Payden Absolute Correlations

Mutual Funds . USA . 
Fund . Payden Absolute Return
PYAIX Fund  USD 9.39  0.01  0.11%   
The current 90-days correlation between Payden Absolute Return and The Hartford Small is -0.08 (i.e., Good 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 0.85 (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 gross domestic product.

Moving together with Payden Mutual Fund

  0.78PYAYX Payden Corporate BondPairCorr
  0.99PYABX Payden Absolute ReturnPairCorr
  0.77PYACX Payden Porate BondPairCorr
  0.99PYARX Payden Absolute ReturnPairCorr
  0.98PYCEX Payden Emerging MarketsPairCorr
  0.97PYCHX Payden RegalPairCorr
  0.83PYCBX Payden E BondPairCorr
  0.99PYCIX Payden Emerging MarketsPairCorr
  0.91PYCLX Payden CaliforniaPairCorr
  0.83PYCWX Payden E BondPairCorr
  0.83PYCSX Payden Core BondPairCorr
  0.93PYCRX Payden CaliforniaPairCorr
  0.78PYCTX Payden RygelPairCorr
  0.98PYEIX Payden Emerging MarketsPairCorr
  0.98PYELX Payden Emerging MarketsPairCorr
  0.98PYEMX Payden Emerging MarketsPairCorr
  0.97PYEWX Payden Emerging MarketsPairCorr
  0.97PYHRX Payden High IncomePairCorr
  0.86PYGFX Payden Global FixedPairCorr
  0.86PYGNX Payden Gnma FundPairCorr
  0.85PYGIX Payden Global FixedPairCorr
  0.97PYGSX Payden Global LowPairCorr
  0.98PYILX Payden Rygel InvestmentPairCorr
  0.94PYLMX Payden Limited MaturityPairCorr
  0.93PYLWX Payden Low DurationPairCorr
  0.95PYLSX Payden Limited MaturityPairCorr
  0.95PYLBX Payden Limited MaturityPairCorr
  0.94PYLDX Payden RygelPairCorr
  0.99PYSFX Payden Securitized IncomePairCorr
  0.95PYSGX Payden Strategic IncomePairCorr
  0.93PYSBX Payden Low DurationPairCorr
  0.95PYSIX Payden Strategic IncomePairCorr
  0.94PYSLX Payden Strategic IncomePairCorr
  0.97PYRLX Payden High IncomePairCorr
  0.91PYUSX Payden GovernmentPairCorr
  0.93PYVAX 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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