High Yield Correlations

PHDCX Fund  USD 8.07  0.01  0.12%   
The current 90-days correlation between High Yield Fund and Pimco Rae Worldwide is 0.18 (i.e., Average diversification). The correlation of High Yield 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 Correlation With Market

Good diversification

The correlation between High Yield Fund and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding High Yield Fund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in High Yield 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 main economic indicators.

Moving together with High Mutual Fund

  0.83PFBPX Pimco Foreign BondPairCorr
  0.82PFCJX Pimco Preferred AndPairCorr
  0.8PFANX Pimco Capital SecPairCorr
  0.84PFIAX Pimco Floating IncomePairCorr
  0.85PFIIX Pimco Floating IncomePairCorr
  0.78PFIUX Pimco Unconstrained BondPairCorr
  0.79PFINX Pimco Capital SecPairCorr
  0.61PFMIX Municipal BondPairCorr
  0.85PFNCX Pimco Floating IncomePairCorr
  0.79PFONX Pimco International BondPairCorr
  0.79PFORX Pimco Foreign BondPairCorr
  0.78PFNNX Pimco Preferred AndPairCorr
  0.84PFNIX Pimco Low DurationPairCorr
  0.79PFNUX Pimco Dynamic BondPairCorr
  0.84PFOAX Pimco Foreign BondPairCorr
  0.78PFOCX Pimco Foreign BondPairCorr
  0.83PFRAX Pimco Foreign BondPairCorr
  0.78PFPNX Pimco Capital SecPairCorr
  0.84PFTPX Pimco Floating IncomePairCorr
  0.83PFRRX Pimco Foreign BondPairCorr
  0.61PGBIX Global Bond FundPairCorr

Related Correlations Analysis

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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   
PFGCXPFGAX
PWLMXPWLBX
PWLIXPWLEX
PFANXPFCJX
PWLIXPWLBX
PWLIXPWLMX
  
High negative correlations   
PFGCXPFANX
PFGAXPFANX
PFGCXPFCJX
PFGAXPFCJX
PFANXPFATX
PFATXPFBPX

Risk-Adjusted Indicators

There is a big difference between High Mutual Fund performing well and High Yield 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'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
PWLEX  0.28  0.01 (0.28) 0.44  0.27 
 0.62 
 1.85 
PWLBX  0.29  0.02 (0.24) 0.32  0.27 
 0.62 
 1.86 
PWLMX  0.28  0.02 (0.25) 0.30  0.24 
 0.73 
 1.84 
PWLIX  0.28  0.01 (0.27) 0.42  0.27 
 0.50 
 1.72 
PFBPX  0.14  0.01 (0.59)(0.42) 0.05 
 0.30 
 0.92 
PFCJX  0.10  0.01 (0.61) 0.49  0.00 
 0.22 
 0.65 
PFATX  0.32 (0.06) 0.00 (0.44) 0.00 
 0.51 
 1.90 
PFANX  0.10  0.01 (0.79) 0.73  0.00 
 0.22 
 0.54 
PFGAX  0.54 (0.07) 0.00  0.41  0.00 
 1.14 
 3.52 
PFGCX  0.54 (0.07) 0.00  0.42  0.00 
 1.14 
 3.52