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Principal High Yield Fund (CPHYX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 3, 2026

The investment seeks to provide a high level of current income. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in below investment grade bonds and bank loans (sometimes called "high yield" or "junk") which are rated, at the time of purchase, Ba1 or lower by Moody's and BB+ or lower by S&P Global. It also invests in investment grade bank loans (also known as senior floating rate interests) and securities of foreign issuers, including those located in developing or emerging markets.

Looking to diversify beyond CPHYX? The mutual funds below have the lowest correlation with CPHYX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from CPHYX.

Best Diversifiers for CPHYX

3 mutual funds have low correlation with CPHYX (below 0.3), 0 of which are negatively correlated. The least correlated is Cliffwater Corporate Lending Fund (CCLFX) (High Yield Bonds) with a 1Y correlation of 0.04, roughly unchanged from 0.09 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
CCLFX
Cliffwater Corporate Lending Fund0.040.070.09
100
High Yield BondsCPHYX vs CCLFX
XILSX
Pioneer ILS Interval Fund0.050.080.05
100
High Yield BondsCPHYX vs XILSX
RPHIX
RiverPark Short Term High Yield Fund0.200.180.25
100
High Yield BondsCPHYX vs RPHIX
RCRYX
Pioneer Corporate High Yield Fund0.340.670.77
58
High Yield BondsCPHYX vs RCRYX
RSIIX
RiverPark Strategic Income Fund0.410.330.39
68
High Yield BondsCPHYX vs RSIIX
See all 30 diversifiers for CPHYX

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