High Yield Correlations

Mutual Funds . USA . 
Fund . High Yield Fund
PHIYX Fund  USD 8.09  0.01  0.12%   
The current 90-days correlation between High Yield Fund and Emerging Markets Bond is 0.86 (i.e., Very 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

Average diversification

The correlation between High Yield Fund and DJI is 0.15 (i.e., Average 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

  0.76PWLEX Pimco Rae WorldwidePairCorr
  0.77PWLBX Pimco Rae WorldwidePairCorr
  0.77PWLMX Pimco Rae WorldwidePairCorr
  0.77PWLIX Pimco Rae WorldwidePairCorr
  0.75PFBPX Pimco Foreign BondPairCorr
  0.82PFCJX Pimco Preferred AndPairCorr
  0.68PFATX Pimco FundamentalPairCorr
  0.85PFANX Pimco Capital SecPairCorr
  0.95PFIAX Pimco Floating IncomePairCorr
  0.95PFIIX Pimco Floating IncomePairCorr
  0.96PFIUX Pimco Unconstrained BondPairCorr
  0.85PFINX Pimco Capital SecPairCorr
  0.95PFNCX Pimco Floating IncomePairCorr
  0.75PFONX Pimco International BondPairCorr
  0.63PFORX Pimco Foreign BondPairCorr
  0.86PFNNX Pimco Preferred AndPairCorr
  0.95PFNIX Pimco Low DurationPairCorr
  0.95PFNUX Pimco Dynamic BondPairCorr
  0.74PFOAX Pimco Foreign BondPairCorr
  0.67PFOCX Pimco Foreign BondPairCorr
  0.75PFRAX Pimco Foreign BondPairCorr
  0.91PFRMX Pimco Inflation ResponsePairCorr
  0.85PFPNX Pimco Capital SecPairCorr
  0.74PFTCX Short Term FundPairCorr
  0.95PFTPX Pimco Floating IncomePairCorr
  0.7PFRRX Pimco Foreign BondPairCorr
  0.92PFSIX Pimco Emerging MarketsPairCorr
  0.63PFUUX Pimco Foreign BondPairCorr
  0.63PFUAX Foreign BondPairCorr
  0.64PFUIX Foreign BondPairCorr
  0.64PFUNX Pimco International BondPairCorr
  0.64PFUPX Pimco Foreign BondPairCorr
  0.92PGAPX Pimco Global MultiPairCorr
  0.69PXTIX Fundamental IndexplusPairCorr
  0.69PXTNX Pimco Rae PlusPairCorr
  0.94PGBIX 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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