Projected Return Density against MarketAssuming 30 trading days horizon, PIA High has beta of 0.01 . This implies as returns on market go up, PIA High avarage returns are expected to increase less than the benchmark. However during bear market, the loss on holding PIA High Yield Investor will be expected to be much smaller as well. Moreover, PIA High Yield Investor has alpha of 0.01 implying that it can potentially generate 0.01% excess return over S&P 500 after adjusting for the inherited market risk (beta). Assuming 30 trading days horizon, the coefficient of variation of PIA High is 314.7. The daily returns are destributed with a variance of 0.03 and standard deviation of 0.17. The mean deviation of PIA High Yield Investor is currently at 0.12. For similar time horizon, the selected benchmark (S&P 500) has volatility of 0.55
Actual Return VolatilityPIA High Yield Investor shows 0.17% volatility of returns over 30 trading days. S&P 500 shows 0.55% volatility of returns over 30 trading days.
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S&P 500 has a standard deviation of returns of 0.55 and is 3.24 times more volatile than PIA High Yield Investor. 2% of all equities and portfolios are less risky than PIA High. Compared with the overall equity markets, volatility of historical daily returns of PIA High Yield Investor is lower than 2 (%) of all global equities and portfolios over the last 30 days. Use PIA High Yield Investor to protect against small markets fluctuations. The fund experiences stable pattern. Watch out for signals. As returns on market increase, PIA High returns are expected to increase less than the market. However during bear market, the loss on holding PIA High will be expected to be smaller as well.
PIA High correlation with market
PIA High Current Risk Indicators
Suggested Divercification Pairs