High Income Correlations

USHYX Fund

USD 6.86 0.01 0.15%

The current 90-days correlation between High Income Fund and T Rowe Price is 0.47 (i.e., Very weak diversification). The correlation of High Income 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 Income Correlation With Market

Very weak diversification

The correlation between High Income Fund and DJI is 0.48 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding High Income 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 Income 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

0.81	UINCX	Income Fund Income	Pair Corr
0.82	UITBX	Intermediate Term Bond	Pair Corr
0.79	UITCX	Usaa Intermediate Term	Pair Corr
0.83	UITIX	Usaa Tax Exempt	Pair Corr
0.79	IPFIX	Victory Incore	Pair Corr
0.86	RSDYX	Victory Incore Low	Pair Corr
0.8	RSENX	Victory Sophus Emerging	Pair Corr
0.72	RSFYX	Victory Floating Rate	Pair Corr
0.68	RSFCX	Victory Floating Rate	Pair Corr
0.7	RSFMX	Victory Floating Rate	Pair Corr
0.71	RSFLX	Victory Floating Rate	Pair Corr
0.93	RSIGX	Victory Rs International	Pair Corr

Moving against High Mutual Fund

0.49	RSEGX	Victory Rs Small	Pair Corr
0.49	RSYEX	Victory Rs Small	Pair Corr
0.43	RSMMX	Victory Rs Small	Pair Corr
0.31	RSNRX	Victory Global Natural	Pair Corr

Related Correlations Analysis

	PAVLX	GBAYX	MSTSX	UPAAX	MAIJX	QGRIX
PAVLX		0.8	0.6	0.42	0.48	0.77	PAVLX
GBAYX	0.8		0.53	0.59	0.66	0.98	GBAYX
MSTSX	0.6	0.53		0.33	0.37	0.6	MSTSX
UPAAX	0.42	0.59	0.33		0.07	0.54	UPAAX
MAIJX	0.48	0.66	0.37	0.07		0.67	MAIJX
QGRIX	0.77	0.98	0.6	0.54	0.67		QGRIX
	PAVLX	GBAYX	MSTSX	UPAAX	MAIJX	QGRIX

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Risk-Adjusted Indicators

There is a big difference between High Mutual Fund performing well and High Income 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 Income'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
PAVLX	0.68	(0.09)	0.00	(0.30)	0.00	0.00	1.05	(1.25)	7.07
GBAYX	0.35	(0.01)	0.00	(0.16)	0.00	0.00	0.60	(0.76)	2.16
MSTSX	0.64	(0.19)	0.00	0.55	0.00	0.00	1.19	(1.47)	6.02
UPAAX	2.05	(0.24)	0.00	0.47	0.00	0.00	3.15	(4.96)	13.88
MAIJX	0.66	0.06	0.19	(2.69)	0.90	(0.66)	1.42	(1.58)	4.54
QGRIX	0.43	0.01	0.00	(0.12)	0.00	0.00	0.71	(0.95)	2.72

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