High-yield Fund Correlations

Mutual Funds . USA . 
Fund . High Yield Fund Y
AHYLX Fund  USD 5.14  0.01  0.19%   
The current 90-days correlation between High Yield Fund and Vanguard High Yield Corporate is 0.64 (i.e., Poor 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

Very weak diversification

The correlation between High Yield Fund Y and DJI is 0.43 (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 Y 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 Y. 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 bureau of economic analysis.

Moving together with High-yield Mutual Fund

  0.7TWBIX Balanced Fund InvestorPairCorr
  0.8TWSCX Strategic AllocationPairCorr
  0.66TWSAX Strategic AllocationPairCorr
  0.71TWSMX Strategic AllocationPairCorr
  0.95NPHIX High Income FundPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
VWEAX  0.10  0.00 (0.49) 0.24  0.00 
(0.23)
 0.37 
(0.18)
 0.74 
VWEHX  0.10  0.00 (0.51) 0.18  0.00 
(0.22)
 0.19 
(0.18)
 0.73 
BHYCX  0.11  0.01 (0.51) 0.24  0.00 
(0.20)
 0.28 
(0.28)
 0.85 
BHYIX  0.12  0.01 (0.43) 0.23  0.00 
(0.21)
 0.28 
(0.28)
 0.85 
BHYSX  0.14  0.01 (0.49) 0.21  0.00 
(0.20)
 0.28 
(0.28)
 0.85 
BHYAX  0.13  0.01 (0.47) 0.23  0.00 
(0.21)
 0.28 
(0.28)
 0.85 
FAHHX  0.13  0.02 (0.53) 0.33  0.00 
(0.20)
 0.31 
(0.20)
 0.92 
FTAHX  0.13  0.02 (0.56) 0.34  0.00 
(0.20)
 0.31 
(0.20)
 0.83 
AHTFX  0.13  0.02 (0.53) 0.32  0.00 
(0.20)
 0.31 
(0.20)
 0.93 
AHTCX  0.13  0.01 (0.55) 0.28  0.00 
(0.19)
 0.31 
(0.20)
 0.83 

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