High Yield Correlations

MNHYX Fund

USD 9.77 0.01 0.10%

The current 90-days correlation between High Yield Bond and High Yield Bond is 0.97 (i.e., Almost no 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 0.63 (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 manufacturing.

Moving together with High Mutual Fund

0.91	CEIIX	Manning Napier Callodine	Pair Corr
0.91	CEIZX	Manning Napier Callodine	Pair Corr
0.91	CEISX	Manning Napier Callodine	Pair Corr
0.96	MNBAX	Pro Blend Extended	Pair Corr
0.96	MNBIX	Pro Blend Extended	Pair Corr
0.92	MNCPX	Unconstrained Bond Series	Pair Corr
0.97	MNCRX	Pro Blend Servative	Pair Corr
0.97	MNCWX	Manning Napier Pro	Pair Corr
0.97	MNDFX	Disciplined Value Series	Pair Corr
0.96	MNBRX	Pro-blend(r) Extended	Pair Corr
0.96	MNBWX	Manning Napier Pro	Pair Corr
0.97	MNCCX	Pro Blend Servative	Pair Corr
0.98	MNCIX	Pro-blend(r) Conservative	Pair Corr
0.94	MNDWX	Manning Napier Diver	Pair Corr
0.96	MNECX	Pro Blend Extended	Pair Corr
0.93	MNHCX	Pro-blend(r) Maximum	Pair Corr
1.0	MNHAX	High Yield Bond	Pair Corr
0.95	MNHIX	Pro Blend Maximum	Pair Corr
0.94	MNHRX	Pro-blend(r) Maximum	Pair Corr
0.93	MNHWX	Manning Napier Pro	Pair Corr
0.95	MNMIX	Pro-blend(r) Moderate	Pair Corr
0.97	MNMRX	Pro-blend(r) Moderate	Pair Corr
0.97	MNMWX	Manning Napier Pro	Pair Corr
0.87	MNOSX	Manning Napier Overseas	Pair Corr
0.73	MNOWX	Manning Napier Overseas	Pair Corr
0.88	MNOZX	Manning Napier Overseas	Pair Corr
0.97	RAIIX	Rainier International	Pair Corr
0.97	RAIRX	Rainier International	Pair Corr
0.97	RAIWX	Manning Napier Rainier	Pair Corr
0.91	MCDIX	Manning Napier Credit	Pair Corr
0.73	MCBWX	Manning Napier Core	Pair Corr
0.9	MCDSX	Manning Napier Credit	Pair Corr
0.91	MCDWX	Manning Napier Credit	Pair Corr
0.92	MUBWX	Manning Napier Uncon	Pair Corr
0.97	MDFSX	Disciplined Value Series	Pair Corr
0.97	MDVZX	Manning Napier Disci	Pair Corr
0.95	EXBAX	Pro-blend(r) Moderate	Pair Corr
0.91	EXCPX	Unconstrained Bond Series	Pair Corr
0.97	EXDAX	Pro-blend(r) Conservative	Pair Corr

Related Correlations Analysis

	MNHAX	ARTFX	TGHNX	RYHGX	SHOAX
MNHAX		0.97	0.0	0.99	0.99	MNHAX
ARTFX	0.97		0.0	0.97	0.96	ARTFX
TGHNX	0.0	0.0		0.0	0.0	TGHNX
RYHGX	0.99	0.97	0.0		0.98	RYHGX
SHOAX	0.99	0.96	0.0	0.98		SHOAX
	MNHAX	ARTFX	TGHNX	RYHGX	SHOAX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

RYHGX	+ 0.99	MNHAX
SHOAX	+ 0.99	MNHAX
SHOAX	+ 0.98	RYHGX
ARTFX	+ 0.97	MNHAX
RYHGX	+ 0.97	ARTFX
SHOAX	+ 0.96	ARTFX

High negative correlations

SHOAX	- 0.0	TGHNX
RYHGX	- 0.0	TGHNX
TGHNX	- 0.0	ARTFX
TGHNX	- 0.0	MNHAX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
MNHAX	0.16	0.04	(0.29)	0.40	0.00	(0.22)	0.43	(0.31)	1.17
ARTFX	0.15	0.08	(0.32)	(2.66)	0.00	(0.24)	0.57	(0.11)	0.92
TGHNX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
RYHGX	0.27	0.05	(0.11)	0.33	0.09	(0.30)	0.64	(0.50)	1.85
SHOAX	0.16	0.04	(0.39)	0.52	0.00	(0.24)	0.55	(0.22)	0.90

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