Payden Corporate Correlations

PYAYX Fund

9.93 0.01 0.10%

The current 90-days correlation between Payden Corporate Bond and Vanguard Total Stock is -0.09 (i.e., Good diversification). The correlation of Payden Corporate 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 Corporate Correlation With Market

Good diversification

The correlation between Payden Corporate Bond and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Payden Corporate Bond and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios. 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 manufacturing.

Moving together with Payden Mutual Fund

0.69	JTOIX	Multimanager Lifestyle	Pair Corr
0.66	PFIFX	Strategic Asset Mana	Pair Corr

Moving against Payden Mutual Fund

0.65	RYBKX	Banking Fund Class	Pair Corr
0.65	NUSAX	Nationwide Government	Pair Corr
0.61	TWQZX	Transamerica Large Cap	Pair Corr
0.61	FCNTX	Fidelity Contrafund	Pair Corr
0.6	VIPAX	Index Plus Largecap	Pair Corr
0.6	AMEIX	Equity Growth	Pair Corr
0.59	VFIAX	Vanguard 500 Index	Pair Corr
0.59	VFINX	Vanguard 500 Index	Pair Corr
0.58	ENPSX	Oil Gas Ultrasector Potential Growth	Pair Corr
0.58	FLCNX	Fidelity Contrafund	Pair Corr
0.57	VTSAX	Vanguard Total Stock	Pair Corr
0.57	VTSMX	Vanguard Total Stock	Pair Corr
0.57	VITSX	Vanguard Total Stock	Pair Corr
0.57	VSTSX	Vanguard Total Stock	Pair Corr
0.57	VSMPX	Vanguard Total Stock	Pair Corr
0.57	VLISX	Vanguard Large Cap	Pair Corr
0.56	VFFSX	Vanguard 500 Index	Pair Corr
0.54	USA	Liberty All Star	Pair Corr
0.51	VMIDX	Mid Cap Index	Pair Corr
0.45	RTSAX	Tax Managed Mid	Pair Corr
0.37	AMFFX	American Mutual	Pair Corr
0.74	BDJ	Blackrock Enhanced Equity	Pair Corr
0.59	ABVCX	Ab Value Fund	Pair Corr
0.58	NML	Neuberger Berman Mlp	Pair Corr
0.58	BPIRX	Boston Partners Longshort	Pair Corr
0.57	FSKAX	Fidelity Total Market	Pair Corr
0.57	FLACX	Fidelity Stock Selector	Pair Corr
0.54	ARTMX	Artisan Mid Cap	Pair Corr
0.52	FPURX	Fidelity Puritan	Pair Corr
0.52	WWLAX	Westwood Largecap Value	Pair Corr
0.52	ASTZX	Astor Long/short	Pair Corr
0.51	RFEBX	American Funds Funda	Pair Corr

Related Correlations Analysis

	VTSAX	VFIAX	VTSMX	VITSX	VSTSX	VSMPX	VFINX	VFFSX	VGTSX	VTIAX
VTSAX		0.96	1.0	1.0	1.0	1.0	0.96	1.0	-0.22	-0.21	VTSAX
VFIAX	0.96		0.96	0.96	0.96	0.96	1.0	0.96	-0.21	-0.21	VFIAX
VTSMX	1.0	0.96		1.0	1.0	1.0	0.96	1.0	-0.21	-0.21	VTSMX
VITSX	1.0	0.96	1.0		1.0	1.0	0.96	1.0	-0.22	-0.21	VITSX
VSTSX	1.0	0.96	1.0	1.0		1.0	0.96	1.0	-0.22	-0.21	VSTSX
VSMPX	1.0	0.96	1.0	1.0	1.0		0.96	1.0	-0.22	-0.21	VSMPX
VFINX	0.96	1.0	0.96	0.96	0.96	0.96		0.96	-0.21	-0.21	VFINX
VFFSX	1.0	0.96	1.0	1.0	1.0	1.0	0.96		-0.17	-0.17	VFFSX
VGTSX	-0.22	-0.21	-0.21	-0.22	-0.22	-0.22	-0.21	-0.17		1.0	VGTSX
VTIAX	-0.21	-0.21	-0.21	-0.21	-0.21	-0.21	-0.21	-0.17	1.0		VTIAX
	VTSAX	VFIAX	VTSMX	VITSX	VSTSX	VSMPX	VFINX	VFFSX	VGTSX	VTIAX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

VTSMX	+ 1.0	VTSAX
VITSX	+ 1.0	VTSAX
VSTSX	+ 1.0	VTSAX
VSMPX	+ 1.0	VTSAX
VFFSX	+ 1.0	VTSAX
VFINX	+ 1.0	VFIAX

High negative correlations

VGTSX	- 0.22	VSMPX
VGTSX	- 0.22	VSTSX
VGTSX	- 0.22	VITSX
VGTSX	- 0.22	VTSAX
VTIAX	- 0.21	VFINX
VGTSX	- 0.21	VFINX

Risk-Adjusted Indicators

There is a big difference between Payden Mutual Fund performing well and Payden Corporate 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 Corporate'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
VTSAX	0.56	0.01	(0.01)	0.13	0.65	(0.60)	1.10	(1.31)	4.11
VFIAX	0.54	0.09	(0.04)	(6.66)	0.66	(0.55)	1.17	(1.31)	3.84
VTSMX	0.56	0.01	(0.01)	0.13	0.65	(0.60)	1.10	(1.31)	4.11
VITSX	0.56	0.01	(0.01)	0.13	0.65	(0.60)	1.10	(1.31)	4.11
VSTSX	0.56	0.01	(0.01)	0.13	0.65	(0.60)	1.10	(1.31)	4.11
VSMPX	0.56	0.01	(0.01)	0.13	0.65	(0.60)	1.10	(1.30)	4.11
VFINX	0.54	0.09	(0.04)	(6.73)	0.66	(0.56)	1.17	(1.31)	3.84
VFFSX	0.54	0.00	(0.02)	0.12	0.66	(0.55)	1.17	(1.31)	3.84
VGTSX	0.62	(0.11)	0.00	(0.13)	0.00	0.00	1.15	(1.56)	4.09
VTIAX	0.62	(0.11)	0.00	(0.12)	0.00	0.00	1.15	(1.59)	4.11

Payden Corporate Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Payden Corporate mutual fund to make a market-neutral strategy. Peer analysis of Payden Corporate could also be used in its relative valuation, which is a method of valuing Payden Corporate by comparing valuation metrics with similar companies.

Vanguard Total Stock Vanguard 500 Index Vanguard Total Stock Vanguard Total Stock Vanguard Total Stock Vanguard Total Stock Vanguard 500 Index Vanguard 500 Index Vanguard Total International Vanguard Total International American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

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