High Yield Correlations

RYHHX Fund

USD 94.78 0.36 0.38%

The current 90-days correlation between High Yield Strategy and Guinness Atkinson Alternative is 0.61 (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

Very poor diversification

The correlation between High Yield Strategy and DJI is 0.84 (i.e., Very poor 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 rate.

Moving together with High Mutual Fund

0.83	RYBCX	Basic Materials	Pair Corr
0.84	RYBAX	Basic Materials	Pair Corr
0.82	RYBMX	Basic Materials	Pair Corr
0.82	RYBHX	Sp Midcap 400	Pair Corr
0.84	RYBIX	Basic Materials	Pair Corr
0.81	RYBOX	Biotechnology Fund Class	Pair Corr
0.61	RYAQX	Inverse Government Long	Pair Corr
0.72	RYATX	Nasdaq 100 Fund	Pair Corr
0.82	RYAZX	Sp Smallcap 600	Pair Corr
0.78	RYAWX	Sp 500 Pure	Pair Corr
0.88	RYAVX	Sp Midcap 400	Pair Corr
0.86	RYDHX	Dow Jones Industrial	Pair Corr
0.81	RYDCX	Mid Cap 15x	Pair Corr
0.8	RYCFX	Biotechnology Fund Class	Pair Corr
0.77	RYCEX	Europe 125x Strategy	Pair Corr
0.77	RYCAX	Consumer Products	Pair Corr
0.8	RYCCX	Nasdaq 100 2x	Pair Corr
0.87	RYCNX	Transportation Fund Class	Pair Corr
0.82	RYCOX	Nasdaq 100 Fund	Pair Corr
0.78	RYCIX	Consumer Products	Pair Corr
0.82	RYCKX	Sp Midcap 400	Pair Corr
0.84	RYCVX	Dow 2x Strategy	Pair Corr
0.86	RYCYX	Dow 2x Strategy	Pair Corr
0.87	RYCTX	Sp 500 2x	Pair Corr
0.75	RYDAX	Dow Jones Industrial	Pair Corr
0.85	RYFNX	Financial Services	Pair Corr
0.91	RYFIX	Financial Services	Pair Corr

Moving against High Mutual Fund

0.66	RYAFX	Inverse Russell 2000	Pair Corr
0.56	RYABX	Government Long Bond	Pair Corr
0.55	RYAUX	Utilities Fund Class	Pair Corr
0.35	RYACX	Inverse Nasdaq 100	Pair Corr
0.85	RYCZX	Inverse Dow 2x	Pair Corr
0.8	RYCLX	Inverse Mid Cap	Pair Corr
0.75	RYCQX	Inverse Russell 2000	Pair Corr
0.55	RYGBX	Government Long Bond	Pair Corr

Related Correlations Analysis

	RYMFX	MASFX	MASNX	LVAMX	RIVSX	EMSLX	BGRWX	CSCVX	RYBCX	GAAEX
RYMFX		0.0	0.0	0.83	0.96	0.87	0.78	0.0	0.92	0.75	RYMFX
MASFX	0.0		-1.0	0.0	0.0	0.0	0.0	1.0	0.0	0.0	MASFX
MASNX	0.0	-1.0		0.0	0.0	0.0	0.0	-1.0	0.0	0.0	MASNX
LVAMX	0.83	0.0	0.0		0.77	0.81	0.82	0.0	0.95	0.41	LVAMX
RIVSX	0.96	0.0	0.0	0.77		0.87	0.79	0.0	0.89	0.76	RIVSX
EMSLX	0.87	0.0	0.0	0.81	0.87		0.91	0.0	0.88	0.48	EMSLX
BGRWX	0.78	0.0	0.0	0.82	0.79	0.91		0.0	0.84	0.35	BGRWX
CSCVX	0.0	1.0	-1.0	0.0	0.0	0.0	0.0		0.0	0.0	CSCVX
RYBCX	0.92	0.0	0.0	0.95	0.89	0.88	0.84	0.0		0.52	RYBCX
GAAEX	0.75	0.0	0.0	0.41	0.76	0.48	0.35	0.0	0.52		GAAEX
	RYMFX	MASFX	MASNX	LVAMX	RIVSX	EMSLX	BGRWX	CSCVX	RYBCX	GAAEX

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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

CSCVX	+ 1.0	MASFX
RIVSX	+ 0.96	RYMFX
RYBCX	+ 0.95	LVAMX
RYBCX	+ 0.92	RYMFX
BGRWX	+ 0.91	EMSLX
RYBCX	+ 0.89	RIVSX

High negative correlations

CSCVX	- 1.0	MASNX
MASNX	- 1.0	MASFX
GAAEX	- 0.0	CSCVX
RYBCX	- 0.0	CSCVX
CSCVX	- 0.0	BGRWX
CSCVX	- 0.0	EMSLX

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
RYMFX	0.54	0.01	(0.03)	0.10	0.68	(0.55)	1.19	(1.21)	2.84
MASFX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MASNX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LVAMX	0.89	0.40	0.49	2.05	0.00	(1.16)	1.30	(0.90)	24.86
RIVSX	0.89	0.08	0.10	0.16	0.82	(1.06)	2.43	(1.67)	5.10
EMSLX	0.92	0.35	0.34	0.61	0.30	(1.08)	1.53	(1.63)	19.22
BGRWX	0.75	0.21	0.28	0.36	0.20	(0.95)	1.14	(0.88)	15.46
CSCVX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
RYBCX	1.25	0.42	0.31	0.61	0.80	(1.52)	2.31	(2.01)	14.56
GAAEX	0.93	(0.04)	(0.02)	0.06	1.22	(0.93)	1.84	(2.15)	4.79

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