The Performance of High-Yield Bond Fund

• Main Authors: Shy-Fen Chen, 陳淑芬
• Other Authors: Cheng-Yi Shiu
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/60468856514441091266

碩士 === 國立中央大學 === 財務金融學系在職專班 === 104 === Sharpe Ratio is the evaluation index of fund portfolio performance for general fund. Since Sharpe (1966) adopted the evaluations of remuneration and risk to estimate the performances of mutual fund, this approach has been broadly discussed and popularly applied to the evaluation of fund performance. Within the trajectory of raising interest rates in US., in the light of the statistics, high-yield bonds were low sensitive to interest rates, the performance would still be relevant stable albeit the interest rates were raising; moreover, as the most attractive bond of all, high-yield bonds were able to render better coupon to investors and make themselves bring into the core investment configuration for long term. The purpose of the research is to examine whether the high-yield bond funds are the optimal subjects for investors. The results ascertain the long-term performances of high-yield bond are worse than the performances of S&P 500 index. To analyze high-yield bond funds and S&P 500 index with Sharpe ratio, the Sharpe ratio of high-yield bond funds is better than the Sharpe ratio of S&P 500 index, and the average remuneration performances of high-yield bond funds are better than the average remuneration performances of the same type of funds and S&P 500 index.