High Income Correlations

NPHIX Fund

USD 8.80 0.01 0.11%

The current 90-days correlation between High Income Fund and Pace High Yield is 0.41 (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

Almost no diversification

The correlation between High Income Fund and DJI is 0.94 (i.e., Almost no 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 Correlation Analysis 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 gross domestic product.

Moving together with High Mutual Fund

0.89	AMDVX	Mid Cap Value	Pair Corr
0.7	AMEIX	Equity Growth	Pair Corr
0.9	AMGIX	Income Growth	Pair Corr
0.7	CDBCX	Diversified Bond	Pair Corr
0.89	AMKIX	Emerging Markets	Pair Corr
0.9	TWACX	Short Term Government	Pair Corr
0.92	TWADX	Value Fund A	Pair Corr
0.71	TWCCX	Ultra Fund C	Pair Corr
0.91	TWARX	Short Term Government	Pair Corr
0.87	TWAVX	Short Term Government	Pair Corr
0.88	AMVYX	Mid Cap Value	Pair Corr
0.88	AMVRX	Mid Cap Value	Pair Corr
0.75	TWBIX	Balanced Fund Investor	Pair Corr
0.88	AMVGX	Mid Cap Value	Pair Corr
0.87	TWEAX	Equity Income	Pair Corr
0.87	TWEIX	Equity Income	Pair Corr
0.92	TWGAX	International Growth	Pair Corr
0.73	TWGGX	Global Growth	Pair Corr
0.92	TWIEX	International Growth	Pair Corr
0.89	TWMIX	Emerging Markets	Pair Corr
0.7	TWRCX	Growth Fund C	Pair Corr
0.86	TWTCX	Intermediate Term Tax	Pair Corr
0.88	TWTIX	Intermediate Term Tax	Pair Corr
0.95	TWSCX	Strategic Allocation	Pair Corr
0.95	TWSAX	Strategic Allocation	Pair Corr
0.95	TWSMX	Strategic Allocation	Pair Corr
0.9	TWUSX	Short Term Government	Pair Corr
0.92	TWVLX	Value Fund Investor	Pair Corr
0.9	TWUOX	Short Term Government	Pair Corr
0.86	TWWOX	Intermediate Term Tax	Pair Corr

Moving against High Mutual Fund

0.38	TWCGX	Growth Fund Investor	Pair Corr
0.37	TWGIX	Growth Fund I	Pair Corr

Related Correlations Analysis

	LHYOX	BHYRX	TAHYX	GMOZX	BCHIX	FAGIX	PHIAX
LHYOX		0.97	0.95	0.97	0.76	0.95	0.94	LHYOX
BHYRX	0.97		0.98	0.98	0.83	0.96	0.96	BHYRX
TAHYX	0.95	0.98		0.97	0.89	0.97	0.98	TAHYX
GMOZX	0.97	0.98	0.97		0.8	0.97	0.97	GMOZX
BCHIX	0.76	0.83	0.89	0.8		0.83	0.85	BCHIX
FAGIX	0.95	0.96	0.97	0.97	0.83		0.97	FAGIX
PHIAX	0.94	0.96	0.98	0.97	0.85	0.97		PHIAX
	LHYOX	BHYRX	TAHYX	GMOZX	BCHIX	FAGIX	PHIAX

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
LHYOX	0.13	0.02	(0.23)	0.25	0.00	(0.21)	0.16	(0.16)	1.11
BHYRX	0.11	0.02	(0.27)	0.28	0.00	(0.21)	0.28	(0.14)	0.71
TAHYX	0.11	0.02	(0.28)	0.44	0.00	(0.18)	0.23	(0.12)	0.80
GMOZX	0.08	0.02	(0.41)	0.28	0.00	(0.11)	0.23	(0.12)	0.58
BCHIX	0.08	0.02	(0.21)	(5.79)	0.00	(0.16)	0.21	(0.10)	0.94
FAGIX	0.26	0.05	(0.01)	0.23	0.16	(0.30)	0.56	(0.55)	1.46
PHIAX	0.09	0.01	(0.27)	0.25	0.00	(0.14)	0.23	(0.11)	0.68

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