High Income Correlations

NPHIX Fund

USD 8.71 0.01 0.11%

The current 90-days correlation between High Income Fund and Blackrock High Yield is 0.88 (i.e., Very poor 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

Good diversification

The correlation between High Income Fund and DJI is -0.06 (i.e., Good 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

0.72	AMDVX	Mid Cap Value	Pair Corr
0.63	AMEIX	Equity Growth	Pair Corr
0.69	AMGIX	Income Growth	Pair Corr
0.68	TWADX	Value Fund A	Pair Corr
0.67	AMVYX	Mid Cap Value	Pair Corr
0.65	AMVRX	Mid Cap Value	Pair Corr
0.68	TWBIX	Balanced Fund Investor	Pair Corr
0.66	AMVGX	Mid Cap Value	Pair Corr
0.77	TWEAX	Equity Income	Pair Corr
0.74	TWEIX	Equity Income	Pair Corr
0.66	TWHIX	Heritage Fund Investor	Pair Corr
0.8	TWSCX	Strategic Allocation	Pair Corr
0.75	TWSAX	Strategic Allocation:	Pair Corr
0.78	TWSMX	Strategic Allocation	Pair Corr
0.68	TWVLX	Value Fund Investor	Pair Corr

Moving against High Mutual Fund

0.34

ANTUX

Nt Non Intrinsic

Pair Corr

Related Correlations Analysis

	BHYAX	444859BR2	AQUI	BRRAY	MSTSX	LBHIX	ABHYX	SCAXF	VIASP	144285AL7
BHYAX		-0.63	0.0	-0.45	0.72	0.98	0.56	-0.26	0.23	-0.07	BHYAX
444859BR2	-0.63		0.0	0.3	-0.62	-0.59	-0.09	0.21	-0.34	0.08	444859BR2
AQUI	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	AQUI
BRRAY	-0.45	0.3	0.0		-0.5	-0.45	-0.44	-0.02	0.08	-0.24	BRRAY
MSTSX	0.72	-0.62	0.0	-0.5		0.72	0.4	0.03	-0.09	0.13	MSTSX
LBHIX	0.98	-0.59	0.0	-0.45	0.72		0.62	-0.21	0.17	-0.02	LBHIX
ABHYX	0.56	-0.09	0.0	-0.44	0.4	0.62		-0.01	-0.21	0.3	ABHYX
SCAXF	-0.26	0.21	0.0	-0.02	0.03	-0.21	-0.01		-0.71	0.39	SCAXF
VIASP	0.23	-0.34	0.0	0.08	-0.09	0.17	-0.21	-0.71		-0.52	VIASP
144285AL7	-0.07	0.08	0.0	-0.24	0.13	-0.02	0.3	0.39	-0.52		144285AL7
	BHYAX	444859BR2	AQUI	BRRAY	MSTSX	LBHIX	ABHYX	SCAXF	VIASP	144285AL7

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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

LBHIX	+ 0.98	BHYAX
MSTSX	+ 0.72	BHYAX
LBHIX	+ 0.72	MSTSX
ABHYX	+ 0.62	LBHIX
ABHYX	+ 0.56	BHYAX
ABHYX	+ 0.4	MSTSX

High negative correlations

VIASP	- 0.71	SCAXF
444859BR2	- 0.63	BHYAX
MSTSX	- 0.62	444859BR2
LBHIX	- 0.59	444859BR2
144285AL7	- 0.52	VIASP
MSTSX	- 0.5	BRRAY

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
BHYAX	0.13	0.02	(0.30)	(0.73)	0.00	(0.21)	0.28	(0.28)	0.85
444859BR2	1.32	0.04	0.00	0.04	0.00	0.00	5.93	(4.60)	16.62
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BRRAY	1.27	(0.10)	0.00	0.01	0.00	0.00	0.00	(2.98)	34.02
MSTSX	0.49	(0.03)	(0.09)	0.05	0.52	(0.59)	1.21	(1.02)	2.80
LBHIX	0.11	0.00	(0.27)	0.00	0.00	(0.29)	0.24	(0.24)	0.96
ABHYX	0.16	0.00	(0.17)	0.11	0.26	(0.23)	0.34	(0.33)	1.91
SCAXF	0.70	(0.40)	0.00	(1.01)	0.00	0.00	0.00	0.00	23.47
VIASP	0.75	0.14	0.04	(6.44)	1.01	(0.84)	2.28	(1.15)	7.18
144285AL7	0.36	(0.02)	0.00	4.40	0.00	0.00	0.96	(0.95)	2.51

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