High Yield Correlations

Mutual Funds . USA . 
Fund . High Yield Fund
PHYAX Fund  USD 8.10  0.01  0.12%   
The current 90-days correlation between High Yield Fund and Global Gold Fund is 0.08 (i.e., Significant 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

Good diversification

The correlation between High Yield Fund and DJI is -0.12 (i.e., Good 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 nation.

Moving together with High Mutual Fund

  0.77PFBPX Pimco Foreign BondPairCorr
  0.67PFCJX Pimco Preferred AndPairCorr
  0.68PFANX Pimco Capital SecPairCorr
  0.88PFIAX Pimco Floating IncomePairCorr
  0.89PFIIX Pimco Floating IncomePairCorr
  0.75PFIUX Pimco Unconstrained BondPairCorr
  0.71PFINX Pimco Capital SecPairCorr
  0.87PFNCX Pimco Floating IncomePairCorr
  0.69PFONX Pimco International BondPairCorr
  0.69PFORX Pimco Foreign BondPairCorr
  0.67PFNNX Pimco Preferred AndPairCorr
  0.88PFNIX Pimco Low DurationPairCorr
  0.77PFNUX Pimco Dynamic BondPairCorr
  0.7PFOAX Pimco Foreign BondPairCorr
  0.68PFOCX Pimco Foreign BondPairCorr
  0.69PFRAX Pimco Foreign BondPairCorr
  0.7PFPNX Pimco Capital SecPairCorr
  0.88PFTPX Pimco Floating IncomePairCorr
  0.75PFRRX Pimco Foreign BondPairCorr
  0.63PGAPX Pimco Global MultiPairCorr
  0.63PXTIX Fundamental IndexplusPairCorr
  0.65PXTNX Pimco Rae PlusPairCorr

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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