Prudential Muni Correlations

PHIZX Fund  USD 8.98  0.02  0.22%   
The current 90-days correlation between Prudential Muni High and Prudential Jennison International is 0.08 (i.e., Significant diversification). The correlation of Prudential Muni 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.

Prudential Muni Correlation With Market

Average diversification

The correlation between Prudential Muni High and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prudential Muni High 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 Prudential Muni High. 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 nation.

Moving together with Prudential Mutual Fund

  0.61PWJZX Prudential JennisonPairCorr
  0.61PWJAX Prudential JennisonPairCorr
  0.61PWJCX Prudential JennisonPairCorr
  0.62HYSZX Prudential Short DurationPairCorr
  0.62HYSAX Prudential Short DurationPairCorr
  0.61HYSCX Prudential Short DurationPairCorr
  0.62PGFCX Pgim ConservativePairCorr
  0.61PGFEX Pgim Enhanced RetirementPairCorr
  0.61PGTOX Prudential Global TotalPairCorr
  0.71PHECX Prudential Global TotalPairCorr
  0.68PHEAX Prudential Global TotalPairCorr
  0.63TGMBX Prudential Porate BondPairCorr
  0.68PHEZX Prudential Global TotalPairCorr
  0.97PHICX Prudential Muni HighPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Prudential Mutual Fund performing well and Prudential Muni 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 Prudential Muni'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
PWJZX  0.68  0.14  0.12  0.35  0.42 
 1.87 
 4.47 
PWJAX  0.68  0.14  0.12  0.35  0.41 
 1.88 
 4.47 
PWJCX  0.68  0.14  0.11  0.35  0.42 
 1.85 
 4.43 
HYSZX  0.13  0.04 (0.37) 0.58  0.00 
 0.37 
 0.84 
HYSAX  0.13  0.04 (0.37) 0.58  0.00 
 0.37 
 0.84 
HYSCX  0.12  0.04 (0.38) 0.57  0.00 
 0.37 
 0.83 
EMDCX  0.24  0.10 (0.09)(16.05) 0.00 
 0.66 
 1.88 
EMDAX  0.28  0.10 (0.10)(2.92) 0.00 
 0.67 
 1.89 
EMDZX  0.25  0.10 (0.09)(15.78) 0.00 
 0.66 
 1.87 
PFSZX  0.78  0.09  0.09  0.21  0.77 
 2.06 
 6.15