Payden Absolute Correlations

PYAIX Fund

USD 9.40 0.01 0.11%

The current 90-days correlation between Payden Absolute Return and Us Large Cap is 0.12 (i.e., Average 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

Average diversification

The correlation between Payden Absolute Return and DJI is 0.11 (i.e., Average 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

0.72	PYBLX	Payden Floating Rate	Pair Corr
0.9	PYABX	Payden Absolute Return	Pair Corr
0.89	PYARX	Payden Absolute Return	Pair Corr
0.63	PYCEX	Payden Emerging Markets	Pair Corr
0.61	PYCBX	Payden E Bond	Pair Corr
0.61	PYCSX	Payden Core Bond	Pair Corr
0.72	PYFIX	Payden Floating Rate	Pair Corr
0.75	PYFRX	Payden Floating Rate	Pair Corr
0.64	PYEIX	Payden Emerging Markets	Pair Corr
0.69	PYELX	Payden Emerging Markets	Pair Corr
0.63	PYEMX	Payden Emerging Markets	Pair Corr
0.63	PYEWX	Payden Emerging Markets	Pair Corr
0.68	PYGSX	Payden Global Low	Pair Corr
0.7	PYILX	Payden Rygel Investment	Pair Corr
0.64	PYLSX	Payden Limited Maturity	Pair Corr
0.65	PYLBX	Payden Limited Maturity	Pair Corr
0.79	PYSFX	Payden Securitized Income	Pair Corr
0.77	PYSGX	Payden Strategic Income	Pair Corr
0.87	PYSIX	Payden Strategic Income	Pair Corr
0.76	PYSLX	Payden Strategic Income	Pair Corr
0.61	PYUSX	Payden Government	Pair Corr

Moving against Payden Mutual Fund

0.42	MBIRX	Morgan Stanley Insight	Pair Corr
0.35	MGHRX	Morgan Stanley Insti	Pair Corr

Related Correlations Analysis

	DFLVX	PCLVX	DLQIX	SGGAX	YAFFX	PTEZX	FCLKX
DFLVX		0.87	0.8	0.88	0.86	0.9	0.9	DFLVX
PCLVX	0.87		0.96	0.93	0.99	0.95	0.87	PCLVX
DLQIX	0.8	0.96		0.89	0.97	0.91	0.86	DLQIX
SGGAX	0.88	0.93	0.89		0.93	0.99	0.84	SGGAX
YAFFX	0.86	0.99	0.97	0.93		0.95	0.88	YAFFX
PTEZX	0.9	0.95	0.91	0.99	0.95		0.89	PTEZX
FCLKX	0.9	0.87	0.86	0.84	0.88	0.89		FCLKX
	DFLVX	PCLVX	DLQIX	SGGAX	YAFFX	PTEZX	FCLKX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
DFLVX	0.61	0.10	0.06	0.75	0.64	(0.68)	1.21	(1.05)	3.12
PCLVX	0.73	0.25	0.30	0.51	0.23	(0.89)	1.30	(1.00)	12.87
DLQIX	0.89	0.32	0.32	0.65	0.41	(1.09)	1.47	(1.30)	19.80
SGGAX	1.12	0.34	0.21	(2.04)	0.87	(1.22)	2.00	(1.95)	22.54
YAFFX	0.72	0.34	0.40	1.34	0.00	(0.91)	1.21	(1.00)	13.65
PTEZX	0.73	0.19	0.18	0.34	0.62	(0.85)	1.50	(1.19)	11.37
FCLKX	0.63	0.05	0.04	0.12	0.73	(0.66)	1.35	(1.32)	3.44

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