Pia Mbs Correlations

Mutual Funds . USA . 
Fund . Pia Mbs Bond
PMTGX Fund  USD 8.20  0.02  0.24%   
The current 90-days correlation between Pia Mbs Bond and Pia High Yield is 0.17 (i.e., Average diversification). The correlation of Pia Mbs 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.

Pia Mbs Correlation With Market

Significant diversification

The correlation between Pia Mbs Bond and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pia Mbs Bond 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 Pia Mbs Bond. 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 price.

Moving together with Pia Mutual Fund

  0.61PHYSX Pia High YieldPairCorr
  0.66PIASX Pia Short TermPairCorr
  0.61PIAMX Pia High YieldPairCorr
  0.79PBBBX Pia Bbb BondPairCorr
  0.87LMSMX Western Asset SmashPairCorr
  0.68LMECX Western Asset SmashPairCorr
  0.85FXIMX Fixed Income SharesPairCorr
  0.81FXICX Fixed Income SharesPairCorr
  0.81LMLCX Western Asset SmashPairCorr
  0.62SHRMX Stone Ridge HighPairCorr
  0.64BATAX Blackrock AllocationPairCorr
  0.97BRAMX Bats Series MPairCorr
  0.66GAAVX Gmo Alternative AlloPairCorr
  0.63MOGLX Gabelli Media MogulPairCorr
  0.69BMSCX Blackrock Secured CreditPairCorr
  0.66MTFHX Mainstay Mackay StrategicPairCorr

Moving against Pia Mutual Fund

  0.56SHRIX Stone Ridge HighPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Pia Mutual Fund performing well and Pia Mbs 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 Pia Mbs' 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
PHYSX  0.17  0.05 (0.42) 0.55  0.00 
(0.26)
 0.47 
(0.23)
 1.31 
PIAMX  0.17  0.06 (0.40) 0.63  0.00 
(0.28)
 0.49 
(0.24)
 1.24 
PMTGX  0.28  0.00 (0.40) 0.42  0.33 
(0.30)
 0.50 
(0.61)
 1.61 
PBBBX  0.25  0.02 (0.38) 0.29  0.19 
(0.29)
 0.48 
(0.48)
 1.32 
GOBCX  0.33  0.04 (0.30) 2.70  0.26 
(0.42)
 0.79 
(0.56)
 2.03 
RBOFX  0.19  0.01 (0.65) 0.64  0.16 
(0.22)
 0.40 
(0.40)
 1.04 
PLUDX  0.06  0.01 (1.40) 2.16  0.00 
(0.15)
 0.10 
(0.10)
 0.51 
JASOX  0.92  0.20 (0.01)(0.65) 1.00 
(1.03)
 2.19 
(1.67)
 6.73 
NWGSX  0.94 (0.04)(0.02) 0.13  0.98 
(1.06)
 1.97 
(2.12)
 6.10 
IOFCX  0.28  0.07 (0.30)(2.22) 0.12 
(0.37)
 0.68 
(0.43)
 2.22 

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