We consider Pax High not too risky. Pax High Yield
maintains Sharpe Ratio (i.e. Efficiency) of 0.2495 which implies Pax High Yield
had 0.2495% of return per unit of risk over the last 1 month. Our philosophy towards forecasting volatility of a fund is to use all available market data together with fund specific technical indicators
that cannot be diversified away. We have found twenty-one technical indicators
for Pax High Yield which you can use to evaluate future volatility of the fund. Please check Pax High Yield Coefficient Of Variation
of 410.39 and Risk Adjusted Performance
of 0.0583 to confirm if risk estimate we provide are consistent with the epected return of 0.0217%. The fund holds Beta of 0.0596 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.. Although it is extremely important to respect Pax High Yield
current trending patterns, it is better to be realistic regarding the information on equity existing price patterns
. The philosophy towards forecasting future performance of any fund is to evaluate the business as a whole together with its past performance including all available fundamental and technical indicators
. By analyzing Pax High Yield technical indicators
you can presently evaluate if the expected return of 0.0217% will be sustainable into the future.
|15 days auto-correlation|| 0.44 |
Pax High Yield Bond Institutional has average predictability. Overlapping area represents the amount of predictability between Pax High time series from August 20, 2018 to September 4, 2018 and September 4, 2018 to September 19, 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 0.44 indicates that just about 44.0% of current Pax High price fluctuation can be explain by its past prices.
|Spearman Rank Test||0.75|