Prudential High Correlations

PRHCX Fund

USD 4.86 0.01 0.21%

The current 90-days correlation between Prudential High Yield and T Rowe Price is -0.2 (i.e., Good diversification). The correlation of Prudential High 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.

Prudential High Correlation With Market

Poor diversification

The correlation between Prudential High Yield and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prudential High Yield 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 Prudential High Yield. 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 unemployment.

Moving together with Prudential Mutual Fund

0.97	AHTCX	American High Income	Pair Corr
0.98	BHYCX	Blackrock Hi Yld	Pair Corr
0.67	BHYIX	Blackrock High Yield	Pair Corr
0.98	BHYSX	Blackrock Hi Yld	Pair Corr
0.98	BHYAX	Blackrock High Yield	Pair Corr
0.97	AHTFX	American High Income	Pair Corr
0.97	AHITX	American High Income	Pair Corr
0.96	VWEHX	Vanguard High Yield	Pair Corr
0.96	VWEAX	Vanguard High Yield	Pair Corr
0.98	PHYZX	Prudential High Yield	Pair Corr
0.67	VSMPX	Vanguard Total Stock	Pair Corr
0.67	VITSX	Vanguard Total Stock	Pair Corr
0.62	VFIAX	Vanguard 500 Index	Pair Corr
0.95	VTSNX	Vanguard Total Inter	Pair Corr
0.95	VTISX	Vanguard Total Inter	Pair Corr
0.95	VTPSX	Vanguard Total Inter	Pair Corr
0.62	VINIX	Vanguard Institutional	Pair Corr
0.68	CVX	Chevron Corp Earnings Call This Week	Pair Corr
0.85	BA	Boeing Earnings Call Today	Pair Corr
0.63	WMT	Walmart Common Stock Sell-off Trend	Pair Corr

Moving against Prudential Mutual Fund

0.48	T	ATT Inc Earnings Call Tomorrow	Pair Corr
0.41	HPQ	HP Inc	Pair Corr
0.31	TRV	The Travelers Companies	Pair Corr

Related Correlations Analysis

	FULIX	PRVBX	PRFHX	SUSAX	PACEX
FULIX		0.74	0.76	0.99	0.89	FULIX
PRVBX	0.74		0.65	0.71	0.79	PRVBX
PRFHX	0.76	0.65		0.74	0.89	PRFHX
SUSAX	0.99	0.71	0.74		0.87	SUSAX
PACEX	0.89	0.79	0.89	0.87		PACEX
	FULIX	PRVBX	PRFHX	SUSAX	PACEX

Risk-Adjusted Indicators

There is a big difference between Prudential Mutual Fund performing well and Prudential High 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 Prudential High'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FULIX	0.05	0.01	0.00	(0.80)	0.00	0.11	(0.11)	0.54
PRVBX	0.07	0.00	(0.66)	(0.01)	(0.07)	0.15	(0.14)	0.36
PRFHX	0.09	0.01	(0.42)	(0.15)	(0.15)	0.27	(0.18)	0.81
SUSAX	0.04	0.01	0.00	(1.55)	0.00	0.10	(0.10)	0.51
PACEX	0.09	0.01	(0.40)	(5.79)	(0.18)	0.32	(0.11)	0.75

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