High Income Correlations

AHIVX Fund

USD 8.79 0.01 0.11%

The current 90-days correlation between High Income Fund and Jpmorgan Smartretirement Blend is 0.49 (i.e., Very weak diversification). The correlation of High Income 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 Income Correlation With Market

Poor diversification

The correlation between High Income Fund and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding High Income Fund 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 Income 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 manufacturing.

Moving together with High Mutual Fund

0.99	AHTFX	American High Income	Pair Corr
0.93	AHTCX	American High Income	Pair Corr
0.93	AHITX	American High Income	Pair Corr
0.93	BHYCX	Blackrock Hi Yld	Pair Corr
0.81	BHYIX	Blackrock High Yield	Pair Corr
0.99	BHYSX	Blackrock Hi Yld	Pair Corr
0.94	BHYAX	Blackrock High Yield	Pair Corr
0.99	VWEHX	Vanguard High Yield	Pair Corr
0.99	VWEAX	Vanguard High Yield	Pair Corr
0.98	PHYZX	Prudential High Yield	Pair Corr
0.67	PMPIX	Precious Metals Ultr	Pair Corr
0.67	PMPSX	Precious Metals Ultr	Pair Corr
0.83	QRSAX	Fpa Queens Road	Pair Corr
0.82	BA	Boeing	Pair Corr
0.7	WMT	Walmart Common Stock	Pair Corr
0.63	MRK	Merck Company Earnings Call This Week	Pair Corr
0.69	INTC	Intel	Pair Corr
0.8	AA	Alcoa Corp	Pair Corr

Moving against High Mutual Fund

0.54	T	ATT Inc Earnings Call This Week	Pair Corr
0.34	MSFT	Microsoft	Pair Corr

Related Correlations Analysis

	SHYPX	XFLT	TFILX	PRTAX	CPATX	CPITX	FCFWX	GDV	PYEQX	JIBBX
SHYPX		0.31	0.74	0.72	0.92	0.97	0.8	0.78	0.89	0.95	SHYPX
XFLT	0.31		0.59	0.58	0.37	0.31	0.17	0.24	0.12	0.42	XFLT
TFILX	0.74	0.59		0.98	0.66	0.68	0.62	0.64	0.48	0.74	TFILX
PRTAX	0.72	0.58	0.98		0.65	0.66	0.6	0.63	0.44	0.71	PRTAX
CPATX	0.92	0.37	0.66	0.65		0.93	0.81	0.81	0.86	0.92	CPATX
CPITX	0.97	0.31	0.68	0.66	0.93		0.81	0.81	0.93	0.96	CPITX
FCFWX	0.8	0.17	0.62	0.6	0.81	0.81		0.98	0.75	0.77	FCFWX
GDV	0.78	0.24	0.64	0.63	0.81	0.81	0.98		0.72	0.76	GDV
PYEQX	0.89	0.12	0.48	0.44	0.86	0.93	0.75	0.72		0.87	PYEQX
JIBBX	0.95	0.42	0.74	0.71	0.92	0.96	0.77	0.76	0.87		JIBBX
	SHYPX	XFLT	TFILX	PRTAX	CPATX	CPITX	FCFWX	GDV	PYEQX	JIBBX

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Risk-Adjusted Indicators

There is a big difference between High Mutual Fund performing well and High Income 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 Income'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
SHYPX	0.09	0.02	(0.24)	1.65	0.00	(0.16)	0.22	(0.11)	0.64
XFLT	0.72	(0.11)	0.00	(0.34)	0.00	0.00	1.36	(1.30)	4.15
TFILX	0.07	0.00	(0.25)	0.01	0.00	(0.14)	0.11	(0.11)	0.75
PRTAX	0.08	0.00	(0.29)	(0.03)	0.01	(0.14)	0.11	(0.11)	0.75
CPATX	0.10	0.01	(0.21)	0.15	0.00	(0.14)	0.27	(0.18)	0.72
CPITX	0.09	0.02	(0.24)	(12.74)	0.00	(0.13)	0.18	(0.18)	0.54
FCFWX	0.35	0.04	0.02	0.13	0.30	(0.40)	0.68	(0.66)	1.97
GDV	0.56	0.05	0.05	0.12	0.59	(0.61)	1.07	(1.22)	2.94
PYEQX	0.70	0.25	0.30	3.49	0.20	(0.87)	1.48	(1.06)	10.38
JIBBX	0.24	0.03	(0.04)	0.78	0.22	(0.27)	0.51	(0.50)	1.47

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