Pgim High Correlations

PHYEX Fund

USD 4.83 0.01 0.21%

The current 90-days correlation between Pgim High Yield and Prudential Jennison International is 0.55 (i.e., Very weak diversification). The correlation of Pgim High 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.

Pgim High Correlation With Market

Good diversification

The correlation between Pgim High Yield and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pgim High Yield 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 Pgim High Yield. 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 income.

Moving together with Pgim Mutual Fund

0.81	PJEAX	Prudential Real Estate	Pair Corr
1.0	PBHAX	Prudential High Yield	Pair Corr
0.97	PTEZX	Prudential Qma Large	Pair Corr
0.99	VWEAX	Vanguard High Yield	Pair Corr
1.0	VWEHX	Vanguard High Yield	Pair Corr
1.0	BHYCX	Blackrock Hi Yld	Pair Corr
0.99	BHYIX	Blackrock High Yield	Pair Corr
0.99	BHYSX	Blackrock Hi Yld	Pair Corr
1.0	BHYAX	Blackrock High Yield	Pair Corr
0.98	FAHHX	American Funds American	Pair Corr
0.98	FTAHX	American Funds American	Pair Corr
0.98	AHTFX	American High Income	Pair Corr
0.98	AHTCX	American High Income	Pair Corr
0.97	PFN	Pimco Income Strategy	Pair Corr
0.97	CIF	Mfs Intermediate High	Pair Corr
0.7	NXJ	Nuveen New Jersey	Pair Corr
0.94	PCF	Putnam High Income	Pair Corr
0.96	PSILX	Spectrum International	Pair Corr
0.84	DLY	Doubleline Yield Opp	Pair Corr
0.92	VMNVX	Vanguard Global Minimum	Pair Corr
0.97	IISPX	Voya Solution 2055	Pair Corr
0.94	XWDIX	Western Asset Diversified	Pair Corr
0.67	OCMAX	Ocm Mutual Fund	Pair Corr
0.98	EVFCX	Evaluator Conservative	Pair Corr
0.98	WAYRX	Western Asset High	Pair Corr
0.94	IAF	Aberdeen Australia	Pair Corr
0.96	VPACX	Vanguard Pacific Stock	Pair Corr
0.98	PCGQX	Prudential Income Builder	Pair Corr
0.94	TEQAX	Touchstone Sustainability	Pair Corr
0.97	PLFIX	Largecap Sp 500	Pair Corr
0.91	RYPIX	Transportation Fund	Pair Corr
0.93	SIVIX	State Street Institu	Pair Corr

Moving against Pgim Mutual Fund

0.44	XDSMX	Dreyfus Strategic	Pair Corr
0.41	XNBHX	Neuberger Berman Int	Pair Corr

Related Correlations Analysis

	PWJZX	PWJAX	PWJCX	HYSZX	HYSAX	HYSCX	EMDCX	EMDAX	EMDZX	PFSZX
PWJZX		1.0	0.98	0.92	0.93	0.93	0.89	0.89	0.88	0.94	PWJZX
PWJAX	1.0		0.98	0.92	0.93	0.93	0.89	0.89	0.88	0.94	PWJAX
PWJCX	0.98	0.98		0.92	0.92	0.92	0.87	0.88	0.87	0.96	PWJCX
HYSZX	0.92	0.92	0.92		0.99	0.99	0.97	0.97	0.97	0.93	HYSZX
HYSAX	0.93	0.93	0.92	0.99		1.0	0.98	0.98	0.98	0.93	HYSAX
HYSCX	0.93	0.93	0.92	0.99	1.0		0.98	0.98	0.98	0.93	HYSCX
EMDCX	0.89	0.89	0.87	0.97	0.98	0.98		1.0	1.0	0.87	EMDCX
EMDAX	0.89	0.89	0.88	0.97	0.98	0.98	1.0		1.0	0.87	EMDAX
EMDZX	0.88	0.88	0.87	0.97	0.98	0.98	1.0	1.0		0.87	EMDZX
PFSZX	0.94	0.94	0.96	0.93	0.93	0.93	0.87	0.87	0.87		PFSZX
	PWJZX	PWJAX	PWJCX	HYSZX	HYSAX	HYSCX	EMDCX	EMDAX	EMDZX	PFSZX

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Risk-Adjusted Indicators

There is a big difference between Pgim Mutual Fund performing well and Pgim High 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 Pgim High'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
PWJZX	0.68	0.25	0.14	(4.84)	0.39	(0.76)	1.87	(1.19)	4.47
PWJAX	0.68	0.25	0.14	(4.84)	0.39	(0.76)	1.88	(1.19)	4.47
PWJCX	0.68	0.14	0.11	0.35	0.42	(0.76)	1.85	(1.19)	4.43
HYSZX	0.13	0.04	(0.37)	0.58	0.00	(0.22)	0.37	(0.12)	0.84
HYSAX	0.14	0.07	(0.33)	(3.25)	0.00	(0.23)	0.37	(0.12)	0.99
HYSCX	0.13	0.06	(0.35)	(2.68)	0.00	(0.22)	0.37	(0.12)	0.86
EMDCX	0.25	0.10	(0.07)	2.70	0.00	(0.39)	0.67	(0.42)	1.88
EMDAX	0.29	0.10	(0.08)	2.03	0.00	(0.43)	0.68	(0.42)	1.89
EMDZX	0.26	0.10	(0.06)	3.14	0.00	(0.39)	0.67	(0.42)	1.87
PFSZX	0.78	0.09	0.09	0.21	0.77	(0.88)	2.06	(1.54)	6.15

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