High Yield Correlations

Mutual Funds . USA . 
Fund . High Yield Fund
PHIYX Fund  USD 8.11  0.02  0.25%   
The current 90-days correlation between High Yield Fund and Blackrock Science Technology is 0.63 (i.e., Poor 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

Poor diversification

The correlation between High Yield Fund and DJI is 0.7 (i.e., Poor 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 Your Equity Center 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

  0.77PFBPX Pimco Foreign BondPairCorr
  0.91PFCJX Pimco Preferred AndPairCorr
  0.92PFANX Pimco Capital SecPairCorr
  0.88PFIAX Pimco Floating IncomePairCorr
  0.93PFIIX Pimco Floating IncomePairCorr
  0.87PFIUX Pimco Unconstrained BondPairCorr
  0.96PFINX Pimco Capital SecPairCorr
  0.88PFNCX Pimco Floating IncomePairCorr
  0.73PFONX Pimco International BondPairCorr
  0.77PFORX Pimco Foreign BondPairCorr
  0.96PFNNX Pimco Preferred AndPairCorr
  0.91PFNIX Pimco Low DurationPairCorr
  0.79PFNUX Pimco Dynamic BondPairCorr
  0.75PFOAX Pimco Foreign BondPairCorr
  0.69PFOCX Pimco Foreign BondPairCorr
  0.64PFRCX Foreign BondPairCorr
  0.75PFRAX Pimco Foreign BondPairCorr
  0.91PFRMX Pimco Inflation ResponsePairCorr
  0.96PFPNX Pimco Capital SecPairCorr
  0.89PFTCX Short Term FundPairCorr
  0.91PFTPX Pimco Floating IncomePairCorr
  0.77PFRRX Pimco Foreign BondPairCorr
  0.93PFSIX Pimco Emerging MarketsPairCorr
  0.65PFUUX Pimco Foreign BondPairCorr
  0.66PFUAX Foreign BondPairCorr
  0.65PFUIX Foreign BondPairCorr
  0.64PFUNX Pimco International BondPairCorr
  0.64PFUPX Pimco Foreign BondPairCorr
  0.98PGAPX Pimco Global MultiPairCorr
  0.95PXTIX Fundamental IndexplusPairCorr
  0.95PXTNX Pimco Rae PlusPairCorr
  0.87PGBIX Global Bond FundPairCorr

Moving against High Mutual Fund

  0.49PWLBX Pimco Rae WorldwidePairCorr
  0.31PFGAX Long Term GovernmentPairCorr
  0.31PGOVX Long Term GovernmentPairCorr

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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