Payden Equity Correlations

Mutual Funds . USA . 
Fund . Payden Equity Income
PYVSX Fund  USD 20.08  0.07  0.35%   
The current 90-days correlation between Payden Equity Income and Payden Equity Income is 1.0 (i.e., No risk reduction). 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 0.91 (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 state.

Moving together with Payden Mutual Fund

  0.87PYAIX Payden Absolute ReturnPairCorr
  0.88PYARX Payden Absolute ReturnPairCorr
  0.61PYCEX Payden Emerging MarketsPairCorr
  0.69PYCHX Payden RegalPairCorr
  0.65PYCIX Payden Emerging MarketsPairCorr
  0.87PYFRX Payden Floating RatePairCorr
  0.69PYHRX Payden High IncomePairCorr
  0.79PYLMX Payden Limited MaturityPairCorr
  0.78PYLSX Payden Limited MaturityPairCorr
  1.0PYVAX Payden Equity IncomePairCorr
  1.0PYVLX Payden Equity IncomePairCorr
  0.89PKCIX Payden/kravitz CashPairCorr
  0.89PKBIX Payden/kravitz CashPairCorr
  0.89PKCBX Payden/kravitz CashPairCorr
  0.99VVIAX Vanguard Value IndexPairCorr
  0.91DOXGX Dodge Cox StockPairCorr
  0.92AFMFX American MutualPairCorr
  0.92FFMMX American Funds AmericanPairCorr
  0.92FFFMX American Funds AmericanPairCorr
  0.92AMRMX American MutualPairCorr
  0.86AMFFX American MutualPairCorr

Moving against Payden Mutual Fund

  0.67PYGNX Payden Gnma FundPairCorr
  0.63PYCWX Payden E BondPairCorr
  0.62PYCBX Payden E BondPairCorr
  0.61PYCSX Payden Core BondPairCorr
  0.54PYELX Payden Emerging MarketsPairCorr
  0.52PYILX Payden Rygel InvestmentPairCorr
  0.51PYACX Payden Porate BondPairCorr
  0.51PYCTX Payden RygelPairCorr
  0.58PYUSX Payden GovernmentPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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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