Payden Equity Correlations

Mutual Funds . USA . 
Fund . Payden Equity Income
PYVAX Fund  USD 16.59  0.11  0.67%   
The current 90-days correlation between Payden Equity Income and Janus Henderson Global is 0.05 (i.e., Significant diversification). The correlation of Payden Equity 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 Equity Correlation With Market

Modest diversification

The correlation between Payden Equity Income and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Payden Equity 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 Equity 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 nation.

Moving together with Payden Mutual Fund

  0.72PYACX Payden Porate BondPairCorr
  0.68PYCBX Payden E BondPairCorr
  0.72PYCWX Payden E BondPairCorr
  0.71PYCSX Payden Core BondPairCorr
  0.74PYCTX Payden RygelPairCorr
  0.81PYELX Payden Emerging MarketsPairCorr
  0.69PYGNX Payden Gnma FundPairCorr
  0.8PYILX Payden Rygel InvestmentPairCorr
  1.0PYVLX Payden Equity IncomePairCorr
  1.0PYVSX Payden Equity IncomePairCorr
  0.72VVIAX Vanguard Value IndexPairCorr
  0.69DOXGX Dodge Cox StockPairCorr
  0.86AFMFX American MutualPairCorr

Moving against Payden Mutual Fund

  0.71PYAIX Payden Absolute ReturnPairCorr
  0.67PYARX Payden Absolute ReturnPairCorr
  0.64PYFIX Payden Floating RatePairCorr
  0.61PYLSX Payden Limited MaturityPairCorr
  0.59PYFRX Payden Floating RatePairCorr
  0.59PYLMX Payden Limited MaturityPairCorr
  0.49PYGSX Payden Global LowPairCorr
  0.71PKCIX Paydenkravitz CashPairCorr
  0.7PKBIX Paydenkravitz CashPairCorr
  0.69PKCRX Paydenkravitz CashPairCorr
  0.68PKCBX Payden/kravitz CashPairCorr
  0.48PYSBX Payden Low DurationPairCorr
  0.47PYLDX Payden RygelPairCorr

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   
LBNDX
+ 0.9
EVIBX
WILNX
+ 0.83
HFQTX
WATFX
+ 0.74
HFQTX
LBNDX
+ 0.68
WATFX
WATFX
+ 0.62
WILNX
WATFX
+ 0.61
EVIBX
  
High negative correlations   
LBNDX
- 0.01
WILNX

Risk-Adjusted Indicators

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