High Yield Correlations

Mutual Funds . USA . 
Fund . High Yield Fund
PHDCX Fund  USD 8.08  0.01  0.12%   
The current 90-days correlation between High Yield Fund and Morningstar Global Income is 0.02 (i.e., Significant 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

Very weak diversification

The correlation between High Yield Fund and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding High Yield Fund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in High Yield Fund. 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 main economic indicators.

Moving together with High Mutual Fund

  0.89PFBPX Pimco Foreign BondPairCorr
  0.98PFCJX Pimco Preferred AndPairCorr
  0.98PFANX Pimco Capital SecPairCorr
  0.96PFIAX Pimco Floating IncomePairCorr
  0.96PFIIX Pimco Floating IncomePairCorr
  0.95PFIUX Pimco Unconstrained BondPairCorr
  0.99PFINX Pimco Capital SecPairCorr
  0.63PFMIX Municipal BondPairCorr
  0.96PFNCX Pimco Floating IncomePairCorr
  0.88PFONX Pimco International BondPairCorr
  0.88PFORX Pimco Foreign BondPairCorr
  0.99PFNNX Pimco Preferred AndPairCorr
  0.96PFNIX Pimco Low DurationPairCorr
  0.94PFNUX Pimco Dynamic BondPairCorr
  0.87PFOAX Pimco Foreign BondPairCorr
  0.85PFOCX Pimco Foreign BondPairCorr
  0.72PFRCX Foreign BondPairCorr
  0.86PFRAX Pimco Foreign BondPairCorr
  0.93PFRMX Pimco Inflation ResponsePairCorr
  0.99PFPNX Pimco Capital SecPairCorr
  0.95PFTCX Short Term FundPairCorr
  0.96PFTPX Pimco Floating IncomePairCorr
  0.86PFRRX Pimco Foreign BondPairCorr
  0.97PFSIX Pimco Emerging MarketsPairCorr
  0.78PFUUX Pimco Foreign BondPairCorr
  0.74PFUAX Foreign BondPairCorr
  0.78PFUIX Foreign BondPairCorr
  0.78PFUNX Pimco International BondPairCorr
  0.78PFUPX Pimco Foreign BondPairCorr
  0.98PGAPX Pimco Global MultiPairCorr
  0.98PXTIX Fundamental IndexplusPairCorr
  0.96PXTNX Pimco Rae PlusPairCorr
  0.93PGBIX Global Bond FundPairCorr

Moving against High Mutual Fund

  0.76PWLBX Pimco Rae WorldwidePairCorr
  0.57PWLEX Pimco Rae WorldwidePairCorr
  0.51PWLMX Pimco Rae WorldwidePairCorr
  0.49PWLIX Pimco Rae WorldwidePairCorr

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.

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