High Yield Correlations

Mutual Funds . USA . 
Fund . High Yield Fund
THIYX Fund  USD 7.71  0.01  0.13%   
The current 90-days correlation between High Yield Fund and Goldman Sachs Smallmid is 0.57 (i.e., Very weak 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

Very weak diversification

The correlation between High Yield Fund and DJI is 0.45 (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 Fund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map 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

  0.62TEGCX Touchstone Sands CapitalPairCorr
  0.74TEQCX Touchstone SustainabilityPairCorr
  0.74TEQAX Touchstone SustainabilityPairCorr
  0.84TFCCX Touchstone Large CapPairCorr
  0.63SSSGX Sentinel Low DurationPairCorr
  0.69FRACX Touchstone FlexiblePairCorr
  0.68TFSLX Touchstone FlexiblePairCorr
  0.99THYCX High Yield FundPairCorr
  0.99THYAX High Yield FundPairCorr
  1.0THYYX High Yield FundPairCorr
  0.63TIMPX Touchstone FundsPairCorr
  0.74TIQIX Touchstone SustainabilityPairCorr
  0.85TLCIX Touchstone Large CapPairCorr

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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