Bond Market Correlations

Mutual Funds . USA . 
Fund . Bond Market Index
PNIIX Fund  USD 8.55  0.01  0.12%   
The current 90-days correlation between Bond Market Index and Jennison Natural Resources is 0.11 (i.e., Average diversification). The correlation of Bond Market 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.

Bond Market Correlation With Market

Modest diversification

The correlation between Bond Market Index and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bond Market Index 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 Bond Market Index. 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 Bond Mutual Fund

  0.61SABPX Strategic Asset ManaPairCorr
  0.74PFIJX Strategic Asset ManaPairCorr
  0.75PFIFX Strategic Asset ManaPairCorr
  0.63PFISX International Small PanyPairCorr
  0.75PFIPX Strategic Asset ManaPairCorr
  0.67SAIPX Strategic Asset ManaPairCorr
  0.74SAUPX Strategic Asset ManaPairCorr
  0.75PFUMX Finisterre UnconstrainedPairCorr
  0.75PGBAX Global Diversified IncomePairCorr
  0.76PGBLX Global Diversified IncomePairCorr
  0.77PGDCX Global Diversified IncomePairCorr
  0.76PGDIX Global Diversified IncomePairCorr
  0.64PGDRX Diversified Real AssetPairCorr
  0.67PGLSX Global Multi StrategyPairCorr
  0.86STCCX Short Term IncomePairCorr
  0.62SCBPX Strategic Asset ManaPairCorr
  0.67SCIPX Strategic Asset ManaPairCorr
  0.68PHJFX Principal Lifetime HybridPairCorr
  0.63PHJNX Principal Lifetime HybridPairCorr
  0.65PHJQX Principal Lifetime HybridPairCorr
  0.62PHJJX Principal Lifetime HybridPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Bond Mutual Fund performing well and Bond Market 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 Bond Market'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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