High Yield Correlations

Mutual Funds . USA . 
Fund . High Yield Fund
THYYX Fund  USD 7.78  0.01  0.13%   
The current 90-days correlation between High Yield Fund and Touchstone Small Cap is 0.67 (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 0.61 (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 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 manufacturing.

Moving together with High Mutual Fund

  0.95TVOYX Touchstone Small CapPairCorr
  0.9TEGCX Touchstone Sands CapitalPairCorr
  0.96TEGAX Mid Cap GrowthPairCorr
  0.96TEGIX Mid Cap GrowthPairCorr
  0.96TEGYX Mid Cap GrowthPairCorr
  0.93SAGWX Sentinel Small PanyPairCorr
  0.93TEQCX Touchstone SustainabilityPairCorr
  0.94TEQAX Touchstone SustainabilityPairCorr
  0.92SSCOX Sentinel Small PanyPairCorr
  0.91TFCCX Touchstone Large CapPairCorr
  0.93SSRRX Sentinel SmallPairCorr
  0.98TFFCX Touchstone FocusedPairCorr
  0.96TFGRX Touchstone Mid CapPairCorr
  0.98TFFIX Touchstone FocusedPairCorr
  0.94SSSGX Sentinel Low DurationPairCorr
  0.98TFFYX Touchstone FocusedPairCorr
  0.98SBACX Sentinel BalancedPairCorr
  0.86FRACX Touchstone FlexiblePairCorr
  0.98TFOAX Touchstone FocusedPairCorr
  0.89TFSLX Touchstone FlexiblePairCorr
  0.96CFSIX Touchstone Sands CapitalPairCorr
  0.97TGVCX Growth OpportunitiesPairCorr
  0.97TGVFX Growth OpportunitiesPairCorr
  0.98TGVYX Growth OpportunitiesPairCorr
  0.98TGVVX Growth OpportunitiesPairCorr
  0.98SCRLX Sentinel Mon StockPairCorr
  0.97SCSCX Sentinel Mon StockPairCorr
  1.0THIYX High Yield FundPairCorr
  1.0THYCX High Yield FundPairCorr
  0.99THYAX High Yield FundPairCorr
  0.93TICSX Touchstone Small PanyPairCorr
  0.97SEBLX Sentinel BalancedPairCorr
  0.94TIQIX Touchstone SustainabilityPairCorr
  0.97SENCX Sentinel Mon StockPairCorr
  0.97SWFCX Sentinel InternationalPairCorr
  0.97SWRLX Sentinel InternationalPairCorr
  0.98CISGX Touchstone Sands CapitalPairCorr
  0.93TLCIX Touchstone Large CapPairCorr

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  0.80  0.06  0.05  0.19  0.85 
(0.95)
 2.05 
(1.82)
 6.32 
TEGCX  0.64  0.22  0.11 (2.97) 0.31 
(0.80)
 1.81 
(0.97)
 4.19 
TEGAX  0.93  0.38  0.18 (1.42) 0.75 
(1.07)
 2.67 
(1.55)
 5.79 
TEGIX  0.90  0.21  0.18  0.35  0.71 
(1.03)
 2.69 
(1.55)
 5.80 
TEGYX  0.91  0.21  0.18  0.35  0.72 
(1.03)
 2.69 
(1.55)
 5.80 
SAGWX  0.82  0.24  0.08 (1.03) 0.78 
(0.97)
 2.05 
(1.69)
 6.36 
TEQCX  0.59  0.23  0.12 (1.91) 0.27 
(0.73)
 1.45 
(1.00)
 3.63 
TEQAX  0.59  0.23  0.13 (1.95) 0.25 
(0.74)
 1.47 
(0.94)
 3.68 
SSCOX  0.83  0.24  0.08 (1.02) 0.74 
(1.00)
 2.14 
(1.69)
 6.17 
TFCCX  0.64  0.11 (0.04)(1.17) 0.68 
(0.69)
 1.51 
(1.31)
 3.83 

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