Prudential Jennison Correlations

Mutual Funds . USA . 
Fund . Prudential Jennison Equity
PJOQX Fund  USD 24.36  0.09  0.37%   
The current 90-days correlation between Prudential Jennison and Prudential Jennison Equity is -0.12 (i.e., Good 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

Very poor diversification

The correlation between Prudential Jennison Equity and DJI is 0.86 (i.e., Very 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 Your Equity Center 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 employment.

Moving together with Prudential Mutual Fund

  0.77PWJQX Prudential JennisonPairCorr
  0.76PWJRX Prudential JennisonPairCorr
  0.74PWJBX Pgim Jennison InternPairCorr
  0.65PWJDX Pgim Jennison InternPairCorr
  0.81EMDQX Prudential EmergingPairCorr
  0.73PGJQX Prudential JennisonPairCorr
  0.79PGIQX Prudential GovernmentPairCorr
  0.85PGKCX Pgim Jennison TechnologyPairCorr
  0.81PGKAX Pgim Jennison TechnologyPairCorr
  0.84PGKRX Pgim Jennison TechnologyPairCorr
  0.64PGRQX Prudential Global RealPairCorr
  0.64PGTQX Prudential Global TotalPairCorr
  0.65PGTSX Prudential Global TotalPairCorr
  0.8SCFQX Pgim Securitized CreditPairCorr
  0.79SCFOX Pgim Securitized CreditPairCorr
  0.8SCFZX Pgim Securitized CreditPairCorr
  0.8SCFVX Pgim Securitized CreditPairCorr
  0.81PHEQX Prudential Global TotalPairCorr
  0.83PHIQX Prudential Muni HighPairCorr
  0.78PHLQX Prudential HealthPairCorr
  0.62PHYQX Prudential High YieldPairCorr
  0.65SUVQX Prudential Qma StrategicPairCorr
  0.8PIBQX Prudential BalancedPairCorr
  0.75PIFEX Prudential Short TermPairCorr
  0.8PIFGX Prudential Short TermPairCorr
  0.77SDMQX Prudential Short DurationPairCorr
  0.79PJDQX Pgim Jennison RisingPairCorr
  0.8PJFPX Prudential JennisonPairCorr
  0.8PJFQX Prudential JennisonPairCorr
  0.8PJFOX Prudential JennisonPairCorr
  0.67PJEQX Prudential Real EstatePairCorr
  0.78PJERX Prudential JennisonPairCorr
  0.79PJHRX Prudential HealthPairCorr
  0.78PJIQX Prudential JennisonPairCorr

Moving against Prudential Mutual Fund

  0.42PFSQX Prudential JennisonPairCorr

Related Correlations Analysis


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

MCEMX
+ 1.0
MCEIX
HNVIX
+ 1.0
HRVIX
PJIZX
+ 0.97
MCEIX
PJIZX
+ 0.97
MCEMX
PJIZX
+ 0.97
SWYLX
MEFIX
+ 0.96
PJIAX
  

High negative correlations

FSCCX
- 0.43
BULIX
FSCCX
- 0.4
MEFIX
HNVIX
- 0.34
BULIX
HRVIX
- 0.34
BULIX
FSCCX
- 0.28
PJIAX
HRVIX
- 0.26
MEFIX

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.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
PJIAX  0.46  0.11  0.00 (0.61) 0.51 
(0.49)
 1.00 
(0.60)
 4.04 
MEFIX  0.77  0.23  0.12 (2.63) 0.83 
(0.85)
 1.47 
(0.95)
 5.45 
MCEIX  0.76  0.14  0.11  0.25  0.81 
(0.85)
 1.48 
(0.95)
 5.49 
MCEMX  0.76  0.14  0.11  0.26  0.82 
(0.85)
 1.52 
(0.95)
 5.47 
SWYLX  0.23  0.01 (0.15) 0.11  0.12 
(0.28)
 0.50 
(0.41)
 1.83 
BULIX  0.57  0.07 (0.05)(0.46) 0.65 
(0.59)
 1.18 
(1.13)
 3.31 
HRVIX  0.83  0.03 (0.07)(0.20) 0.93 
(1.03)
 1.90 
(1.35)
 6.90 
HNVIX  0.82  0.03 (0.07)(0.21) 0.93 
(1.03)
 1.89 
(1.33)
 6.91 
FSCCX  0.85 (0.12)(0.07) 0.01  0.99 
(1.04)
 2.01 
(1.58)
 7.01 
PJIZX  0.50  0.04  0.01  0.15  0.54 
(0.54)
 1.02 
(0.73)
 3.79 

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