High Yield Correlations

Mutual Funds . USA . 
Fund . High Yield Fund
PHYAX Fund  USD 8.09  0.01  0.12%   
The current 90-days correlation between High Yield Fund and Ab Municipal Bond is 0.09 (i.e., Significant 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 0.61 (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 nation.

Moving together with High Mutual Fund

  0.85PFBPX Pimco Foreign BondPairCorr
  0.99PFCJX Pimco Preferred AndPairCorr
  0.99PFANX Pimco Capital SecPairCorr
  0.97PFIAX Pimco Floating IncomePairCorr
  0.97PFIIX Pimco Floating IncomePairCorr
  0.95PFIUX Pimco Unconstrained BondPairCorr
  0.98PFINX Pimco Capital SecPairCorr
  0.97PFNCX Pimco Floating IncomePairCorr
  0.85PFONX Pimco International BondPairCorr
  0.85PFORX Pimco Foreign BondPairCorr
  0.98PFNNX Pimco Preferred AndPairCorr
  0.97PFNIX Pimco Low DurationPairCorr
  0.95PFNUX Pimco Dynamic BondPairCorr
  0.83PFOAX Pimco Foreign BondPairCorr
  0.8PFOCX Pimco Foreign BondPairCorr
  0.76PFRCX Foreign BondPairCorr
  0.83PFRAX Pimco Foreign BondPairCorr
  0.9PFRMX Pimco Inflation ResponsePairCorr
  0.98PFPNX Pimco Capital SecPairCorr
  0.96PFTCX Short Term FundPairCorr
  0.97PFTPX Pimco Floating IncomePairCorr
  0.81PFRRX Pimco Foreign BondPairCorr
  0.98PFSIX Pimco Emerging MarketsPairCorr
  0.79PFUUX Pimco Foreign BondPairCorr
  0.78PFUAX Foreign BondPairCorr
  0.79PFUIX Foreign BondPairCorr
  0.79PFUNX Pimco International BondPairCorr
  0.79PFUPX Pimco Foreign BondPairCorr
  0.98PGAPX Pimco Global MultiPairCorr
  0.97PXTIX Fundamental IndexplusPairCorr
  0.97PXTNX Pimco Rae PlusPairCorr
  0.94PGBIX Global Bond FundPairCorr

Moving against High Mutual Fund

  0.83PWLBX Pimco Rae WorldwidePairCorr
  0.62PWLEX Pimco Rae WorldwidePairCorr
  0.55PWLMX Pimco Rae WorldwidePairCorr
  0.53PWLIX Pimco Rae WorldwidePairCorr

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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