High Income Correlations

UIHIX Fund

USD 6.92 0.01 0.14%

The current 90-days correlation between High Income Fund and Intermediate Term Bond Fund is 0.36 (i.e., 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 0.91 (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 World Market Map 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	UICGX	Capital Growth	Pair Corr
0.96	UIEMX	Emerging Markets	Pair Corr
0.93	UIIFX	International Fund	Pair Corr
0.87	UIGIX	Growth Income	Pair Corr
0.82	UIGSX	Government Securities	Pair Corr
0.76	UIINX	Income Fund Income	Pair Corr
0.92	UIISX	Income Stock	Pair Corr
0.71	UIITX	Intermediate Term Bond	Pair Corr
0.89	UIPMX	Precious Metals And Steady Growth	Pair Corr
0.9	UISBX	Short Term Bond	Pair Corr
0.93	UISCX	Small Cap Stock	Pair Corr
0.89	UIVAX	Value Fund Value	Pair Corr
0.88	UIWGX	World Growth	Pair Corr
0.72	URIBX	Intermediate Term Bond	Pair Corr
0.72	URIFX	Income Fund Income	Pair Corr
0.81	URGSX	Government Securities	Pair Corr
1.0	URHIX	High Income Fund	Pair Corr
0.89	URSBX	Short Term Bond	Pair Corr
0.93	URUSX	Ultra Short Term	Pair Corr
0.79	USPRX	Sp 500 Index	Pair Corr
0.94	UTMAX	Target Managed Allocation	Pair Corr
0.92	UUSIX	Ultra Short Term	Pair Corr
0.94	UGOFX	Global Managed Volatility	Pair Corr
0.96	AHTFX	American High Income	Pair Corr
0.96	AHTCX	American High Income	Pair Corr
0.96	AHITX	American High Income	Pair Corr
0.95	BHYCX	Blackrock Hi Yld	Pair Corr
0.96	BHYIX	Blackrock High Yield	Pair Corr
0.96	BHYSX	Blackrock Hi Yld	Pair Corr
0.96	BHYAX	Blackrock High Yield	Pair Corr
0.96	VWEHX	Vanguard High Yield	Pair Corr
0.96	VWEAX	Vanguard High Yield	Pair Corr
0.97	PHYZX	Prudential High Yield	Pair Corr
0.93	FSMMX	Fs Multi Strategy	Pair Corr
0.95	BTMPX	Ishares Msci Eafe	Pair Corr
0.95	BTMKX	Blackrock International	Pair Corr

Moving against High Mutual Fund

0.47	UIGRX	Growth Fund Growth	Pair Corr
0.57	UIAGX	Aggressive Growth	Pair Corr

Related Correlations Analysis

	UICGX	UIEMX	UIIFX	UIGIX	UIGSX	UIGRX	UIINX	UIISX	UIITX
UICGX		0.92	0.98	0.99	0.68	-0.37	0.6	0.98	0.53	UICGX
UIEMX	0.92		0.97	0.88	0.86	-0.58	0.79	0.94	0.74	UIEMX
UIIFX	0.98	0.97		0.96	0.78	-0.5	0.71	0.99	0.64	UIIFX
UIGIX	0.99	0.88	0.96		0.64	-0.31	0.55	0.97	0.48	UIGIX
UIGSX	0.68	0.86	0.78	0.64		-0.74	0.97	0.76	0.97	UIGSX
UIGRX	-0.37	-0.58	-0.5	-0.31	-0.74		-0.73	-0.51	-0.73	UIGRX
UIINX	0.6	0.79	0.71	0.55	0.97	-0.73		0.68	0.97	UIINX
UIISX	0.98	0.94	0.99	0.97	0.76	-0.51	0.68		0.62	UIISX
UIITX	0.53	0.74	0.64	0.48	0.97	-0.73	0.97	0.62		UIITX
	UICGX	UIEMX	UIIFX	UIGIX	UIGSX	UIGRX	UIINX	UIISX	UIITX

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

UIGIX	+ 0.99	UICGX
UIISX	+ 0.99	UIIFX
UIIFX	+ 0.98	UICGX
UIISX	+ 0.98	UICGX
UIIFX	+ 0.97	UIEMX
UIISX	+ 0.97	UIGIX

High negative correlations

UIGRX	- 0.74	UIGSX
UIITX	- 0.73	UIGRX
UIINX	- 0.73	UIGRX
UIGRX	- 0.58	UIEMX
UIISX	- 0.51	UIGRX
UIGRX	- 0.5	UIIFX

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
UICGX	0.66	0.26	0.32	0.55	0.03	(0.84)	1.07	(1.01)	11.34
UIEMX	0.76	0.35	0.39	0.71	0.00	(0.94)	2.15	(1.09)	7.16
UIIFX	0.68	0.37	0.46	0.86	0.00	(0.84)	1.49	(1.25)	11.17
UIGIX	0.55	0.15	0.19	0.34	0.29	(0.68)	1.08	(0.73)	8.57
UIGSX	0.13	0.02	(0.35)	3.28	0.00	(0.18)	0.33	(0.22)	0.67
UIGRX	0.70	(0.09)	0.00	(0.03)	0.00	0.00	1.27	(1.77)	4.44
UIINX	0.14	0.02	(0.35)	(4.59)	0.00	(0.17)	0.26	(0.26)	0.60
UIISX	0.62	0.23	0.31	0.49	0.00	(0.80)	1.41	(0.93)	9.57
UIITX	0.14	0.02	(0.30)	2.34	0.00	(0.20)	0.32	(0.22)	0.76

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