Pgim High Correlations

PHYGX Fund

USD 4.79 0.01 0.21%

The current 90-days correlation between Pgim High Yield and Old Westbury Large is 0.47 (i.e., Very weak diversification). The correlation of Pgim High 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.

Pgim High Correlation With Market

Very weak diversification

The correlation between Pgim High Yield and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pgim High Yield 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 Pgim High Yield. 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 price.

Moving together with Pgim Mutual Fund

0.71	PWJQX	Prudential Jennison	Pair Corr
0.7	PWJRX	Prudential Jennison	Pair Corr
0.7	PWJBX	Pgim Jennison Intern	Pair Corr
0.63	PWJDX	Pgim Jennison Intern	Pair Corr
0.99	HYSQX	Prudential Short Duration	Pair Corr
0.81	EMDQX	Prudential Emerging	Pair Corr
0.83	PFRIX	Prudential Floating Rate	Pair Corr
0.84	PGIQX	Prudential Government	Pair Corr
0.73	PGRQX	Prudential Global Real	Pair Corr
0.81	PGTQX	Prudential Global Total	Pair Corr
0.8	PGTSX	Prudential Global Total	Pair Corr
0.94	SCFQX	Pgim Securitized Credit	Pair Corr
0.94	SCFOX	Pgim Securitized Credit	Pair Corr
0.94	SCFZX	Pgim Securitized Credit	Pair Corr
0.95	SCFVX	Pgim Securitized Credit	Pair Corr
0.91	PHEQX	Prudential Global Total	Pair Corr
0.85	PHIQX	Prudential Muni High	Pair Corr
0.88	PHYQX	Prudential High Yield	Pair Corr
0.88	PIFEX	Prudential Short Term	Pair Corr
0.88	PIFGX	Prudential Short Term	Pair Corr
0.73	SDMQX	Prudential Short Duration	Pair Corr
0.66	PJEQX	Prudential Real Estate	Pair Corr
0.9	PJERX	Prudential Jennison	Pair Corr
0.91	PJIQX	Prudential Jennison	Pair Corr

Moving against Pgim Mutual Fund

0.42	PGKCX	Pgim Jennison Technology	Pair Corr
0.41	PGKAX	Pgim Jennison Technology	Pair Corr
0.41	PGKRX	Pgim Jennison Technology	Pair Corr
0.4	JSCRX	Prudential Jennison Small	Pair Corr
0.46	PJSQX	Prudential Jennison Small	Pair Corr
0.43	PJGQX	Prudential Jennison Mid	Pair Corr
0.43	JDERX	Prudential Jennison Mid	Pair Corr

Related Correlations Analysis

	OWLSX	SMYIX	TACLX	DBIWX	GMLVX	FMTIX	PAGLX	BPGSX
OWLSX		0.86	0.63	0.21	0.16	0.89	0.99	-0.11	OWLSX
SMYIX	0.86		0.68	0.23	0.21	0.82	0.83	-0.01	SMYIX
TACLX	0.63	0.68		0.75	0.57	0.87	0.58	0.42	TACLX
DBIWX	0.21	0.23	0.75		0.76	0.56	0.17	0.69	DBIWX
GMLVX	0.16	0.21	0.57	0.76		0.47	0.11	0.7	GMLVX
FMTIX	0.89	0.82	0.87	0.56	0.47		0.85	0.32	FMTIX
PAGLX	0.99	0.83	0.58	0.17	0.11	0.85		-0.17	PAGLX
BPGSX	-0.11	-0.01	0.42	0.69	0.7	0.32	-0.17		BPGSX
	OWLSX	SMYIX	TACLX	DBIWX	GMLVX	FMTIX	PAGLX	BPGSX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

PAGLX	+ 0.99	OWLSX
FMTIX	+ 0.89	OWLSX
FMTIX	+ 0.87	TACLX
SMYIX	+ 0.86	OWLSX
PAGLX	+ 0.85	FMTIX
PAGLX	+ 0.83	SMYIX

High negative correlations

BPGSX	- 0.17	PAGLX
BPGSX	- 0.11	OWLSX
BPGSX	- 0.01	SMYIX

Risk-Adjusted Indicators

There is a big difference between Pgim Mutual Fund performing well and Pgim High 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 Pgim High'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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
OWLSX	0.71	0.00	0.00	(0.06)	0.00	0.00	1.20	(1.55)	4.05
SMYIX	0.82	(0.04)	0.00	(0.11)	0.00	0.00	1.25	(1.72)	4.51
TACLX	0.65	0.01	0.00	(0.06)	0.00	0.00	1.26	(1.48)	3.10
DBIWX	0.26	0.01	0.18	(0.13)	0.34	(0.28)	0.48	(0.58)	1.77
GMLVX	0.71	0.04	0.08	0.03	0.91	(0.77)	1.57	(1.62)	5.51
FMTIX	0.46	0.02	0.00	(0.02)	0.00	0.00	0.82	(0.94)	2.72
PAGLX	0.73	(0.01)	0.00	(0.08)	0.00	0.00	1.11	(1.58)	4.65
BPGSX	0.62	0.22	0.29	0.31	0.59	(0.68)	1.15	(0.90)	5.23

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