Payden Global Correlations

PYGSX Fund  USD 9.67  0.03  0.31%   
The current 90-days correlation between Payden Global Low and Global Diversified Income is 0.52 (i.e., Very weak diversification). The correlation of Payden Global 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 Global Correlation With Market

Significant diversification

The correlation between Payden Global Low and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Payden Global Low 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 Global Low. 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 state.

Moving together with Payden Mutual Fund

  0.91PYAIX Payden Absolute ReturnPairCorr
  0.9PYARX Payden Absolute ReturnPairCorr
  0.65PYCEX Payden Emerging MarketsPairCorr
  0.82PYCHX Payden RegalPairCorr
  0.68PYCIX Payden Emerging MarketsPairCorr
  0.91PYFIX Payden Floating RatePairCorr
  0.9PYFRX Payden Floating RatePairCorr
  0.62PYEIX Payden Emerging MarketsPairCorr
  0.62PYEMX Payden Emerging MarketsPairCorr
  0.62PYEWX Payden Emerging MarketsPairCorr
  0.87PYHRX Payden High IncomePairCorr
  0.87PYLMX Payden Limited MaturityPairCorr
  0.87PYLSX Payden Limited MaturityPairCorr
  0.91PYLDX Payden RygelPairCorr
  0.67PYSGX Payden Strategic IncomePairCorr
  0.94PYSBX Payden Low DurationPairCorr
  0.67PYSIX Payden Strategic IncomePairCorr
  0.77PYUSX Payden GovernmentPairCorr
  0.89PKCIX Payden/kravitz CashPairCorr
  0.9PKCRX Payden/kravitz CashPairCorr
  0.9PKBIX Payden/kravitz CashPairCorr
  0.9PKCBX Payden/kravitz CashPairCorr
  0.7VBIRX Vanguard Short TermPairCorr
  0.77VFSUX Vanguard Short TermPairCorr
  0.85VFSIX Vanguard Short TermPairCorr

Moving against Payden Mutual Fund

  0.71TCTJX Transamerica CleartrackPairCorr
  0.7TCTGX Transamerica CleartrackPairCorr
  0.7TCSUX Cleartrack 2020 ClassPairCorr
  0.69TDKTX Cleartrack 2015 ClassPairCorr
  0.65USPSX Profunds Ultrashort Steady GrowthPairCorr
  0.63USPIX Profunds Ultrashort Steady GrowthPairCorr
  0.57PYVAX Payden Equity IncomePairCorr
  0.57PYVLX Payden Equity IncomePairCorr
  0.56PYVSX Payden Equity IncomePairCorr

Related Correlations Analysis

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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   
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High negative correlations   
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Risk-Adjusted Indicators

There is a big difference between Payden Mutual Fund performing well and Payden Global 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 Global'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.