Parnassus Fund Inst Fund Market Value
| PFPRX Fund | USD 55.71 0.48 0.87% |
| Symbol | Parnassus |
Parnassus Fund '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 Fund'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 Fund.
| 05/04/2022 |
| 04/23/2024 |
If you would invest 0.00 in Parnassus Fund on May 4, 2022 and sell it all today you would earn a total of 0.00 from holding Parnassus Fund Inst or generate 0.0% return on investment in Parnassus Fund over 720 days. Parnassus Fund is related to or competes with Parnassus Endeavor, Parnassus Mid, Parnassus Fixed, Parnassus Core, and Pax Balanced. The fund normally invests at least 80 percent of its net assets in mid-sized growth companies More
Parnassus Fund 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 Fund'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 Fund Inst upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 1.01 | |||
| Information Ratio | (0.06) | |||
| Maximum Drawdown | 4.05 | |||
| Value At Risk | (1.78) | |||
| Potential Upside | 1.35 |
Parnassus Fund Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Parnassus Fund's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Parnassus Fund's standard deviation. In reality, there are many statistical measures that can use Parnassus Fund historical prices to predict the future Parnassus Fund's volatility.| Risk Adjusted Performance | 0.0216 | |||
| Jensen Alpha | (0.09) | |||
| Total Risk Alpha | (0.11) | |||
| Sortino Ratio | (0.06) | |||
| Treynor Ratio | 0.0135 |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Parnassus Fund'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 Fund Inst Backtested Returns
We consider Parnassus Fund very steady. Parnassus Fund Inst maintains Sharpe Ratio (i.e., Efficiency) of 2.0E-4, which implies the entity had a 2.0E-4% return per unit of risk over the last 3 months. We have found twenty-eight technical indicators for Parnassus Fund Inst, which you can use to evaluate the volatility of the fund. Please check Parnassus Fund's Coefficient Of Variation of 3411.21, semi deviation of 0.9437, and Risk Adjusted Performance of 0.0216 to confirm if the risk estimate we provide is consistent with the expected return of 2.0E-4%. The fund holds a Beta of 1.34, 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 Fund will likely underperform.
Auto-correlation | 0.48 |
Average predictability
Parnassus Fund Inst has average predictability. Overlapping area represents the amount of predictability between Parnassus Fund time series from 4th of May 2022 to 29th of April 2023 and 29th of April 2023 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 Fund Inst price movement. The serial correlation of 0.48 indicates that about 48.0% of current Parnassus Fund price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.48 | |
| Spearman Rank Test | 0.35 | |
| Residual Average | 0.0 | |
| Price Variance | 22.03 |
Parnassus Fund Inst lagged returns against current returns
Autocorrelation, which is Parnassus Fund 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 Fund's mutual fund expected returns. We can calculate the autocorrelation of Parnassus Fund returns to help us make a trade decision. For example, suppose you find that Parnassus Fund 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 Fund 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 Fund mutual fund is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Parnassus Fund 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 Fund mutual fund over time.
Current vs Lagged Prices |
| Timeline |
Parnassus Fund Lagged Returns
When evaluating Parnassus Fund's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Parnassus Fund mutual fund have on its future price. Parnassus Fund 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 Fund autocorrelation shows the relationship between Parnassus Fund mutual fund current value and its past values and can show if there is a momentum factor associated with investing in Parnassus Fund Inst.
Regressed Prices |
| Timeline |
Some investors attempt to determine whether the market's mood is bullish or bearish by monitoring changes in market sentiment. Unlike more traditional methods such as technical analysis, investor sentiment usually refers to the aggregate attitude towards Parnassus Fund in the overall investment community. So, suppose investors can accurately measure the market's sentiment. In that case, they can use it for their benefit. For example, some tools to gauge market sentiment could be utilized using contrarian indexes, Parnassus Fund's short interest history, or implied volatility extrapolated from Parnassus Fund options trading.
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Check out Parnassus Fund Correlation, Parnassus Fund Volatility and Parnassus Fund Alpha and Beta module to complement your research on Parnassus Fund. You can also try the Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Parnassus Fund 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.