High Yield Correlations

Mutual Funds . USA . 
Fund . High Yield Fund
THYCX Fund  USD 7.39  0.01  0.14%   
The current 90-days correlation between High Yield Fund and Touchstone Small Cap is 0.51 (i.e., Very weak 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 weak diversification

The correlation between High Yield Fund and DJI is 0.47 (i.e., Very weak 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 World Market Map 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 main economic indicators.

Moving together with High Mutual Fund

  0.92TVOYX Touchstone Small CapPairCorr
  0.71TEGCX Touchstone Sands CapitalPairCorr
  0.8TEGAX Mid Cap GrowthPairCorr
  0.78TEGIX Mid Cap GrowthPairCorr
  0.78TEGYX Mid Cap GrowthPairCorr
  0.87SAGWX Sentinel Small PanyPairCorr
  0.76TEQCX Touchstone SustainabilityPairCorr
  0.74TEQAX Touchstone SustainabilityPairCorr
  0.87SSCOX Sentinel Small PanyPairCorr
  0.88TFCCX Touchstone Large CapPairCorr
  0.87SSRRX Sentinel SmallPairCorr
  0.89TFFCX Touchstone FocusedPairCorr
  0.8TFGRX Touchstone Mid CapPairCorr
  0.89TFFIX Touchstone FocusedPairCorr
  0.89TFFYX Touchstone FocusedPairCorr
  0.91SBACX Sentinel BalancedPairCorr
  0.89TFOAX Touchstone FocusedPairCorr
  0.79CFSIX Touchstone Sands CapitalPairCorr
  0.83TGVCX Growth OpportunitiesPairCorr
  0.83TGVFX Growth OpportunitiesPairCorr
  0.83TGVYX Growth OpportunitiesPairCorr
  0.83TGVVX Growth OpportunitiesPairCorr
  0.89SCRLX Sentinel Mon StockPairCorr
  0.89SCSCX Sentinel Mon StockPairCorr
  1.0THIYX High Yield FundPairCorr
  0.95THYAX High Yield FundPairCorr
  0.87TICSX Touchstone Small PanyPairCorr
  0.89SEBLX Sentinel BalancedPairCorr
  0.75TIQIX Touchstone SustainabilityPairCorr
  0.88SENCX Sentinel Mon StockPairCorr
  0.81CISGX Touchstone Sands CapitalPairCorr
  0.88TLCIX Touchstone Large CapPairCorr
  0.88TLCYX Touchstone Large CapPairCorr

Moving against High Mutual Fund

  0.34SSSGX Sentinel Low DurationPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
TVOYX  1.25  0.01  0.00 (0.04) 0.00 
 0.00 
 2.43 
(2.45)
 12.17 
TEGCX  1.13  0.13  0.09  0.12  1.41 
(1.20)
 2.14 
(1.87)
 8.00 
TEGAX  1.94 (0.05) 0.00  0.55  0.00 
 0.00 
 3.19 
(4.32)
 15.02 
TEGIX  1.95  0.04  0.00 (0.03) 0.00 
 0.00 
 3.26 
(4.30)
 15.06 
TEGYX  1.96  0.04  0.00 (0.03) 0.00 
 0.00 
 3.25 
(4.32)
 15.08 
SAGWX  1.32  0.02  0.00 (0.03) 0.00 
 0.00 
 2.50 
(2.93)
 12.79 
TEQCX  1.00  0.11  0.10 (2.30) 1.50 
(1.01)
 2.21 
(2.23)
 9.21 
TEQAX  1.00  0.16  0.10  0.15  1.50 
(1.01)
 2.24 
(2.27)
 9.19 
SSCOX  1.33  0.02  0.00 (0.04) 0.00 
 0.00 
 2.56 
(2.83)
 12.90 
TFCCX  1.03  0.02  0.00 (0.04) 0.00 
 0.00 
 1.65 
(1.77)
 10.15 

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