Pace International Correlations

PCIEX Fund

USD 21.07 0.01 0.05%

The current 90-days correlation between Pace International Equity and Pace International Equity is 0.04 (i.e., Significant diversification). The correlation of Pace International 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.

Pace International Correlation With Market

Poor diversification

The correlation between Pace International Equity 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 Pace International 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 Pace International 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 banks.

Moving together with Pace Mutual Fund

1.0	PWITX	Pace International Equity	Pair Corr
0.84	PWTAX	Ubs Allocation	Pair Corr
0.84	PWTYX	Ubs Allocation	Pair Corr
0.74	PFXAX	Pace Mortgage Backed	Pair Corr
0.89	EMPTX	Ubs Emerging Markets	Pair Corr
0.73	PIFAX	Pace Intermediate Fixed	Pair Corr
0.68	PLAAX	Pace Large Growth	Pair Corr
0.95	ESPTX	Ubs International	Pair Corr
0.81	PMUAX	Pace Municipal Fixed	Pair Corr
0.79	USDIX	Ubs Ultra Short	Pair Corr
0.79	USIPX	Ubs Ultra Short	Pair Corr
0.8	USIAX	Ubs Ultra Short	Pair Corr
0.71	UTBAX	Ubs Total Return	Pair Corr
0.73	UTBPX	Ubs Total Return	Pair Corr
0.73	UTBTX	Ubs Multi Income	Pair Corr
0.65	UDBPX	Ubs Sustainable Deve	Pair Corr
0.64	UDBTX	Ubs Sustainable Deve	Pair Corr
0.84	PAPTX	Pace Alternative Str	Pair Corr
0.85	PASIX	Pace Alternative Str	Pair Corr
0.85	PASPX	Pace Alternative Str	Pair Corr
0.76	UEIPX	Ubs Engage For	Pair Corr
0.89	UEMPX	Ubs Emerging Markets	Pair Corr
0.75	PBNAX	Pace Strategic Fixed	Pair Corr
0.69	DVRPX	Ubs Dividend Ruler	Pair Corr
0.88	BNGLX	Ubs Global Allocation	Pair Corr
0.94	BNIEX	Ubs International	Pair Corr
0.78	EIPTX	Ubs Engage For	Pair Corr
0.84	BNUEX	Ubs International	Pair Corr
0.86	PCEMX	Pace International	Pair Corr
0.71	PCGTX	Pace Mortgage Backed	Pair Corr
0.76	PCIFX	Pace Intermediate Fixed	Pair Corr

Moving against Pace Mutual Fund

0.44	PEVAX	Pace Smallmedium Value	Pair Corr
0.42	PCSVX	Pace Smallmedium Value	Pair Corr

Related Correlations Analysis

	PWGAX	FMFTX	TWSMX	TWSAX	AREVX	HGHYX	BCSAX	BIASX
PWGAX		-0.44	0.73	0.72	0.77	0.9	0.75	0.41	PWGAX
FMFTX	-0.44		-0.26	-0.23	-0.31	-0.59	-0.18	-0.03	FMFTX
TWSMX	0.73	-0.26		1.0	0.99	0.76	0.82	0.75	TWSMX
TWSAX	0.72	-0.23	1.0		0.99	0.73	0.8	0.75	TWSAX
AREVX	0.77	-0.31	0.99	0.99		0.79	0.82	0.72	AREVX
HGHYX	0.9	-0.59	0.76	0.73	0.79		0.8	0.42	HGHYX
BCSAX	0.75	-0.18	0.82	0.8	0.82	0.8		0.42	BCSAX
BIASX	0.41	-0.03	0.75	0.75	0.72	0.42	0.42		BIASX
	PWGAX	FMFTX	TWSMX	TWSAX	AREVX	HGHYX	BCSAX	BIASX

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

TWSAX	+ 1.0	TWSMX
AREVX	+ 0.99	TWSMX
AREVX	+ 0.99	TWSAX
HGHYX	+ 0.9	PWGAX
BCSAX	+ 0.82	TWSMX
BCSAX	+ 0.82	AREVX

High negative correlations

HGHYX	- 0.59	FMFTX
FMFTX	- 0.44	PWGAX
AREVX	- 0.31	FMFTX
TWSMX	- 0.26	FMFTX
TWSAX	- 0.23	FMFTX
BCSAX	- 0.18	FMFTX

Risk-Adjusted Indicators

There is a big difference between Pace Mutual Fund performing well and Pace International 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 Pace International'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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PWGAX	0.47	0.07	0.00	(0.53)	0.56	(0.50)	0.89	(0.89)	3.67
FMFTX	0.67	(0.07)	0.00	(0.58)	0.00	0.00	1.53	(1.56)	4.22
TWSMX	0.33	(0.02)	(0.08)	0.04	0.42	(0.36)	0.72	(0.58)	2.86
TWSAX	0.40	(0.02)	(0.07)	0.04	0.52	(0.41)	0.90	(0.68)	3.29
AREVX	0.38	(0.02)	(0.06)	0.04	0.52	(0.38)	0.90	(0.69)	3.39
HGHYX	0.62	0.28	0.26	(1.41)	0.31	(0.73)	1.56	(1.24)	4.24
BCSAX	0.59	0.13	0.08	0.93	0.70	(0.66)	1.44	(1.40)	4.67
BIASX	0.80	(0.09)	(0.07)	0.00	1.00	(0.83)	1.90	(1.50)	5.40

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