Total Return Correlations

Mutual Funds . USA . 
Fund . Total Return Fund
PMBIX Fund  USD 8.24  0.03  0.36%   
The current 90-days correlation between Total Return and Total Return Fund is 0.97 (i.e., Almost no diversification). The correlation of Total Return 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.

Total Return Correlation With Market

Modest diversification

The correlation between Total Return Fund and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Total Return Fund 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 Total Return Fund. 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 gross domestic product.

Moving together with Total Mutual Fund

  0.72PWLEX Pimco Rae WorldwidePairCorr
  0.73PWLBX Pimco Rae WorldwidePairCorr
  0.73PWLMX Pimco Rae WorldwidePairCorr
  0.73PWLIX Pimco Rae WorldwidePairCorr
  0.61PFATX Pimco FundamentalPairCorr
  0.87PFGAX Long Term GovernmentPairCorr
  0.85PFGCX Long Term GovernmentPairCorr
  0.79PFIAX Pimco Floating IncomePairCorr
  0.87PFIIX Pimco Floating IncomePairCorr
  0.88PFIUX Pimco Unconstrained BondPairCorr
  0.79PFNCX Pimco Floating IncomePairCorr
  0.79PFNIX Pimco Low DurationPairCorr
  0.87PFNUX Pimco Dynamic BondPairCorr
  0.61PFTCX Short Term FundPairCorr
  0.74PFTPX Pimco Floating IncomePairCorr
  0.92PGBIX Global Bond FundPairCorr
  0.92PGCAX Investment Grade PoratePairCorr

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   
BIGIX
+ 0.81
TEGAX
BIGIX
+ 0.77
PHIYX
TEGAX
+ 0.65
PHIYX
PHIYX
+ 0.4
PTSAX
PFORX
+ 0.21
TEGAX
BIGIX
+ 0.11
PFORX
  
High negative correlations   
TEGAX
- 0.3
PTSAX
BIGIX
- 0.1
PTSAX
PFORX
- 0.03
PHIYX

Risk-Adjusted Indicators

There is a big difference between Total Mutual Fund performing well and Total Return 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 Total Return'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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