High Yield Correlations

MNHAX Fund  USD 9.72  0.01  0.10%   
The current 90-days correlation between High Yield Bond and Fbanjx is 0.64 (i.e., Poor diversification). The correlation of High Yield is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

High Yield Correlation With Market

Poor diversification

The correlation between High Yield Bond and DJI is 0.62 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding High Yield Bond and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in High Yield Bond. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with High Mutual Fund

  0.92CEIIX Manning Napier CallodinePairCorr
  0.92CEIZX Manning Napier CallodinePairCorr
  0.92CEISX Manning Napier CallodinePairCorr
  0.75MNBAX Pro Blend ExtendedPairCorr
  0.7MNBIX Pro Blend ExtendedPairCorr
  0.91MNCPX Unconstrained Bond SeriesPairCorr
  0.7MNCRX Pro Blend ServativePairCorr
  0.98MNCWX Manning Napier ProPairCorr
  0.97MNDFX Disciplined Value SeriesPairCorr
  0.7MNBRX Pro-blend(r) ExtendedPairCorr
  0.96MNBWX Manning Napier ProPairCorr
  0.97MNCCX Pro Blend ServativePairCorr
  0.97MNCIX Pro-blend(r) ConservativePairCorr
  0.94MNDWX Manning Napier DiverPairCorr
  0.96MNECX Pro Blend ExtendedPairCorr
  0.94MNHCX Pro-blend(r) MaximumPairCorr
  0.94MNHIX Pro Blend MaximumPairCorr
  0.94MNHRX Pro-blend(r) MaximumPairCorr
  0.94MNHWX Manning Napier ProPairCorr
  0.66MNHYX High Yield BondPairCorr
  0.96MNMCX Pro-blend(r) ModeratePairCorr
  0.97MNMIX Pro-blend(r) ModeratePairCorr
  0.96MNMRX Pro-blend(r) ModeratePairCorr
  0.97MNMWX Manning Napier ProPairCorr
  0.87MNOSX Manning Napier OverseasPairCorr
  0.71MNOWX Manning Napier OverseasPairCorr
  0.87MNOZX Manning Napier OverseasPairCorr
  0.98RAIIX Rainier InternationalPairCorr
  0.98RAIRX Rainier InternationalPairCorr
  0.98RAIWX Manning Napier RainierPairCorr
  0.9MCDIX Manning Napier CreditPairCorr
  0.73MCBWX Manning Napier CorePairCorr
  0.71MCBZX Manning Napier CorePairCorr
  0.9MCDSX Manning Napier CreditPairCorr
  0.91MCDWX Manning Napier CreditPairCorr
  0.92MUBWX Manning Napier UnconPairCorr
  0.97MDFSX Disciplined Value SeriesPairCorr
  0.97MDVWX Manning Napier DisciPairCorr
  0.97MDVZX Manning Napier DisciPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between High Mutual Fund performing well and High Yield Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze High Yield's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.