High Yield Correlations

PHIYX Fund

USD 8.17 0.01 0.12%

The current 90-days correlation between High Yield Fund and Fidelity Mid Cap Stock is -0.03 (i.e., Good 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.

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 housing.

Moving together with High Mutual Fund

0.64	PFCJX	Pimco Preferred And	Pair Corr
0.81	PFATX	Pimco Fundamental	Pair Corr
0.66	PFANX	Pimco Capital Sec	Pair Corr
0.85	PFIAX	Pimco Floating Income	Pair Corr
0.87	PFIIX	Pimco Floating Income	Pair Corr
0.67	PFINX	Pimco Capital Sec	Pair Corr
0.85	PFNCX	Pimco Floating Income	Pair Corr
0.74	PFNIX	Pimco Low Duration	Pair Corr
0.64	PFRMX	Pimco Inflation Response	Pair Corr
0.72	PFTCX	Short Term Fund	Pair Corr
0.87	PFTPX	Pimco Floating Income	Pair Corr
0.68	PFSIX	Pimco Emerging Markets	Pair Corr
0.88	PGAPX	Pimco Global Multi	Pair Corr
0.77	PXTIX	Fundamental Indexplus	Pair Corr
0.65	PXTNX	Pimco Rae Plus	Pair Corr
0.79	PGBIX	Global Bond Fund	Pair Corr
0.88	PGAIX	Pimco Global Multi	Pair Corr
0.88	PGMAX	Pimco Global Multi	Pair Corr
0.79	PGNPX	Pimco Global Bond	Pair Corr

Moving against High Mutual Fund

0.37	PFGCX	Long Term Government	Pair Corr
0.38	PGOVX	Long Term Government	Pair Corr

Related Correlations Analysis

	FMCSX	FDGFX	BAMBX	BIMBX	FDSSX	PRWAX	DHLRX	BPTRX	FASGX
FMCSX		0.91	0.44	0.44	0.77	-0.26	0.13	0.82	0.8	FMCSX
FDGFX	0.91		0.5	0.51	0.95	-0.09	0.02	0.7	0.93	FDGFX
BAMBX	0.44	0.5		1.0	0.48	-0.48	-0.47	0.44	0.45	BAMBX
BIMBX	0.44	0.51	1.0		0.49	-0.48	-0.47	0.44	0.46	BIMBX
FDSSX	0.77	0.95	0.48	0.49		0.09	-0.01	0.49	0.96	FDSSX
PRWAX	-0.26	-0.09	-0.48	-0.48	0.09		0.59	-0.58	0.09	PRWAX
DHLRX	0.13	0.02	-0.47	-0.47	-0.01	0.59		-0.14	0.06	DHLRX
BPTRX	0.82	0.7	0.44	0.44	0.49	-0.58	-0.14		0.51	BPTRX
FASGX	0.8	0.93	0.45	0.46	0.96	0.09	0.06	0.51		FASGX
	FMCSX	FDGFX	BAMBX	BIMBX	FDSSX	PRWAX	DHLRX	BPTRX	FASGX

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

BIMBX	+ 1.0	BAMBX
FASGX	+ 0.96	FDSSX
FDSSX	+ 0.95	FDGFX
FASGX	+ 0.93	FDGFX
FDGFX	+ 0.91	FMCSX
BPTRX	+ 0.82	FMCSX

High negative correlations

BPTRX	- 0.58	PRWAX
PRWAX	- 0.48	BIMBX
PRWAX	- 0.48	BAMBX
DHLRX	- 0.47	BIMBX
DHLRX	- 0.47	BAMBX
PRWAX	- 0.26	FMCSX

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
FMCSX	0.74	0.00	0.00	0.06	0.93	(0.74)	1.61	(1.63)	4.21
FDGFX	0.66	0.02	0.01	0.07	0.91	(0.65)	1.20	(1.48)	4.08
BAMBX	0.16	0.02	(0.18)	1.64	0.00	(0.21)	0.29	(0.19)	0.87
BIMBX	0.16	0.02	(0.15)	1.51	0.00	(0.21)	0.29	(0.29)	0.86
FDSSX	0.62	0.01	0.00	0.06	0.92	(0.60)	1.42	(1.35)	3.65
PRWAX	0.75	(0.13)	0.00	(0.15)	0.00	0.00	1.51	(1.82)	9.21
DHLRX	0.63	(0.10)	0.00	(0.06)	0.00	0.00	1.24	(1.32)	7.25
BPTRX	1.27	0.27	0.20	0.29	1.11	(1.49)	1.92	(1.90)	20.78
FASGX	0.45	0.00	(0.03)	0.06	0.63	(0.44)	0.88	(0.97)	2.64

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