Pax High Correlations

Mutual Funds . USA . 
Fund . Pax High Yield
PXHIX Fund  USD 6.11  0.01  0.16%   
The current 90-days correlation between Pax High Yield and Pax Global Opportunities is 0.61 (i.e., Poor diversification). The correlation of Pax High 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.

Pax High Correlation With Market

Poor diversification

The correlation between Pax High Yield and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pax High Yield 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 Pax High Yield. 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 Pax Mutual Fund

  0.97PAXGX Pax Global OpportunitiesPairCorr
  0.69PAXBX Pax E BondPairCorr
  0.95PAXDX Pax Esg BetaPairCorr
  0.98PAXLX Pax Large CapPairCorr
  1.0VWEAX Vanguard High YieldPairCorr
  1.0VWEHX Vanguard High YieldPairCorr
  1.0BHYCX Blackrock Hi YldPairCorr
  1.0BHYIX Blackrock High YieldPairCorr
  1.0BHYSX Blackrock Hi YldPairCorr
  1.0BHYAX Blackrock High YieldPairCorr
  0.98FAHHX American Funds AmericanPairCorr
  0.98FTAHX American Funds AmericanPairCorr
  0.98AHTFX American High IncomePairCorr
  0.98AHTCX American High IncomePairCorr
  0.99FTYPX Fidelity Freedom IndexPairCorr
  0.99FFBTX Fidelity Freedom BlendPairCorr
  0.79GAAVX Gmo Alternative AlloPairCorr
  0.95GCAVX Gmo Small CapPairCorr
  0.98GQLOX Gmo Quality FundPairCorr
  0.99GHVIX Gmo High YieldPairCorr
  0.98GMCQX Gmo Equity AllocationPairCorr
  0.97INPSX Internet UltrasectorPairCorr
  0.99PPSAX Preferred SecuritiesPairCorr
  0.95STSCX Sterling Capital StrattonPairCorr
  0.98AAARX Strategic Allocation:PairCorr
  0.98OBSOX Oberweis Small CapPairCorr
  0.98ARMZX Western Asset AdjustablePairCorr
  0.98UOPIX Ultra Nasdaq 100PairCorr
  0.98TEPIX Technology UltrasectorPairCorr
  0.95ECSIX Eaton Vance ShortPairCorr
  0.99RRTIX T Rowe PricePairCorr
  0.99FIQSX Fidelity Advisor FloatingPairCorr
  0.99PLSPX Principal LifetimePairCorr
  0.98SLRYX Simt Large CapPairCorr
  0.98VFINX Vanguard 500 IndexPairCorr
  0.97FMIHX Large Cap FundPairCorr
  0.97BYSYX Bny Mellon ShortPairCorr
  0.99BEMCX Brandes Emerging MarketsPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Pax Mutual Fund performing well and Pax High 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 Pax High'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
PXHIX  0.16  0.05 (0.25) 0.45  0.00 
(0.26)
 0.50 
(0.17)
 1.02 
PAXGX  0.60  0.10  0.09  0.26  0.44 
(0.69)
 2.06 
(1.10)
 3.76 
PAXBX  0.26  0.00 (0.33) 0.16  0.25 
(0.31)
 0.46 
(0.46)
 1.16 
PAXLX  0.64  0.14  0.14  0.30  0.50 
(0.73)
 2.02 
(1.07)
 4.81 
NELCX  0.49  0.11  0.09  0.31  0.26 
(0.57)
 1.34 
(0.81)
 2.94 
MXE  0.79  0.25  0.19  1.27  0.37 
(1.00)
 2.15 
(1.11)
 4.50 
AVCNX  0.94  0.13  0.13  0.26  0.77 
(1.15)
 2.49 
(1.52)
 6.37 
NSMVX  0.94  0.04  0.05  0.17  0.86 
(1.12)
 2.14 
(2.04)
 6.14 
STBNX  0.14  0.00 (0.51) 0.15  0.09 
(0.17)
 0.25 
(0.28)
 0.82 
SCVFX  0.83  0.07  0.06  0.20  0.84 
(0.99)
 2.11 
(1.66)
 5.91 

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