High Yield Correlations

Mutual Funds . USA . 
Fund . High Yield Fund
PHIYX Fund  USD 8.04  0.01  0.12%   
The current 90-days correlation between High Yield Fund and Emerging Markets Bond is 0.75 (i.e., Poor 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 0.42 (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, which includes a position in High Yield 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 manufacturing.

Moving together with High Mutual Fund

  0.8PWLEX Pimco Rae WorldwidePairCorr
  0.8PWLBX Pimco Rae WorldwidePairCorr
  0.82PWLMX Pimco Rae WorldwidePairCorr
  0.82PWLIX Pimco Rae WorldwidePairCorr
  0.66PFBPX Pimco Foreign BondPairCorr
  0.85PFCJX Pimco Preferred AndPairCorr
  0.8PFATX Pimco FundamentalPairCorr
  0.86PFANX Pimco Capital SecPairCorr
  0.81PFGAX Long Term GovernmentPairCorr
  0.8PFGCX Long Term GovernmentPairCorr
  0.89PFIAX Pimco Floating IncomePairCorr
  0.88PFIIX Pimco Floating IncomePairCorr
  0.87PFIUX Pimco Unconstrained BondPairCorr
  0.86PFINX Pimco Capital SecPairCorr
  0.9PFMIX Municipal BondPairCorr
  0.89PFNCX Pimco Floating IncomePairCorr
  0.66PFONX Pimco International BondPairCorr
  0.66PFORX Pimco Foreign BondPairCorr
  0.86PFNNX Pimco Preferred AndPairCorr
  0.89PFNIX Pimco Low DurationPairCorr
  0.87PFNUX Pimco Dynamic BondPairCorr
  0.61PFOAX Pimco Foreign BondPairCorr
  0.76PFRCX Foreign BondPairCorr
  0.61PFRAX Pimco Foreign BondPairCorr
  0.76PFRMX Pimco Inflation ResponsePairCorr
  0.86PFPNX Pimco Capital SecPairCorr
  0.87PFTCX Short Term FundPairCorr
  0.89PFTPX Pimco Floating IncomePairCorr
  0.87PFSIX Pimco Emerging MarketsPairCorr
  0.76PFUUX Pimco Foreign BondPairCorr
  0.78PFUAX Foreign BondPairCorr
  0.77PFUIX Foreign BondPairCorr
  0.78PFUNX Pimco International BondPairCorr
  0.76PFUPX Pimco Foreign BondPairCorr
  0.85PGAPX Pimco Global MultiPairCorr
  0.82PGBIX Global Bond FundPairCorr

Related Correlations Analysis

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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.

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