High Income Correlations

URHIX Fund

USD 6.98 0.01 0.14%

The current 90-days correlation between High Income Fund and Federated High Yield is 0.45 (i.e., Very 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

Very weak diversification

The correlation between High Income Fund and DJI is 0.47 (i.e., Very weak 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

0.87	BHYCX	Blackrock Hi Yld	Pair Corr
0.95	BHYIX	Blackrock High Yield	Pair Corr
0.88	BHYSX	Blackrock Hi Yld	Pair Corr
0.87	BHYAX	Blackrock High Yield	Pair Corr
0.91	AHTFX	American High Income	Pair Corr
0.91	AHTCX	American High Income	Pair Corr
0.91	AHITX	American High Income	Pair Corr
0.94	VWEHX	Vanguard High Yield	Pair Corr
0.94	VWEAX	Vanguard High Yield	Pair Corr
0.93	PHYZX	Prudential High Yield	Pair Corr
0.73	SMPSX	Semiconductor Ultrasector	Pair Corr
0.81	RSNRX	Victory Global Natural	Pair Corr
0.81	RSNYX	Victory Global Natural	Pair Corr
0.81	RGNCX	Victory Global Natural	Pair Corr
0.71	OSPPX	Oppenheimer Steelpath Mlp	Pair Corr
0.71	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.69	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr
0.8	FSELX	Fidelity Select Semi	Pair Corr
0.7	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.7	AA	Alcoa Corp	Pair Corr
0.66	JPM	JPMorgan Chase Earnings Call This Week	Pair Corr

Moving against High Mutual Fund

0.45	PG	Procter Gamble	Pair Corr
0.43	HPQ	HP Inc	Pair Corr
0.31	MSFT	Microsoft	Pair Corr

Related Correlations Analysis

	FHTIX	AHIVX	IPIMX	TAHFX	SHYIX	MRHYX	IPHYX	CAYCX
FHTIX		0.98	0.96	0.96	0.97	0.95	0.91	0.33	FHTIX
AHIVX	0.98		0.95	0.98	0.99	0.94	0.9	0.4	AHIVX
IPIMX	0.96	0.95		0.94	0.94	0.94	0.96	0.38	IPIMX
TAHFX	0.96	0.98	0.94		0.98	0.93	0.9	0.44	TAHFX
SHYIX	0.97	0.99	0.94	0.98		0.92	0.89	0.46	SHYIX
MRHYX	0.95	0.94	0.94	0.93	0.92		0.9	0.42	MRHYX
IPHYX	0.91	0.9	0.96	0.9	0.89	0.9		0.33	IPHYX
CAYCX	0.33	0.4	0.38	0.44	0.46	0.42	0.33		CAYCX
	FHTIX	AHIVX	IPIMX	TAHFX	SHYIX	MRHYX	IPHYX	CAYCX

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
FHTIX	0.15	(0.01)	(0.28)	0.04	0.10	(0.22)	0.31	(0.31)	0.78
AHIVX	0.12	(0.01)	(0.37)	0.02	0.07	(0.21)	0.23	(0.23)	0.80
IPIMX	0.12	0.00	(0.35)	0.31	0.00	(0.19)	0.34	(0.23)	0.80
TAHFX	0.13	0.00	(0.30)	0.07	0.03	(0.19)	0.24	(0.24)	1.10
SHYIX	0.10	(0.01)	(0.41)	0.01	0.00	(0.21)	0.25	(0.25)	0.87
MRHYX	0.09	0.01	(0.28)	0.15	0.00	(0.17)	0.24	(0.24)	0.59
IPHYX	0.12	0.01	(0.33)	0.57	0.00	(0.19)	0.34	(0.23)	0.79
CAYCX	0.09	0.02	(0.33)	7.65	0.00	(0.14)	0.21	(0.10)	0.73

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