Paranormal Activity: The Masked Ones is a spin off to the Paranormal Activity franchise (part 5 is coming later this year), the film follows Jesse (Andrew Jacobs) who becomes the latest victim of a demonic spirit.
There is an element of Chronicle in the latest Paranormal Activity instalment as both films contain the handheld camera gimmick and feature protagonist/antagonist adapting to their new found special powers before falling foul of their new abilities. Like all Paranormal Activity films before it the film takes its time letting the viewer get to know the main characters before thrusting the viewer into the main conventions and clichés of the horror genre.
Not Paranormal Activity 5 as such, though people have labelled it so, the critical reception to the most recent instalment is a substantial improvement over the fourth film of the franchise but the film doesn't make any great progress on the three other films (notably one and three). The film has its moments of generally good jolts and tension but the popularity of the franchise in decreasing judging by the falling box office returns.
One of the main plot holes of ghost stories is the fact that despite the hauntings and creepy going ons the characters never flee the scene. Writers covered up the hole by attaching the ghost to the person or forced the characters to stay in the house by stranding them or promising a reward (The Haunting for example). However, films using a handheld camera to shot their film often never answered the question of why the characters continue to hold the camera despite being in situations of certain peril.
It's just been accepted now without anyone posing any real objections but films such as Boarderlands have solved the issue somewhat by making the characters wear head mounted cameras ensuring that they have their hands free when being chased by an evil spirit, allowing them to punch the demon in the face if the occasion calls for it Perhaps those in found footage movies are braver than I am and don't drop the camera at the merest site of trouble.