High Yield Correlations

MNHAX Fund

USD 9.92 0.01 0.10%

The current 90-days correlation between High Yield Bond and Manning Napier Callodine 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

Weak diversification

The correlation between High Yield Bond and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding High Yield Bond and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in High Yield Bond. 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

0.62	MNBWX	Manning Napier Pro	Pair Corr
0.7	MNHCX	Pro-blend(r) Maximum	Pair Corr
0.67	MNHIX	Pro-blend(r) Maximum	Pair Corr
0.69	MNHRX	Pro-blend(r) Maximum	Pair Corr
0.69	MNHWX	Manning Napier Pro	Pair Corr
0.99	MNHYX	High Yield Bond	Pair Corr

Related Correlations Analysis

	CEIIX	CEIZX	CEISX	MNBAX	MNBIX	MNCPX	MNCRX	MNCWX	MNDFX	MNBRX
CEIIX		1.0	1.0	0.09	0.11	-0.55	-0.36	-0.3	0.95	0.06	CEIIX
CEIZX	1.0		1.0	0.08	0.11	-0.55	-0.36	-0.31	0.95	0.06	CEIZX
CEISX	1.0	1.0		0.09	0.11	-0.55	-0.36	-0.3	0.95	0.06	CEISX
MNBAX	0.09	0.08	0.09		1.0	0.66	0.81	0.83	0.06	1.0	MNBAX
MNBIX	0.11	0.11	0.11	1.0		0.65	0.8	0.82	0.08	1.0	MNBIX
MNCPX	-0.55	-0.55	-0.55	0.66	0.65		0.88	0.86	-0.58	0.68	MNCPX
MNCRX	-0.36	-0.36	-0.36	0.81	0.8	0.88		1.0	-0.43	0.82	MNCRX
MNCWX	-0.3	-0.31	-0.3	0.83	0.82	0.86	1.0		-0.38	0.85	MNCWX
MNDFX	0.95	0.95	0.95	0.06	0.08	-0.58	-0.43	-0.38		0.03	MNDFX
MNBRX	0.06	0.06	0.06	1.0	1.0	0.68	0.82	0.85	0.03		MNBRX
	CEIIX	CEIZX	CEISX	MNBAX	MNBIX	MNCPX	MNCRX	MNCWX	MNDFX	MNBRX

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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

CEIZX	+ 1.0	CEIIX
CEISX	+ 1.0	CEIIX
CEISX	+ 1.0	CEIZX
MNBIX	+ 1.0	MNBAX
MNBRX	+ 1.0	MNBAX
MNBRX	+ 1.0	MNBIX

High negative correlations

MNDFX	- 0.58	MNCPX
MNCPX	- 0.55	CEISX
MNCPX	- 0.55	CEIZX
MNCPX	- 0.55	CEIIX
MNDFX	- 0.43	MNCRX
MNDFX	- 0.38	MNCWX

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
CEIIX	0.69	0.06	0.04	0.19	0.48	(0.88)	1.78	(1.17)	4.63
CEIZX	0.69	0.06	0.04	0.20	0.48	(0.88)	1.78	(1.17)	4.63
CEISX	0.69	0.06	0.04	0.19	0.49	(0.88)	1.79	(1.18)	4.58
MNBAX	0.31	(0.03)	(0.23)	0.03	0.40	(0.31)	0.60	(0.63)	1.83
MNBIX	0.31	(0.02)	(0.23)	0.04	0.39	(0.30)	0.59	(0.64)	1.87
MNCPX	0.11	(0.01)	(0.72)	(0.51)	0.12	(0.16)	0.20	(0.20)	0.71
MNCRX	0.18	(0.02)	(0.47)	(0.04)	0.21	(0.19)	0.30	(0.44)	1.05
MNCWX	0.17	(0.01)	(0.45)	(0.01)	0.20	(0.19)	0.30	(0.44)	1.04
MNDFX	0.58	(0.02)	(0.05)	0.09	0.50	(0.71)	1.19	(1.01)	4.44
MNBRX	0.30	(0.03)	(0.24)	0.03	0.40	(0.30)	0.59	(0.64)	1.82

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