0.85	0.79	0.94		0.79	0.66	VMSSX
GTAPX	0.85	0.8	1.0	0.79	0.79		0.56	GTAPX
LCCMX	0.71	0.61	0.57	0.66	0.66	0.56		LCCMX
	AOUNX	OWSBX	GTLSX	ORSTX	VMSSX	GTAPX	LCCMX

Risk-Adjusted Indicators

There is a big difference between Prudential Mutual Fund performing well and Prudential Muni 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 Muni'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
AOUNX	0.06	0.00	(0.56)	0.00	0.00	(0.19)	0.10	(0.10)	0.51
OWSBX	0.06	0.00	(0.57)	0.27	0.00	(0.11)	0.10	(0.10)	0.39
GTLSX	0.33	0.03	(0.03)	0.18	0.31	(0.35)	0.70	(0.56)	1.78
ORSTX	0.02	0.00	0.00	(0.20)	0.00	0.00	0.00	0.00	0.27
VMSSX	0.08	0.00	(0.28)	0.06	0.00	(0.26)	0.22	(0.22)	0.66
GTAPX	0.33	0.03	(0.03)	0.17	0.32	(0.35)	0.68	(0.56)	1.84
LCCMX	0.15	0.03	(0.18)	3.54	0.00	(0.49)	0.74	(0.25)	2.46

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