Payden High Correlations

PYRLX Fund

12.93 0.02 0.15%

The correlation of Payden High 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 High Correlation With Market

Almost no diversification

The correlation between Payden High Income and DJI is 0.9 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Payden High Income 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 High Income. 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 industry.

Moving together with Payden Mutual Fund

0.89	PYBLX	Payden Floating Rate	Pair Corr
0.97	PYABX	Payden Absolute Return	Pair Corr
0.98	PYAIX	Payden Absolute Return	Pair Corr
0.96	PYARX	Payden Absolute Return	Pair Corr
0.97	PYCEX	Payden Emerging Markets	Pair Corr
1.0	PYCHX	Payden Regal	Pair Corr
0.95	PYILX	Payden Rygel Investment	Pair Corr
0.73	AHTCX	American High Income	Pair Corr
0.76	BHYCX	Blackrock Hi Yld	Pair Corr
0.97	BHYIX	Blackrock High Yield	Pair Corr
0.77	BHYSX	Blackrock Hi Yld	Pair Corr
0.76	BHYAX	Blackrock High Yield	Pair Corr
0.76	AHTFX	American High Income	Pair Corr
0.74	AHITX	American High Income	Pair Corr
0.78	VWEHX	Vanguard High Yield	Pair Corr
0.77	VWEAX	Vanguard High Yield	Pair Corr
0.71	PHYZX	Prudential High Yield	Pair Corr
0.95	PNRCX	Jennison Natural Res Steady Growth	Pair Corr
0.94	LSYQX	Lord Abbett Short	Pair Corr
0.83	PDSCX	Prudential Short Duration	Pair Corr
0.62	PCGYX	Putnam Vertible Secu	Pair Corr
0.64	FIKVX	Fidelity Asset Manager	Pair Corr
0.72	FKINX	Franklin Income	Pair Corr
0.78	NCIAX	Columbia Convertible	Pair Corr
0.76	LBCQX	Lord Abbett Vertible	Pair Corr
0.74	BBBIX	Bbh Limited Duration	Pair Corr
0.75	CLSUX	Clearbridge Sustainability	Pair Corr

Moving against Payden Mutual Fund

0.73

UIPIX

Ultrashort Mid Cap

Pair Corr

Related Correlations Analysis

	TFGXX	PRELX	MYMXX	SMAAX	FMFXX	JIMXX	RPGXX
TFGXX		0.0	0.0	0.0	0.0	0.0	0.0	TFGXX
PRELX	0.0		0.0	0.86	0.0	0.0	0.0	PRELX
MYMXX	0.0	0.0		0.0	0.0	0.0	0.0	MYMXX
SMAAX	0.0	0.86	0.0		0.0	0.0	0.0	SMAAX
FMFXX	0.0	0.0	0.0	0.0		0.0	0.0	FMFXX
JIMXX	0.0	0.0	0.0	0.0	0.0		0.0	JIMXX
RPGXX	0.0	0.0	0.0	0.0	0.0	0.0		RPGXX
	TFGXX	PRELX	MYMXX	SMAAX	FMFXX	JIMXX	RPGXX

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

SMAAX	+ 0.86	PRELX
PRELX	+ 0.0	TFGXX
MYMXX	+ 0.0	TFGXX
SMAAX	+ 0.0	TFGXX
FMFXX	+ 0.0	TFGXX
JIMXX	+ 0.0	TFGXX

High negative correlations

RPGXX	- 0.0	JIMXX
RPGXX	- 0.0	FMFXX
JIMXX	- 0.0	FMFXX
RPGXX	- 0.0	SMAAX
JIMXX	- 0.0	SMAAX
FMFXX	- 0.0	SMAAX

Risk-Adjusted Indicators

There is a big difference between Payden Mutual Fund performing well and Payden High 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 High'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
TFGXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PRELX	0.20	0.06	(0.02)	0.48	(0.28)	0.40	(0.40)	1.18
MYMXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SMAAX	0.07	0.01	(0.54)	5.72	(0.13)	0.20	(0.10)	0.48
FMFXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
JIMXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
RPGXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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