Payden Strategic Correlations

Mutual Funds . USA . 
Fund . Payden Strategic Income
PYSIX Fund  USD 9.66  0.04  0.42%   
The current 90-days correlation between Payden Strategic Income and Oklahoma Municipal Fund is 0.32 (i.e., Weak diversification). The correlation of Payden Strategic 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 Strategic Correlation With Market

Average diversification

The correlation between Payden Strategic Income and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Payden Strategic 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 Strategic 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 gross domestic product.

Moving together with Payden Mutual Fund

  0.87PYACX Payden Porate BondPairCorr
  0.84PYCBX Payden E BondPairCorr
  0.83PYCWX Payden E BondPairCorr
  0.89PYCSX Payden Core BondPairCorr
  0.86PYELX Payden Emerging MarketsPairCorr
  0.91PYGFX Payden Global FixedPairCorr
  0.92PYGIX Payden Global FixedPairCorr
  0.85PYLDX Payden RygelPairCorr
  1.0PYSGX Payden Strategic IncomePairCorr
  0.9PYUSX Payden GovernmentPairCorr
  0.85VBIRX Vanguard Short TermPairCorr
  0.8VFSUX Vanguard Short TermPairCorr
  0.87VFSIX Vanguard Short TermPairCorr
  0.87VFSTX Vanguard Short TermPairCorr
  0.93VBITX Vanguard Short TermPairCorr
  0.93VBISX Vanguard Short TermPairCorr
  0.67LALDX Lord Abbett ShortPairCorr
  0.91VSCSX Vanguard Short TermPairCorr
  0.69LDLAX Lord Abbett ShortPairCorr
  0.65LDLRX Lord Abbett ShortPairCorr

Moving against Payden Mutual Fund

  0.38PYARX Payden Absolute ReturnPairCorr
  0.36PYAIX Payden Absolute ReturnPairCorr
  0.31PYLMX Payden Limited MaturityPairCorr
  0.52LSHUX Horizon Spin Off Steady GrowthPairCorr
  0.39PKCIX Payden/kravitz CashPairCorr
  0.38PKBIX Payden/kravitz CashPairCorr
  0.37PKCBX Payden/kravitz CashPairCorr
  0.52LSHAX Horizon Spin Off Steady GrowthPairCorr
  0.51LSHEX Kinetics Spin Off Steady GrowthPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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

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