Prudential High Correlations

PHYQX Fund

USD 4.83 0.01 0.21%

The current 90-days correlation between Prudential High Yield and Pimco High Yield is 0.78 (i.e., Poor diversification). The correlation of Prudential 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.

Prudential High Correlation With Market

Good diversification

The correlation between Prudential High Yield and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prudential 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 Prudential 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 producer price index.

Moving together with PRUDENTIAL Mutual Fund

0.98	HYSQX	Prudential Short Duration	Pair Corr
0.76	PGJQX	Prudential Jennison	Pair Corr
0.64	PGKCX	Pgim Jennison Technology	Pair Corr
0.64	PGKRX	Pgim Jennison Technology	Pair Corr
0.72	SCFVX	Pgim Securitized Credit	Pair Corr
0.69	PHYGX	Pgim High Yield	Pair Corr
0.72	PIBQX	Prudential Balanced	Pair Corr
0.61	SDVRX	Prudential Qma Mid	Pair Corr
0.64	PJFQX	Prudential Jennison	Pair Corr
0.65	PJFOX	Prudential Jennison	Pair Corr

Moving against PRUDENTIAL Mutual Fund

0.59	PHLQX	Prudential Health	Pair Corr
0.6	PJHRX	Prudential Health	Pair Corr

Related Correlations Analysis

	PHSIX	PKHIX	RHYKX	ARTFX	ACHFX	AHYMX	SGYAX
PHSIX		0.92	0.95	0.98	0.94	0.8	0.91	PHSIX
PKHIX	0.92		0.94	0.91	0.96	0.82	0.92	PKHIX
RHYKX	0.95	0.94		0.97	0.9	0.74	0.92	RHYKX
ARTFX	0.98	0.91	0.97		0.9	0.8	0.94	ARTFX
ACHFX	0.94	0.96	0.9	0.9		0.81	0.89	ACHFX
AHYMX	0.8	0.82	0.74	0.8	0.81		0.75	AHYMX
SGYAX	0.91	0.92	0.92	0.94	0.89	0.75		SGYAX
	PHSIX	PKHIX	RHYKX	ARTFX	ACHFX	AHYMX	SGYAX

Click cells to compare fundamentals

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Risk-Adjusted Indicators

There is a big difference between PRUDENTIAL Mutual Fund performing well and Prudential 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 Prudential 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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PHSIX	0.12	0.02	(0.58)	(0.81)	(0.19)	0.33	(0.22)	0.99
PKHIX	0.11	0.01	(0.51)	0.34	(0.19)	0.34	(0.22)	0.90
RHYKX	0.15	0.04	(0.34)	(2.69)	(0.29)	0.37	(0.19)	1.30
ARTFX	0.12	0.03	(0.57)	(1.09)	(0.21)	0.33	(0.22)	1.01
ACHFX	0.13	0.01	(0.52)	0.31	(0.21)	0.35	(0.23)	0.93
AHYMX	0.10	0.02	(0.34)	(0.26)	(0.18)	0.33	(0.22)	1.09
SGYAX	0.14	0.02	(0.47)	0.44	(0.25)	0.28	(0.14)	1.28

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