High-yield Fund Correlations

ACYIX Fund

USD 5.21 0.01 0.19%

The current 90-days correlation between High Yield Fund and Calvert Global Energy is 0.37 (i.e., Weak diversification). The correlation of High-yield Fund 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 Fund Correlation With Market

Weak diversification

The correlation between High Yield Fund R5 and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding High Yield Fund R5 and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in High Yield Fund R5. 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 gross domestic product.

Moving together with High-yield Mutual Fund

0.94	BHYCX	Blackrock Hi Yld	Pair Corr
0.84	BHYIX	Blackrock High Yield	Pair Corr
0.95	BHYSX	Blackrock Hi Yld	Pair Corr
0.95	BHYAX	Blackrock High Yield	Pair Corr
0.97	AHTFX	American High Income	Pair Corr
0.97	AHTCX	American High Income	Pair Corr
0.97	AHITX	American High Income	Pair Corr
0.99	VWEHX	Vanguard High Yield	Pair Corr
0.99	VWEAX	Vanguard High Yield	Pair Corr
0.96	PHYZX	Prudential High Yield	Pair Corr
0.61	SMPSX	Semiconductor Ultrasector	Pair Corr
0.8	RSNRX	Victory Global Natural	Pair Corr
0.8	RSNYX	Victory Global Natural	Pair Corr
0.8	RGNCX	Victory Global Natural	Pair Corr
0.81	OSPPX	Oppenheimer Steelpath Mlp	Pair Corr
0.69	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.72	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr
0.73	FSELX	Fidelity Select Semi	Pair Corr
0.81	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.64	PFE	Pfizer Inc	Pair Corr
0.69	AA	Alcoa Corp	Pair Corr
0.71	JPM	JPMorgan Chase Earnings Call This Week	Pair Corr
0.64	WMT	Walmart Common Stock	Pair Corr

Moving against High-yield Mutual Fund

0.56	PG	Procter Gamble	Pair Corr
0.47	HPQ	HP Inc	Pair Corr
0.45	MSFT	Microsoft	Pair Corr
0.4	HD	Home Depot	Pair Corr

Related Correlations Analysis

	CAEIX	FRNRX	ALTEX	PNRCX	ALEFX	GRHAX	BACCX
CAEIX		0.46	0.67	0.59	0.35	0.49	0.33	CAEIX
FRNRX	0.46		0.36	0.92	0.88	0.9	0.55	FRNRX
ALTEX	0.67	0.36		0.49	0.27	0.59	-0.22	ALTEX
PNRCX	0.59	0.92	0.49		0.86	0.87	0.55	PNRCX
ALEFX	0.35	0.88	0.27	0.86		0.76	0.55	ALEFX
GRHAX	0.49	0.9	0.59	0.87	0.76		0.29	GRHAX
BACCX	0.33	0.55	-0.22	0.55	0.55	0.29		BACCX
	CAEIX	FRNRX	ALTEX	PNRCX	ALEFX	GRHAX	BACCX

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

PNRCX	+ 0.92	FRNRX
GRHAX	+ 0.9	FRNRX
ALEFX	+ 0.88	FRNRX
GRHAX	+ 0.87	PNRCX
ALEFX	+ 0.86	PNRCX
GRHAX	+ 0.76	ALEFX

High negative correlations

BACCX

- 0.22

ALTEX

Risk-Adjusted Indicators

There is a big difference between High-yield Mutual Fund performing well and High-yield Fund 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 Fund'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
CAEIX	0.75	(0.03)	(0.03)	0.04	0.99	(0.76)	1.44	(1.70)	4.41
FRNRX	0.91	0.10	0.04	0.41	1.09	(0.96)	1.86	(1.93)	4.74
ALTEX	1.84	0.09	0.05	0.13	2.20	(1.94)	4.23	(4.62)	14.65
PNRCX	1.16	0.09	0.06	0.15	1.41	(1.16)	2.24	(2.62)	6.77
ALEFX	0.95	0.16	0.12	0.31	0.75	(1.18)	1.31	(1.92)	19.46
GRHAX	1.41	0.16	0.05	0.76	1.81	(1.48)	2.64	(3.38)	7.71
BACCX	0.76	0.00	(0.04)	0.08	0.96	(0.80)	1.50	(1.25)	4.40

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