Western Asset High Fund Market Value
| HIO Fund | USD 3.98 0.03 0.76% |
| Symbol | Western |
Western Asset 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Western Asset's fund what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Western Asset.
| 10/26/2024 |
| 11/25/2024 |
If you would invest 0.00 in Western Asset on October 26, 2024 and sell it all today you would earn a total of 0.00 from holding Western Asset High or generate 0.0% return on investment in Western Asset over 30 days. Western Asset is related to or competes with Pimco Dynamic, Pimco Corporate, Cornerstone Strategic, Cornerstone Strategic, Pimco Dynamic, Guggenheim Strategic, and Reaves Utility. Western Asset High Income Opportunity Fund Inc More
Western Asset Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Western Asset's fund current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Western Asset High upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.6528 | |||
| Information Ratio | (0.12) | |||
| Maximum Drawdown | 2.84 | |||
| Value At Risk | (1.01) | |||
| Potential Upside | 1.28 |
Western Asset Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Western Asset's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Western Asset's standard deviation. In reality, there are many statistical measures that can use Western Asset historical prices to predict the future Western Asset's volatility.| Risk Adjusted Performance | 0.0763 | |||
| Jensen Alpha | 0.0229 | |||
| Total Risk Alpha | (0.04) | |||
| Sortino Ratio | (0.11) | |||
| Treynor Ratio | 0.2215 |
Western Asset High Backtested Returns
As of now, Western Fund is not too volatile. Western Asset High shows Sharpe Ratio of 0.12, which attests that the fund had a 0.12% return per unit of risk over the last 3 months. We have found twenty-nine technical indicators for Western Asset High, which you can use to evaluate the volatility of the fund. Please check out Western Asset's Mean Deviation of 0.4126, downside deviation of 0.6528, and Market Risk Adjusted Performance of 0.2315 to validate if the risk estimate we provide is consistent with the expected return of 0.07%. The entity maintains a market beta of 0.23, which attests to not very significant fluctuations relative to the market. As returns on the market increase, Western Asset's returns are expected to increase less than the market. However, during the bear market, the loss of holding Western Asset is expected to be smaller as well.
Auto-correlation | 0.50 |
Modest predictability
Western Asset High has modest predictability. Overlapping area represents the amount of predictability between Western Asset time series from 26th of October 2024 to 10th of November 2024 and 10th of November 2024 to 25th of November 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Western Asset High price movement. The serial correlation of 0.5 indicates that about 50.0% of current Western Asset price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.5 | |
| Spearman Rank Test | 0.55 | |
| Residual Average | 0.0 | |
| Price Variance | 0.0 |
Western Asset High lagged returns against current returns
Autocorrelation, which is Western Asset fund's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Western Asset's fund expected returns. We can calculate the autocorrelation of Western Asset returns to help us make a trade decision. For example, suppose you find that Western Asset has exhibited high autocorrelation historically, and you observe that the fund is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Western Asset regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Western Asset fund is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Western Asset fund is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Western Asset fund over time.
Current vs Lagged Prices |
| Timeline |
Western Asset Lagged Returns
When evaluating Western Asset's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Western Asset fund have on its future price. Western Asset autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Western Asset autocorrelation shows the relationship between Western Asset fund current value and its past values and can show if there is a momentum factor associated with investing in Western Asset High.
Regressed Prices |
| Timeline |
Pair Trading with Western Asset
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Western Asset position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Western Asset will appreciate offsetting losses from the drop in the long position's value.Moving together with Western Fund
Moving against Western Fund
| 0.62 | BA | Boeing Fiscal Year End 29th of January 2025 | PairCorr |
| 0.61 | VVR | Invesco Senior Income | PairCorr |
| 0.33 | MRK | Merck Company Fiscal Year End 6th of February 2025 | PairCorr |
The ability to find closely correlated positions to Western Asset could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Western Asset when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Western Asset - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Western Asset High to buy it.
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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Western Asset moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Western Asset High moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Western Asset can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Other Information on Investing in Western Fund
Western Asset financial ratios help investors to determine whether Western Fund is cheap or expensive when compared to a particular measure, such as profits or enterprise value. In other words, they help investors to determine the cost of investment in Western with respect to the benefits of owning Western Asset security.
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