Ab High Correlations

ABTHX Fund

USD 9.95 0.02 0.20%

The current 90-days correlation between Ab High Income and Prudential California Muni is 0.94 (i.e., Almost no diversification). The correlation of Ab High 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.

Ab High Correlation With Market

Good diversification

The correlation between Ab High Income and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ab High Income and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Ab High Income. 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 ABTHX Mutual Fund

0.99	ABIMX	Ab Impact Municipal	Pair Corr
1.0	ABTYX	Ab High Income	Pair Corr
0.61	AUNTX	Ab Municipal Bond	Pair Corr
0.68	AUNCX	Ab Municipal Bond	Pair Corr
0.63	SNCAX	California Municipal	Pair Corr
0.68	NHMAX	Nuveen High Yield	Pair Corr
0.8	NHMFX	Nuveen High Yield	Pair Corr
0.71	ABHFX	American High Income	Pair Corr
0.72	AHICX	American High Income	Pair Corr
0.71	AMHIX	American High Income	Pair Corr
0.69	GHYCX	Goldman Sachs High	Pair Corr

Related Correlations Analysis

	PBCAX	RGVAX	ATOAX	OWMBX	SNCAX	BBINX	PCMNX	ICAXX
PBCAX		0.24	0.32	0.76	0.78	0.96	0.78	0.0	PBCAX
RGVAX	0.24		0.02	0.38	0.37	0.29	0.37	0.0	RGVAX
ATOAX	0.32	0.02		0.58	0.32	0.51	0.35	0.0	ATOAX
OWMBX	0.76	0.38	0.58		0.94	0.82	0.94	0.0	OWMBX
SNCAX	0.78	0.37	0.32	0.94		0.8	0.99	0.0	SNCAX
BBINX	0.96	0.29	0.51	0.82	0.8		0.81	0.0	BBINX
PCMNX	0.78	0.37	0.35	0.94	0.99	0.81		0.0	PCMNX
ICAXX	0.0	0.0	0.0	0.0	0.0	0.0	0.0		ICAXX
	PBCAX	RGVAX	ATOAX	OWMBX	SNCAX	BBINX	PCMNX	ICAXX

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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

PCMNX	+ 0.99	SNCAX
BBINX	+ 0.96	PBCAX
SNCAX	+ 0.94	OWMBX
PCMNX	+ 0.94	OWMBX
BBINX	+ 0.82	OWMBX
PCMNX	+ 0.81	BBINX

High negative correlations

ICAXX	- 0.0	PCMNX
ICAXX	- 0.0	BBINX
ICAXX	- 0.0	SNCAX
ICAXX	- 0.0	OWMBX
ICAXX	- 0.0	ATOAX
ICAXX	- 0.0	RGVAX

Risk-Adjusted Indicators

There is a big difference between ABTHX Mutual Fund performing well and Ab High 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 Ab High'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
PBCAX	0.20	(0.01)	0.00	(0.76)	0.00	0.00	0.41	(0.31)	3.14
RGVAX	0.32	0.02	(0.03)	(0.42)	0.36	(0.33)	0.59	(0.67)	1.84
ATOAX	0.03	0.00	0.00	0.95	0.00	0.00	0.00	0.00	0.40
OWMBX	0.18	0.00	(0.06)	0.00	0.33	(0.19)	0.27	(0.72)	1.80
SNCAX	0.19	(0.01)	0.00	0.20	0.00	0.00	0.36	(0.81)	2.01
BBINX	0.22	(0.01)	(0.08)	0.27	0.40	(0.23)	0.40	(0.80)	2.21
PCMNX	0.24	(0.01)	0.00	0.17	0.00	0.00	0.34	(0.93)	2.47
ICAXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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