Payden Emerging Correlations

PYCEX Fund

USD 8.83 0.03 0.34%

The current 90-days correlation between Payden Emerging Markets and Payden Porate Bond is 0.68 (i.e., Poor diversification). The correlation of Payden Emerging 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 Emerging Correlation With Market

Significant diversification

The correlation between Payden Emerging Markets and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Payden Emerging Markets 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 Emerging Markets. 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 income.

Moving together with Payden Mutual Fund

0.68	PYAIX	Payden Absolute Return	Pair Corr
0.66	PYARX	Payden Absolute Return	Pair Corr
0.8	PYCHX	Payden Regal	Pair Corr
0.99	PYCIX	Payden Emerging Markets	Pair Corr
0.87	PYEIX	Payden Emerging Markets	Pair Corr
0.87	PYEMX	Payden Emerging Markets	Pair Corr
0.78	PYHRX	Payden High Income	Pair Corr
0.62	PYLMX	Payden Limited Maturity	Pair Corr
0.66	PYLSX	Payden Limited Maturity	Pair Corr
0.65	PYVAX	Payden Equity Income	Pair Corr
0.65	PYVLX	Payden Equity Income	Pair Corr
0.67	PYVSX	Payden Equity Income	Pair Corr
0.66	PKCIX	Payden/kravitz Cash	Pair Corr
0.67	PKCRX	Payden/kravitz Cash	Pair Corr
0.67	PKCBX	Payden/kravitz Cash	Pair Corr
0.65	FGBMX	Fidelity New Markets	Pair Corr
0.65	FGZMX	Fidelity New Markets	Pair Corr
0.67	FGWMX	Fidelity New Markets	Pair Corr
0.64	FGVMX	Fidelity New Markets	Pair Corr
0.62	FGYMX	Fidelity New Markets	Pair Corr
0.65	MEDIX	Mfs Emerging Markets	Pair Corr

Related Correlations Analysis

	PYACX	PYAIX	PYARX	PYCHX	PYCBX	PYCWX	PYCSX	PYCRX
PYACX		-0.65	-0.65	0.07	0.99	0.98	0.99	0.81	PYACX
PYAIX	-0.65		0.99	0.65	-0.74	-0.75	-0.75	-0.29	PYAIX
PYARX	-0.65	0.99		0.65	-0.74	-0.75	-0.75	-0.29	PYARX
PYCHX	0.07	0.65	0.65		-0.05	-0.07	-0.06	0.36	PYCHX
PYCBX	0.99	-0.74	-0.74	-0.05		1.0	1.0	0.77	PYCBX
PYCWX	0.98	-0.75	-0.75	-0.07	1.0		1.0	0.76	PYCWX
PYCSX	0.99	-0.75	-0.75	-0.06	1.0	1.0		0.76	PYCSX
PYCRX	0.81	-0.29	-0.29	0.36	0.77	0.76	0.76		PYCRX
	PYACX	PYAIX	PYARX	PYCHX	PYCBX	PYCWX	PYCSX	PYCRX

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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

PYCWX	+ 1.0	PYCBX
PYCSX	+ 1.0	PYCBX
PYCSX	+ 1.0	PYCWX
PYCBX	+ 0.99	PYACX
PYCSX	+ 0.99	PYACX
PYARX	+ 0.99	PYAIX

High negative correlations

PYCSX	- 0.75	PYARX
PYCWX	- 0.75	PYARX
PYCSX	- 0.75	PYAIX
PYCWX	- 0.75	PYAIX
PYCBX	- 0.74	PYARX
PYCBX	- 0.74	PYAIX

Risk-Adjusted Indicators

There is a big difference between Payden Mutual Fund performing well and Payden Emerging 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 Emerging'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
PYACX	0.23	(0.01)	0.00	0.57	0.00	0.00	0.51	(0.61)	1.33
PYAIX	0.06	0.01	(0.94)	(2.22)	0.00	(0.12)	0.11	(0.11)	0.32
PYARX	0.05	0.01	(0.92)	(3.28)	0.00	(0.12)	0.11	(0.11)	0.32
PYCHX	0.10	0.01	(0.58)	0.19	0.00	(0.18)	0.16	(0.16)	0.63
PYCBX	0.22	(0.02)	0.00	0.80	0.00	0.00	0.43	(0.54)	1.20
PYCWX	0.23	(0.02)	0.00	0.55	0.00	0.00	0.43	(0.54)	1.31
PYCSX	0.22	(0.02)	0.00	0.64	0.00	0.00	0.43	(0.54)	1.20
PYCRX	0.12	0.00	(0.40)	0.05	0.16	(0.20)	0.31	(0.30)	1.11

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