VANGUARD HIGH-YIELD Correlations

VWAHX Fund

USD 10.68 0.03 0.28%

Current 90-days correlation between Vanguard High Yield and Causeway International Value is 0.65 (i.e., Poor diversification).Its correlation with fixed-income and commodity benchmarks reveals whether the stock behaves as risk-on or risk-off.

Market Correlation Context: VANGUARD HIGH-YIELD

Poor diversification

For the present investment horizon, the measured correlation between VANGUARD HIGH-YIELD and Dow Jones stands at 0.63, or Poor diversification. A 0.63 reading means VANGUARD HIGH-YIELD and Dow Jones have partial price overlap, providing moderate risk reduction when paired.

Allocation balance across sectors and asset classes shapes the risk-return profile of the portfolio. Clearer exposure analysis supports long-term portfolio balance. Diversification benefit depends on the correlation structure among all held positions. Broader economic conditions can influence Vanguard High Yield Tax Exempt's mutual fund valuation - related indicators include signals in rate.

Moving together with VANGUARD Mutual Fund

0.78	VMIAX	Vanguard Materials Index	Pair Corr
0.92	VMLUX	Vanguard Limited Term	Pair Corr
0.92	VMLTX	Vanguard Limited Term	Pair Corr
0.94	VMNVX	Vanguard Global Minimum	Pair Corr
0.86	VMSIX	Vanguard Multi Sector	Pair Corr
0.84	VMVAX	Vanguard Mid Cap	Pair Corr
0.84	VMVIX	Vanguard Mid Cap	Pair Corr
0.94	VMVFX	Vanguard Global Minimum	Pair Corr
0.86	VMVLX	Vanguard Mega Cap	Pair Corr
1.0	VNYTX	Vanguard New York	Pair Corr
0.99	VOHIX	Vanguard Ohio Long	Pair Corr
0.87	VPADX	Vanguard Pacific Stock	Pair Corr
0.87	VPACX	Vanguard Pacific Stock	Pair Corr
0.66	VPCCX	Vanguard Primecap	Pair Corr
0.99	VPALX	Vanguard Pennsylvania	Pair Corr
0.99	VPAIX	Vanguard Pennsylvania	Pair Corr
0.62	VPMCX	Vanguard Primecap	Pair Corr
0.89	VRTPX	Vanguard Reit Ii	Pair Corr
0.89	VAIPX	VANGUARD INFLATION-PROTEC	Pair Corr
0.67	VSCIX	Vanguard Small Cap	Pair Corr
0.82	VSCGX	Vanguard Lifestrategy	Pair Corr
0.67	VSCPX	Vanguard Small Cap	Pair Corr
0.92	VSCSX	Vanguard Short Term	Pair Corr
0.91	VSBIX	Vanguard Short Term	Pair Corr
0.91	VSBSX	Vanguard Short Term	Pair Corr
0.62	VSEQX	Vanguard Strategic Equity	Pair Corr
0.87	VASIX	Vanguard Lifestrategy	Pair Corr
0.72	VASVX	Vanguard Selected Value	Pair Corr
0.87	VSGDX	Vanguard Short Term	Pair Corr
0.74	VSIBX	Vanguard Total	Pair Corr
0.72	VSIAX	Vanguard Small Cap	Pair Corr
0.72	VSIIX	Vanguard Small Cap	Pair Corr
0.88	VSIGX	VANGUARD INTERMEDIATE-TER	Pair Corr
0.67	VSMAX	Vanguard Small Cap	Pair Corr

Related Correlations Analysis

	VWLUX	VWSTX	VWLTX	DODBX	SMGIX	FCPIX	CIVVX
VWLUX		0.81	1.0	0.82	0.57	0.65	0.7	VWLUX
VWSTX	0.81		0.81	0.47	0.27	0.21	0.23	VWSTX
VWLTX	1.0	0.81		0.82	0.56	0.65	0.69	VWLTX
DODBX	0.82	0.47	0.82		0.81	0.92	0.9	DODBX
SMGIX	0.57	0.27	0.56	0.81		0.87	0.63	SMGIX
FCPIX	0.65	0.21	0.65	0.92	0.87		0.91	FCPIX
CIVVX	0.7	0.23	0.69	0.9	0.63	0.91		CIVVX
	VWLUX	VWSTX	VWLTX	DODBX	SMGIX	FCPIX	CIVVX

Risk-Adjusted Indicators

Return momentum in VANGUARD Mutual Fund is more useful when tested against peer-relative fundamentals and risk. Risk-adjusted metrics help compare VANGUARD HIGH-YIELD's efficiency and downside exposure against peers on a like-for-like basis. These indicators are quantitative in nature and measure volatility and risk-adjusted expected returns across different positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
VWLUX	0.14	0.01	0.03	0.10	0.15	-0.19	0.37	-0.37	1.11
VWSTX	0.04	0.00	-0.02	-0.12	0.00	-0.11	0.13	-0.06	0.44
VWLTX	0.14	0.01	0.03	0.09	0.15	-0.19	0.37	-0.37	1.20
DODBX	0.40	0.00	0.00	0.00	0.48	-0.44	0.81	-0.91	2.07
SMGIX	0.70	0.05	0.06	0.06	0.81	-0.72	1.19	-1.59	3.78
FCPIX	1.21	0.01	0.01	0.01	1.41	-1.35	2.69	-2.35	7.05
CIVVX	1.06	-0.04	0.00	-0.03	0.00	0.00	2.25	-2.25	8.07