I have a set of numeric predictor variables $X_1, X_2, X_3, X_4,$ and $X_5$ that are all correlated with each other to varying degrees (from 0.2 to 0.6). My response variable Y is also correlated with the predictor variables. My aim is to see what is the effect of each predictor variable on response $Y$.
I know that partial correlation gives the correlation between two variables when another variable is held constant. For example, I can calculate the correlation between $X_1$ and $Y$ keeping $X_2$ constant. Does partial correlation also work with all variables included? Such as, can I find the partial correlation between $X_1$ and $Y$, keeping $X_2, X_3, X_4,$ and $X_5$ constant? Is there any other way to derive the effect of each predictor?