Macroaxis considers Pax High to be not too volatile. Pax High Yield
maintains Sharpe Ratio (i.e. Efficiency) of -0.2279 which implies Pax High Yield
had -0.2279% of return per unit of risk over the last 1 month. Macroaxis philosophy towards forecasting risk of any fund is to look at both systematic and un-systematic factors of the business, including all available market data and technical indicators
. Pax High Yield exposes twenty-one different technical indicators
which can help you to evaluate volatility that cannot be diversified away. Please be advised to check Pax High Yield Coefficient Of Variation
of 438.72 and Risk Adjusted Performance of 0.32 to confirm risk estimate we provide. The fund holds Beta of 0.0296 which implies as returns on market increase, Pax High returns are expected to increase less than the market. However during bear market, the loss on holding Pax High will be expected to be smaller as well.. Even though it is essential to pay attention to Pax High Yield current trending patterns, it is always good to be careful when utilizing equity existing price patterns. Macroaxis philosophy towards forecasting future performance of any fund is to check both, its past performance charts as well as the business as a whole, including all available technical indicators. Pax High Yield exposes twenty-one different technical indicators which can help you to evaluate its performance.
|15 days auto-correlation||(0.20) |
Insignificant reverse predictability
Pax High Yield Bond Institutional has insignificant reverse predictability. Overlapping area represents the amount of predictability between Pax High time series from October 22, 2018 to November 6, 2018 and November 6, 2018 to November 21, 2018. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Pax High Yield price movement. The serial correlation of -0.2 indicates that over 20.0% of current Pax High price fluctuation can be explain by its past prices. Given that Pax High Yield Bond Institutional has negative autocorrelation for selected time horizon, investors may consider taking a contrarian position regarding future price movement of Pax High for similar time interval.
|Spearman Rank Test||0.19|