Parnassus Mid Cap Fund Market Value
| PARMX Fund | USD 37.86 0.24 0.64% |
| Symbol | Parnassus |
Parnassus Mid 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Parnassus Mid's mutual fund what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Parnassus Mid.
| 03/24/2024 |
| 04/23/2024 |
If you would invest 0.00 in Parnassus Mid on March 24, 2024 and sell it all today you would earn a total of 0.00 from holding Parnassus Mid Cap or generate 0.0% return on investment in Parnassus Mid over 30 days. Parnassus Mid is related to or competes with Parnassus Endeavor, Parnassus Core, International Fund, Parnassus Fund, and T Rowe. The fund normally invests at least 80 percent of its net assets in mid-sized companies More
Parnassus Mid Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Parnassus Mid's mutual fund current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Parnassus Mid Cap upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.8195 | |||
| Information Ratio | (0.05) | |||
| Maximum Drawdown | 3.97 | |||
| Value At Risk | (1.30) | |||
| Potential Upside | 1.21 |
Parnassus Mid Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Parnassus Mid's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Parnassus Mid's standard deviation. In reality, there are many statistical measures that can use Parnassus Mid historical prices to predict the future Parnassus Mid's volatility.| Risk Adjusted Performance | 0.0432 | |||
| Jensen Alpha | (0.05) | |||
| Total Risk Alpha | (0.06) | |||
| Sortino Ratio | (0.04) | |||
| Treynor Ratio | 0.0364 |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Parnassus Mid's price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
Parnassus Mid Cap Backtested Returns
We consider Parnassus Mid very steady. Parnassus Mid Cap maintains Sharpe Ratio (i.e., Efficiency) of 0.0389, which implies the entity had a 0.0389% return per unit of risk over the last 3 months. We have found twenty-seven technical indicators for Parnassus Mid Cap, which you can use to evaluate the volatility of the fund. Please check Parnassus Mid's Risk Adjusted Performance of 0.0432, coefficient of variation of 1504.4, and Semi Deviation of 0.7317 to confirm if the risk estimate we provide is consistent with the expected return of 0.0311%. The fund holds a Beta of 1.19, which implies a somewhat significant risk relative to the market. As the market goes up, the company is expected to outperform it. However, if the market returns are negative, Parnassus Mid will likely underperform.
Auto-correlation | 0.51 |
Modest predictability
Parnassus Mid Cap has modest predictability. Overlapping area represents the amount of predictability between Parnassus Mid time series from 24th of March 2024 to 8th of April 2024 and 8th of April 2024 to 23rd of April 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Parnassus Mid Cap price movement. The serial correlation of 0.51 indicates that about 51.0% of current Parnassus Mid price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.51 | |
| Spearman Rank Test | 0.6 | |
| Residual Average | 0.0 | |
| Price Variance | 0.71 |
Parnassus Mid Cap lagged returns against current returns
Autocorrelation, which is Parnassus Mid mutual fund's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Parnassus Mid's mutual fund expected returns. We can calculate the autocorrelation of Parnassus Mid returns to help us make a trade decision. For example, suppose you find that Parnassus Mid has exhibited high autocorrelation historically, and you observe that the mutual fund is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Parnassus Mid regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Parnassus Mid mutual fund is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Parnassus Mid mutual fund is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Parnassus Mid mutual fund over time.
Current vs Lagged Prices |
| Timeline |
Parnassus Mid Lagged Returns
When evaluating Parnassus Mid's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Parnassus Mid mutual fund have on its future price. Parnassus Mid autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Parnassus Mid autocorrelation shows the relationship between Parnassus Mid mutual fund current value and its past values and can show if there is a momentum factor associated with investing in Parnassus Mid Cap.
Regressed Prices |
| Timeline |
Becoming a Better Investor with Macroaxis
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Check out Parnassus Mid Correlation, Parnassus Mid Volatility and Parnassus Mid Alpha and Beta module to complement your research on Parnassus Mid. You can also try the Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Parnassus Mid technical mutual fund analysis exercises models and trading practices based on price and volume transformations, such as the moving averages, relative strength index, regressions, price and return correlations, business cycles, fund market cycles, or different charting patterns.