Payden Absolute Correlations

Mutual Funds . USA . 
Fund . Payden Absolute Return
PYABX Fund   9.43  0.01  0.11%   
The current 90-days correlation between Payden Absolute Return and Franklin Natural Resources is 0.39 (i.e., Weak diversification). The correlation of Payden Absolute 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 correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Payden Absolute Correlation With Market

Very poor diversification

The correlation between Payden Absolute Return and DJI is 0.87 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Payden Absolute Return and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Payden Absolute Return. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with Payden Mutual Fund

  0.77PYAYX Payden Corporate BondPairCorr
  0.82PYBLX Payden Floating RatePairCorr
  0.73PYACX Payden Porate BondPairCorr
  0.99PYAIX Payden Absolute ReturnPairCorr
  0.99PYARX Payden Absolute ReturnPairCorr
  0.97PYCEX Payden Emerging MarketsPairCorr
  0.97PYCHX Payden RegalPairCorr
  0.81PYCBX Payden E BondPairCorr
  0.97PYCIX Payden Emerging MarketsPairCorr
  0.87PYCLX Payden CaliforniaPairCorr
  0.81PYCWX Payden E BondPairCorr
  0.84PYCSX Payden Core BondPairCorr
  0.89PYCRX Payden CaliforniaPairCorr
  0.75PYCTX Payden RygelPairCorr
  0.84PYFIX Payden Floating RatePairCorr
  0.99PYEIX Payden Emerging MarketsPairCorr
  0.96PYELX Payden Emerging MarketsPairCorr
  0.99PYEMX Payden Emerging MarketsPairCorr
  0.99PYEWX Payden Emerging MarketsPairCorr
  0.97PYHRX Payden High IncomePairCorr
  0.83PYGFX Payden Global FixedPairCorr
  0.83PYGNX Payden Gnma FundPairCorr
  0.81PYGIX Payden Global FixedPairCorr
  0.97PYGSX Payden Global LowPairCorr
  0.96PYILX Payden Rygel InvestmentPairCorr
  0.95PYLMX Payden Limited MaturityPairCorr
  0.92PYLWX Payden Low DurationPairCorr
  0.95PYLSX Payden Limited MaturityPairCorr
  0.95PYLBX Payden Limited MaturityPairCorr
  0.95PYLDX Payden RygelPairCorr
  0.99PYSFX Payden Securitized IncomePairCorr
  0.95PYSGX Payden Strategic IncomePairCorr
  0.95PYSBX Payden Low DurationPairCorr
  0.95PYSIX Payden Strategic IncomePairCorr
  0.95PYSLX Payden Strategic IncomePairCorr
  0.97PYRLX Payden High IncomePairCorr
  0.92PYUSX Payden GovernmentPairCorr
  0.9PYVAX Payden Equity IncomePairCorr
  0.91PYVLX Payden Equity IncomePairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Payden Mutual Fund performing well and Payden Absolute Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Payden Absolute's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

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