Pace International Correlations

PWFAX Fund

USD 8.11 0.04 0.50%

The current 90-days correlation between Pace International Fixed and Pace Smallmedium Value is -0.04 (i.e., Good 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

Good diversification

The correlation between Pace International Fixed and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pace International Fixed 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 Fixed. 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 Pace Mutual Fund

0.79	USDIX	Ubs Ultra Short	Pair Corr
0.79	USIPX	Ubs Ultra Short	Pair Corr
0.79	USIAX	Ubs Ultra Short	Pair Corr
0.86	UDBPX	Ubs Sustainable Deve	Pair Corr
0.66	UDBTX	Ubs Sustainable Deve	Pair Corr
1.0	PCGLX	Pace International Fixed	Pair Corr

Moving against Pace Mutual Fund

0.83	PEVAX	Pace Smallmedium Value	Pair Corr
0.83	PQUAX	Pace Smallmedium Growth	Pair Corr
0.81	PWTAX	Ubs Allocation	Pair Corr
0.81	PWTYX	Ubs Allocation	Pair Corr
0.8	PLAAX	Pace Large Growth	Pair Corr
0.73	BISCX	Ubs Small Cap	Pair Corr
0.48	PREQX	Ubs Pace Global	Pair Corr
0.47	PREAX	Pace Global Real	Pair Corr
0.42	PHIAX	Pace High Yield	Pair Corr
0.42	PHYPX	Pace High Yield	Pair Corr
0.39	PHDTX	Pace High Yield	Pair Corr
0.34	ESPTX	Ubs International	Pair Corr
0.85	BNSCX	Ubs Small Cap	Pair Corr
0.83	PCSGX	Pace Smallmedium Growth	Pair Corr
0.81	QGRPX	Ubs Quality Growth	Pair Corr
0.8	PCLCX	Pace Large Growth	Pair Corr
0.79	DVRUX	Ubs Dividend Ruler	Pair Corr
0.68	UEIPX	Ubs Engage For	Pair Corr
0.67	EIPTX	Ubs Engage For	Pair Corr
0.65	PCLVX	Pace Large Value	Pair Corr
0.61	BNGLX	Ubs Global Allocation	Pair Corr
0.48	PCMNX	Pace Municipal Fixed	Pair Corr

Related Correlations Analysis

	PEVAX	PWITX	PWTAX	PWTYX	PFXAX	EMPTX	PHDTX	PHIAX	PHYPX	PIFAX
PEVAX		-0.11	0.99	0.99	-0.47	0.27	0.67	0.69	0.69	-0.23	PEVAX
PWITX	-0.11		-0.05	-0.05	0.46	0.72	0.39	0.37	0.37	0.5	PWITX
PWTAX	0.99	-0.05		1.0	-0.43	0.3	0.68	0.71	0.71	-0.2	PWTAX
PWTYX	0.99	-0.05	1.0		-0.42	0.3	0.68	0.71	0.71	-0.19	PWTYX
PFXAX	-0.47	0.46	-0.43	-0.42		0.46	0.24	0.21	0.21	0.96	PFXAX
EMPTX	0.27	0.72	0.3	0.3	0.46		0.78	0.76	0.76	0.61	EMPTX
PHDTX	0.67	0.39	0.68	0.68	0.24	0.78		1.0	1.0	0.48	PHDTX
PHIAX	0.69	0.37	0.71	0.71	0.21	0.76	1.0		1.0	0.46	PHIAX
PHYPX	0.69	0.37	0.71	0.71	0.21	0.76	1.0	1.0		0.46	PHYPX
PIFAX	-0.23	0.5	-0.2	-0.19	0.96	0.61	0.48	0.46	0.46		PIFAX
	PEVAX	PWITX	PWTAX	PWTYX	PFXAX	EMPTX	PHDTX	PHIAX	PHYPX	PIFAX

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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

PWTYX	+ 1.0	PWTAX
PHIAX	+ 1.0	PHDTX
PHYPX	+ 1.0	PHDTX
PHYPX	+ 1.0	PHIAX
PWTAX	+ 0.99	PEVAX
PWTYX	+ 0.99	PEVAX

High negative correlations

PFXAX	- 0.47	PEVAX
PFXAX	- 0.43	PWTAX
PFXAX	- 0.42	PWTYX
PIFAX	- 0.23	PEVAX
PIFAX	- 0.2	PWTAX
PIFAX	- 0.19	PWTYX

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
PEVAX	1.27	(0.07)	0.00	(0.21)	0.00	0.00	2.17	(2.69)	13.87
PWITX	0.83	0.24	0.19	0.24	1.35	(0.81)	1.72	(1.52)	8.64
PWTAX	0.83	0.00	0.00	(0.15)	0.00	0.00	1.34	(1.73)	7.89
PWTYX	0.83	0.00	0.00	(0.15)	0.00	0.00	1.36	(1.76)	7.91
PFXAX	0.30	0.04	0.38	1.51	0.36	(0.34)	0.69	(0.79)	2.03
EMPTX	1.05	0.07	0.13	(1.77)	1.49	(1.17)	2.21	(2.26)	8.60
PHDTX	0.18	(0.01)	0.00	(0.53)	0.00	0.00	0.34	(0.34)	1.37
PHIAX	0.18	(0.01)	0.00	(0.60)	0.00	0.00	0.35	(0.35)	1.40
PHYPX	0.18	(0.01)	0.00	(0.60)	0.00	0.00	0.35	(0.35)	1.29
PIFAX	0.28	0.02	0.46	(1.31)	0.31	(0.30)	0.57	(0.48)	2.00

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