Projected Return Density against MarketAssuming 30 trading days horizon, PIA High Yield Investor has beta of -0.07 . This implies as returns on benchmark increase, returns on holding PIA High are expected to decrease at a much smaller rate. During bear market, however, PIA High Yield Investor is likely to outperform the market. Moreover, PIA High Yield Investor has alpha of 0.0049 implying that it can potentially generate 0.0049% 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 1212.7. The daily returns are destributed with a variance of 0.01 and standard deviation of 0.12. The mean deviation of PIA High Yield Investor is currently at 0.08. For similar time horizon, the selected benchmark (S&P 500) has volatility of 0.56
Actual Return VolatilityPIA High Yield Investor shows 0.12% volatility of returns over 30 trading days. S&P 500 shows 0.56% volatility of returns over 30 trading days.
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S&P 500 has a standard deviation of returns of 0.56 and is 4.67 times more volatile than PIA High Yield Investor. 1% 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 1 (%) 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 normal downward trend, but the immediate impact on correlations cannot be determined at the moment . Check odds of PIA High to be traded at $10.62 in 30 days. As returns on market increase, returns on owning PIA High are expected to decrease at a much smaller rate. During bear market, PIA High is likely to outperform the market.
PIA High correlation with market
PIA High Current Risk Indicators
Suggested Divercification Pairs