High Yield Correlations

PYHIXDelisted Fund

USD 8.14 0.00 0.00%

The current 90-days correlation between High Yield Fund and Tiaa Cref Real Estate is -0.16 (i.e., Good 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

Very weak diversification

The correlation between High Yield Fund and DJI is 0.53 (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 and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios. 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

0.67	AHTCX	American High Income	Pair Corr
0.69	AHTFX	American High Income	Pair Corr
0.66	AHITX	American High Income	Pair Corr
0.67	BHYCX	Blackrock Hi Yld	Pair Corr
0.67	BHYIX	Blackrock High Yield	Pair Corr
0.68	BHYSX	Blackrock Hi Yld	Pair Corr
0.66	BHYAX	Blackrock High Yield	Pair Corr
0.67	VWEHX	Vanguard High Yield	Pair Corr
0.64	VWEAX	Vanguard High Yield	Pair Corr
0.72	PHYZX	Prudential High Yield	Pair Corr
0.65	AWP	Aberdeen Global Premier	Pair Corr
0.71	EKWDX	Wells Fargo Advantage	Pair Corr
0.74	OEPIX	Oil Equipment Services	Pair Corr
0.74	OEPSX	Oil Equipment Services	Pair Corr
0.81	SINYX	Stet Intermediate Term	Pair Corr
0.66	QCBMIX	Cref Bond Market	Pair Corr
0.69	FSTAX	Fidelity Advisor Str	Pair Corr
0.79	TFBAX	American Beacon Twen	Pair Corr
0.63	NAPIX	Voya Multi Manager	Pair Corr
0.74	GLNJX	Mfs Global New	Pair Corr
0.71	MQLKX	Mfs Limited Maturity	Pair Corr
0.79	RMTCX	Columbia Minnesota Tax	Pair Corr
0.76	SSMMX	Western Asset Managed	Pair Corr
0.68	FHREX	Fidelity Freedom Blend	Pair Corr
0.81	SMAAX	Aig Government Money	Pair Corr
0.65	QCBMPX	Cref Core Bond	Pair Corr
0.74	EPIBX	Europac International	Pair Corr
0.63	SBTIX	Salient Tactical Plus	Pair Corr
0.67	FHIFX	Fidelity Focused High	Pair Corr
0.7	ASIJX	Strategic Income	Pair Corr
0.68	MACVX	Mfs Servative Allocation	Pair Corr
0.67	CWFIX	Chartwell Short Duration	Pair Corr

Moving against HIGH Mutual Fund

0.64

CISGX

Touchstone Sands Capital

Pair Corr

Related Correlations Analysis

	PHRAX	NRFAX	MRESX	FREAX	DAREX	FRRSX	DCREX	TIREX
PHRAX		0.91	0.87	0.95	0.83	0.92	0.88	0.76	PHRAX
NRFAX	0.91		0.93	0.94	0.97	0.87	0.95	0.84	NRFAX
MRESX	0.87	0.93		0.84	0.94	0.74	0.98	0.96	MRESX
FREAX	0.95	0.94	0.84		0.87	0.94	0.85	0.72	FREAX
DAREX	0.83	0.97	0.94	0.87		0.77	0.96	0.9	DAREX
FRRSX	0.92	0.87	0.74	0.94	0.77		0.76	0.59	FRRSX
DCREX	0.88	0.95	0.98	0.85	0.96	0.76		0.94	DCREX
TIREX	0.76	0.84	0.96	0.72	0.9	0.59	0.94		TIREX
	PHRAX	NRFAX	MRESX	FREAX	DAREX	FRRSX	DCREX	TIREX

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PHRAX	0.61	0.14	0.12	0.52	0.58	(0.68)	1.44	(1.15)	4.95
NRFAX	0.47	0.10	0.06	(2.23)	0.46	(0.51)	1.14	(0.93)	2.87
MRESX	0.60	0.09	0.06	0.33	0.67	(0.63)	1.47	(1.13)	3.11
FREAX	0.61	0.13	0.09	(1.23)	0.56	(0.69)	1.53	(1.15)	5.07
DAREX	0.47	0.07	0.02	2.13	0.47	(0.53)	1.08	(0.96)	2.47
FRRSX	0.64	0.16	0.12	(4.80)	0.55	(0.69)	1.38	(1.23)	8.31
DCREX	0.49	0.08	0.05	0.33	0.45	(0.55)	1.18	(0.99)	2.40
TIREX	0.57	0.07	0.03	0.26	0.67	(0.58)	1.40	(1.17)	2.96

High Yield Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with High Yield mutual fund to make a market-neutral strategy. Peer analysis of High Yield could also be used in its relative valuation, which is a method of valuing High Yield by comparing valuation metrics with similar companies.

Virtus Real Estate Aew Real Estate Amg Managers Centersquare Nuveen Real Estate Dunham Real Estate Franklin Real Estate Dunham Real Estate Tiaa Cref Real Estate American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp

Risk & Return

Correlation

Still Interested in High Yield Fund?

Investing in delisted funds can be risky, as the mutual fund is no longer traded on a public exchange and can therefore be difficult to sell. Delisting typically occurs when a company has failed to meet exchange requirements or has been acquired. Before investing, it's important to thoroughly research the company, including its financial health and prospects for the future, as well as the reasons for its delisting. Additionally, it may be difficult to find accurate and up-to-date information on the company and its stock.

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