High Yield Municipal Fund Market Value
| ABHYX Fund | USD 8.70 0.03 0.34% |
| Symbol | High |
High Yield 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to High Yield's mutual fund what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of High Yield.
| 03/20/2024 |
| 04/19/2024 |
If you would invest 0.00 in High Yield on March 20, 2024 and sell it all today you would earn a total of 0.00 from holding High Yield Municipal Fund or generate 0.0% return on investment in High Yield over 30 days. High Yield is related to or competes with High Yield, Intermediate Term, California High, T Rowe, and California Intermediate. The fund invests in municipal and other debt securities with an emphasis on high-yield securities More
High Yield Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure High Yield's mutual fund current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess High Yield Municipal Fund upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.359 | |||
| Information Ratio | (0.26) | |||
| Maximum Drawdown | 1.61 | |||
| Value At Risk | (0.46) | |||
| Potential Upside | 0.4545 |
High Yield Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for High Yield's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as High Yield's standard deviation. In reality, there are many statistical measures that can use High Yield historical prices to predict the future High Yield's volatility.| Risk Adjusted Performance | (0.01) | |||
| Jensen Alpha | (0.01) | |||
| Total Risk Alpha | (0.03) | |||
| Sortino Ratio | (0.19) | |||
| Treynor Ratio | 0.8474 |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of High Yield's price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
High Yield Municipal Backtested Returns
We consider High Yield very steady. High Yield Municipal holds Efficiency (Sharpe) Ratio of 0.0813, which attests that the entity had a 0.0813% return per unit of risk over the last 3 months. We have found twenty-seven technical indicators for High Yield Municipal, which you can use to evaluate the volatility of the entity. Please check out High Yield's Risk Adjusted Performance of (0.01), downside deviation of 0.359, and Market Risk Adjusted Performance of 0.8574 to validate if the risk estimate we provide is consistent with the expected return of 0.0208%. The fund retains a Market Volatility (i.e., Beta) of -0.0114, which attests to not very significant fluctuations relative to the market. As returns on the market increase, returns on owning High Yield are expected to decrease at a much lower rate. During the bear market, High Yield is likely to outperform the market.
Auto-correlation | 0.59 |
Modest predictability
High Yield Municipal Fund has modest predictability. Overlapping area represents the amount of predictability between High Yield time series from 20th of March 2024 to 4th of April 2024 and 4th of April 2024 to 19th of April 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of High Yield Municipal price movement. The serial correlation of 0.59 indicates that roughly 59.0% of current High Yield price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.59 | |
| Spearman Rank Test | 0.44 | |
| Residual Average | 0.0 | |
| Price Variance | 0.0 |
High Yield Municipal lagged returns against current returns
Autocorrelation, which is High Yield mutual fund's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting High Yield's mutual fund expected returns. We can calculate the autocorrelation of High Yield returns to help us make a trade decision. For example, suppose you find that High Yield has exhibited high autocorrelation historically, and you observe that the mutual fund is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
High Yield regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If High Yield mutual fund is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if High Yield mutual fund is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in High Yield mutual fund over time.
Current vs Lagged Prices |
| Timeline |
High Yield Lagged Returns
When evaluating High Yield's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of High Yield mutual fund have on its future price. High Yield autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, High Yield autocorrelation shows the relationship between High Yield mutual fund current value and its past values and can show if there is a momentum factor associated with investing in High Yield Municipal Fund.
Regressed Prices |
| Timeline |
Pair Trading with High Yield
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if High Yield position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in High Yield will appreciate offsetting losses from the drop in the long position's value.Moving together with High Mutual Fund
| 0.69 | AMDVX | Mid Cap Value | PairCorr |
| 0.79 | AMGIX | Income Growth | PairCorr |
| 0.77 | TWCCX | Ultra Fund C | PairCorr |
The ability to find closely correlated positions to High Yield could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace High Yield when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back High Yield - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling High Yield Municipal Fund to buy it.
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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as High Yield moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if High Yield Municipal moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for High Yield can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Check out High Yield Correlation, High Yield Volatility and High Yield Alpha and Beta module to complement your research on High Yield. You can also try the USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
High Yield technical mutual fund analysis exercises models and trading practices based on price and volume transformations, such as the moving averages, relative strength index, regressions, price and return correlations, business cycles, fund market cycles, or different charting patterns.