High Yield Correlations

RYHGX Fund

USD 121.76 0.23 0.19%

The current 90-days correlation between High Yield Strategy and Inverse High Yield is -1.0 (i.e., Pay attention - limited upside). 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 Strategy and DJI is 0.41 (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 Strategy 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 Strategy. 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 High Mutual Fund

0.64	RYBKX	Banking Fund Class	Pair Corr
0.64	RYABX	Government Long Bond Steady Growth	Pair Corr
0.81	RYAEX	Europe 125x Strategy	Pair Corr
0.71	RYAUX	Utilities Fund Class	Pair Corr
0.72	RYDHX	Dow Jones Industrial	Pair Corr
0.64	RYDKX	Dow Jones Industrial	Pair Corr
0.74	RYCEX	Europe 125x Strategy	Pair Corr
0.67	RYCGX	Government Long Bond Steady Growth	Pair Corr

Moving against High Mutual Fund

0.52	RYAQX	Inverse Government Long	Pair Corr
0.67	RYCWX	Inverse Dow 2x	Pair Corr
0.66	RYCZX	Inverse Dow 2x	Pair Corr

Related Correlations Analysis

	RYIHX	FYAIX	RYGBX	RYHRX	RYAWX
RYIHX		-0.58	-0.91	-0.9	-0.39	RYIHX
FYAIX	-0.58		0.37	0.38	0.48	FYAIX
RYGBX	-0.91	0.37		0.89	0.11	RYGBX
RYHRX	-0.9	0.38	0.89		0.31	RYHRX
RYAWX	-0.39	0.48	0.11	0.31		RYAWX
	RYIHX	FYAIX	RYGBX	RYHRX	RYAWX

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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

RYHRX	+ 0.89	RYGBX
RYAWX	+ 0.48	FYAIX
RYHRX	+ 0.38	FYAIX
RYGBX	+ 0.37	FYAIX
RYAWX	+ 0.31	RYHRX
RYAWX	+ 0.11	RYGBX

High negative correlations

RYGBX	- 0.91	RYIHX
RYHRX	- 0.9	RYIHX
FYAIX	- 0.58	RYIHX
RYAWX	- 0.39	RYIHX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
RYIHX	0.24	(0.03)	0.00	0.09	0.00	0.00	0.39	(0.53)	2.36
FYAIX	0.20	0.01	0.26	(0.20)	0.24	(0.21)	0.30	(0.33)	1.34
RYGBX	0.79	0.06	0.12	0.28	0.85	(0.85)	1.92	(1.42)	4.75
RYHRX	0.80	0.00	0.00	(0.06)	0.00	0.00	1.54	(1.59)	5.52
RYAWX	1.02	(0.02)	0.00	(0.09)	0.00	0.00	1.72	(2.53)	5.42

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