California High Yield Municipal Fund Market Value
| BCHYX Fund | USD 9.87 0.02 0.20% |
| Symbol | California |
California High-yield 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to California High-yield's mutual fund what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of California High-yield.
| 10/27/2024 |
| 11/26/2024 |
If you would invest 0.00 in California High-yield on October 27, 2024 and sell it all today you would earn a total of 0.00 from holding California High Yield Municipal or generate 0.0% return on investment in California High-yield over 30 days. California High-yield is related to or competes with California Intermediate-ter, Fidelity California, Vanguard California, and Vanguard California. The fund invests at least 80 percent of its net assets in municipal securities with income payments exempt from federal ... More
California High-yield Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure California High-yield's mutual fund current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess California High Yield Municipal upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.4319 | |||
| Information Ratio | (0.44) | |||
| Maximum Drawdown | 1.73 | |||
| Value At Risk | (0.40) | |||
| Potential Upside | 0.4082 |
California High-yield Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for California High-yield's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as California High-yield's standard deviation. In reality, there are many statistical measures that can use California High-yield historical prices to predict the future California High-yield's volatility.| Risk Adjusted Performance | 0.0133 | |||
| Jensen Alpha | (0) | |||
| Total Risk Alpha | (0.04) | |||
| Sortino Ratio | (0.27) | |||
| Treynor Ratio | 0.028 |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of California High-yield's price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
California High Yield Backtested Returns
At this stage we consider California Mutual Fund to be very steady. California High Yield secures Sharpe Ratio (or Efficiency) of 0.049, which signifies that the fund had a 0.049% return per unit of risk over the last 3 months. We have found twenty-seven technical indicators for California High Yield Municipal, which you can use to evaluate the volatility of the entity. Please confirm California High-yield's Downside Deviation of 0.4319, risk adjusted performance of 0.0133, and Mean Deviation of 0.1553 to double-check if the risk estimate we provide is consistent with the expected return of 0.0133%. The fund shows a Beta (market volatility) of 0.0405, which signifies not very significant fluctuations relative to the market. As returns on the market increase, California High-yield's returns are expected to increase less than the market. However, during the bear market, the loss of holding California High-yield is expected to be smaller as well.
Auto-correlation | 0.05 |
Virtually no predictability
California High Yield Municipal has virtually no predictability. Overlapping area represents the amount of predictability between California High-yield time series from 27th of October 2024 to 11th of November 2024 and 11th of November 2024 to 26th of November 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of California High Yield price movement. The serial correlation of 0.05 indicates that only as little as 5.0% of current California High-yield price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.05 | |
| Spearman Rank Test | 0.22 | |
| Residual Average | 0.0 | |
| Price Variance | 0.0 |
California High Yield lagged returns against current returns
Autocorrelation, which is California High-yield mutual fund's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting California High-yield's mutual fund expected returns. We can calculate the autocorrelation of California High-yield returns to help us make a trade decision. For example, suppose you find that California High-yield has exhibited high autocorrelation historically, and you observe that the mutual fund is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
California High-yield regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If California High-yield mutual fund is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if California High-yield mutual fund is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in California High-yield mutual fund over time.
Current vs Lagged Prices |
| Timeline |
California High-yield Lagged Returns
When evaluating California High-yield's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of California High-yield mutual fund have on its future price. California High-yield autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, California High-yield autocorrelation shows the relationship between California High-yield mutual fund current value and its past values and can show if there is a momentum factor associated with investing in California High Yield Municipal.
Regressed Prices |
| Timeline |
Also Currently Popular
Analyzing currently trending equities could be an opportunity to develop a better portfolio based on different market momentums that they can trigger. Utilizing the top trending stocks is also useful when creating a market-neutral strategy or pair trading technique involving a short or a long position in a currently trending equity.Other Information on Investing in California Mutual Fund
California High-yield financial ratios help investors to determine whether California Mutual Fund is cheap or expensive when compared to a particular measure, such as profits or enterprise value. In other words, they help investors to determine the cost of investment in California with respect to the benefits of owning California High-yield security.
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