Western Asset Correlations

Mutual Funds . USA . 
Fund . Western Asset High
WAYCX Fund  USD 6.95  0.01  0.14%   
The current 90-days correlation between Western Asset High and Vanguard High Yield Corporate is 0.76 (i.e., Poor diversification). The correlation of Western Asset 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.

Western Asset Correlation With Market

Modest diversification

The correlation between Western Asset High and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Western Asset High and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Western Asset High. 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 main economic indicators.

Moving together with Western Mutual Fund

  0.63TEMTX Franklin Mutual SharesPairCorr
  0.64SAIFX Clearbridge Large CapPairCorr
  0.7SAGYX Clearbridge AggressivePairCorr
  0.64TESRX Franklin Mutual SharesPairCorr
  0.62TEWTX Templeton WorldPairCorr
  0.65SAPYX Clearbridge AppreciationPairCorr
  0.64SASMX Clearbridge Small CapPairCorr
  0.7WAADX Western Asset SmashPairCorr
  0.69FQTEX Franklin Strategic SeriesPairCorr
  0.7FQTIX Franklin Strategic SeriesPairCorr
  0.72LGVAX Clearbridge Value TrustPairCorr
  0.76SBBAX Qs Servative GrowthPairCorr
  0.99WAHYX Western Asset HighPairCorr

Moving against Western Mutual Fund

  0.31TEGBX Templeton Global BondPairCorr
  0.31LGIEX Qs International EquityPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Western Mutual Fund performing well and Western Asset 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 Western Asset'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
VWEAX  0.10  0.00 (0.49) 0.24  0.00 
(0.23)
 0.37 
(0.18)
 0.74 
VWEHX  0.10  0.00 (0.51) 0.18  0.00 
(0.22)
 0.19 
(0.18)
 0.73 
BHYCX  0.11  0.01 (0.51) 0.24  0.00 
(0.20)
 0.28 
(0.28)
 0.85 
BHYIX  0.12  0.01 (0.43) 0.23  0.00 
(0.21)
 0.28 
(0.28)
 0.85 
BHYSX  0.14  0.01 (0.49) 0.21  0.00 
(0.20)
 0.28 
(0.28)
 0.85 
BHYAX  0.13  0.01 (0.47) 0.23  0.00 
(0.21)
 0.28 
(0.28)
 0.85 
FAHHX  0.13  0.02 (0.53) 0.33  0.00 
(0.20)
 0.31 
(0.20)
 0.92 
FTAHX  0.13  0.02 (0.56) 0.34  0.00 
(0.20)
 0.31 
(0.20)
 0.83 
AHTFX  0.13  0.02 (0.53) 0.32  0.00 
(0.20)
 0.31 
(0.20)
 0.93 
AHTCX  0.13  0.01 (0.55) 0.28  0.00 
(0.19)
 0.31 
(0.20)
 0.83 

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