Payden Equity Correlations

PYVLX Fund

USD 17.80 0.24 1.37%

The current 90-days correlation between Payden Equity Income and T Rowe Price is 0.65 (i.e., Poor 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

Almost no diversification

The correlation between Payden Equity Income and DJI is 0.93 (i.e., Almost no 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 metropolitan statistical area.

Moving together with PAYDEN Mutual Fund

0.75	PYAYX	Payden Corporate Bond	Pair Corr
0.73	PYBLX	Payden Floating Rate	Pair Corr
0.9	PYABX	Payden Absolute Return	Pair Corr
0.75	PYACX	Payden Porate Bond	Pair Corr
0.9	PYAIX	Payden Absolute Return	Pair Corr
0.9	PYARX	Payden Absolute Return	Pair Corr
0.9	PYCEX	Payden Emerging Markets	Pair Corr
0.9	PYCHX	Payden Regal	Pair Corr
0.8	PYCBX	Payden E Bond	Pair Corr
0.91	PYCIX	Payden Emerging Markets	Pair Corr
0.88	PYCLX	Payden California	Pair Corr
0.8	PYCWX	Payden E Bond	Pair Corr
0.83	PYCSX	Payden Core Bond	Pair Corr
0.88	PYCRX	Payden California	Pair Corr
0.75	PYCTX	Payden Rygel	Pair Corr
0.75	PYFIX	Payden Floating Rate	Pair Corr
0.73	PYFRX	Payden Floating Rate	Pair Corr
0.91	PYEIX	Payden Emerging Markets	Pair Corr
0.88	PYELX	Payden Emerging Markets	Pair Corr
0.9	PYEMX	Payden Emerging Markets	Pair Corr
0.91	PYEWX	Payden Emerging Markets	Pair Corr
0.91	PYHRX	Payden High Income	Pair Corr
0.83	PYGFX	Payden Global Fixed	Pair Corr
0.84	PYGNX	Payden Gnma Fund	Pair Corr
0.82	PYGIX	Payden Global Fixed	Pair Corr
0.89	PYGSX	Payden Global Low	Pair Corr
0.88	PYILX	Payden Rygel Investment	Pair Corr
0.9	PYLMX	Payden Limited Maturity	Pair Corr
0.88	PYLWX	Payden Low Duration	Pair Corr
0.92	PYLSX	Payden Limited Maturity	Pair Corr
0.9	PYLBX	Payden Limited Maturity	Pair Corr
0.9	PYLDX	Payden Rygel	Pair Corr
0.9	PYSFX	Payden Securitized Income	Pair Corr
0.88	PYSGX	Payden Strategic Income	Pair Corr
0.9	PYSBX	Payden Low Duration	Pair Corr
0.88	PYSIX	Payden Strategic Income	Pair Corr
0.89	PYSLX	Payden Strategic Income	Pair Corr
0.91	PYRLX	Payden High Income	Pair Corr
0.88	PYUSX	Payden Government	Pair Corr
1.0	PYVAX	Payden Equity Income	Pair Corr

Related Correlations Analysis

	EVV	CSSPX	NMZ	NFJ	EEIIX	LVAEX	PRGMX	LTFIX	PSILX	PRISX
EVV		0.58	0.27	0.42	0.35	0.12	0.52	0.25	0.19	0.09	EVV
CSSPX	0.58		0.17	0.8	0.78	0.64	0.83	0.71	0.61	0.49	CSSPX
NMZ	0.27	0.17		-0.13	-0.22	-0.51	-0.15	-0.44	-0.17	-0.63	NMZ
NFJ	0.42	0.8	-0.13		0.92	0.83	0.85	0.9	0.89	0.76	NFJ
EEIIX	0.35	0.78	-0.22	0.92		0.89	0.85	0.91	0.87	0.81	EEIIX
LVAEX	0.12	0.64	-0.51	0.83	0.89		0.81	0.96	0.78	0.93	LVAEX
PRGMX	0.52	0.83	-0.15	0.85	0.85	0.81		0.86	0.71	0.71	PRGMX
LTFIX	0.25	0.71	-0.44	0.9	0.91	0.96	0.86		0.79	0.89	LTFIX
PSILX	0.19	0.61	-0.17	0.89	0.87	0.78	0.71	0.79		0.79	PSILX
PRISX	0.09	0.49	-0.63	0.76	0.81	0.93	0.71	0.89	0.79		PRISX
	EVV	CSSPX	NMZ	NFJ	EEIIX	LVAEX	PRGMX	LTFIX	PSILX	PRISX

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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

LTFIX	+ 0.96	LVAEX
PRISX	+ 0.93	LVAEX
EEIIX	+ 0.92	NFJ
LTFIX	+ 0.91	EEIIX
LTFIX	+ 0.9	NFJ
PSILX	+ 0.89	NFJ

High negative correlations

PRISX	- 0.63	NMZ
LVAEX	- 0.51	NMZ
LTFIX	- 0.44	NMZ
EEIIX	- 0.22	NMZ
PSILX	- 0.17	NMZ
PRGMX	- 0.15	NMZ

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
EVV	0.26	(0.01)	(0.15)	0.02	0.40	(0.27)	0.41	(0.60)	2.20
CSSPX	0.46	0.05	0.00	0.21	0.53	(0.48)	1.16	(0.94)	3.30
NMZ	0.34	0.00	(0.18)	0.03	0.38	(0.39)	0.77	(0.69)	1.96
NFJ	0.59	0.04	0.03	0.14	0.60	(0.65)	1.50	(1.13)	3.10
EEIIX	0.27	0.09	0.06	0.71	0.00	(0.40)	0.58	(0.29)	1.91
LVAEX	0.96	0.42	0.49	0.83	0.00	(1.22)	1.76	(1.10)	21.65
PRGMX	0.13	0.00	(0.40)	0.27	0.01	(0.20)	0.36	(0.24)	0.85
LTFIX	0.66	0.11	0.12	0.22	0.48	(0.81)	1.25	(1.17)	9.59
PSILX	0.72	0.10	0.05	0.24	0.99	(0.76)	1.49	(1.35)	10.14
PRISX	0.85	0.15	0.14	0.23	0.73	(0.97)	1.72	(1.63)	8.41

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