It does indicate performance.
The Y-axis is Quality of Competition relative to Corsi For%.
QoC is self explanatory. If a player is low on the Y-axis, they're sheltered. If they're high on the Y-axis, they're being deployed against the opponent's top lines.
Corsi For% is the difference between Corsi For (shot attempts for at even strength) and Corsi Against (shot attempts against at even strength). This takes shots, blocks, and misses into account.
Reichel's CF% is 42.86. Anything below 50 is negative.
42.86 is the second lowest of any forward on the team. The lowest being AA (who belongs on waivers) at 37.50. However Reichel plays against worse competition than AA, and gets way more favorable offensive deployment. So in reality, he's just as bad as AA.
But you guys just look at 6 points in 9 games, and think "oh, not bad". Well it's not sustainable with the way he plays. He's been lucky to get on the scoreboard, but he's going to fall off hard. You'll all be confused, but not me.