Payden Absolute Correlations

Mutual Funds . USA . 
Fund . Payden Absolute Return
PYAIX Fund  USD 9.44  0.00  0.00%   
The current 90-days correlation between Payden Absolute Return and Hennessy Technology Fund is -0.05 (i.e., Good diversification). The correlation of Payden Absolute 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 Absolute Correlation With Market

Very poor diversification

The correlation between Payden Absolute Return and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Payden Absolute Return 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 Absolute Return. 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 gross domestic product.

Moving together with Payden Mutual Fund

  0.82PYAYX Payden Corporate BondPairCorr
  0.66PYBLX Payden Floating RatePairCorr
  0.99PYABX Payden Absolute ReturnPairCorr
  0.8PYACX Payden Porate BondPairCorr
  0.99PYARX Payden Absolute ReturnPairCorr
  0.99PYCEX Payden Emerging MarketsPairCorr
  0.98PYCHX Payden RegalPairCorr
  0.85PYCBX Payden E BondPairCorr
  0.99PYCIX Payden Emerging MarketsPairCorr
  0.92PYCLX Payden CaliforniaPairCorr
  0.86PYCWX Payden E BondPairCorr
  0.86PYCSX Payden Core BondPairCorr
  0.93PYCRX Payden CaliforniaPairCorr
  0.81PYCTX Payden RygelPairCorr
  0.7PYFIX Payden Floating RatePairCorr
  0.69PYFRX Payden Floating RatePairCorr
  0.98PYEIX Payden Emerging MarketsPairCorr
  0.98PYELX Payden Emerging MarketsPairCorr
  0.98PYEMX Payden Emerging MarketsPairCorr
  0.98PYEWX Payden Emerging MarketsPairCorr
  0.98PYHRX Payden High IncomePairCorr
  0.89PYGFX Payden Global FixedPairCorr
  0.9PYGNX Payden Gnma FundPairCorr
  0.87PYGIX Payden Global FixedPairCorr
  0.98PYGSX Payden Global LowPairCorr
  0.98PYILX Payden Rygel InvestmentPairCorr
  0.96PYLMX Payden Limited MaturityPairCorr
  0.95PYLWX Payden Low DurationPairCorr
  0.96PYLSX Payden Limited MaturityPairCorr
  0.96PYLBX Payden Limited MaturityPairCorr
  0.95PYLDX Payden RygelPairCorr
  0.96PYSGX Payden Strategic IncomePairCorr
  0.95PYSBX Payden Low DurationPairCorr
  0.96PYSIX Payden Strategic IncomePairCorr
  0.95PYSLX Payden Strategic IncomePairCorr
  0.98PYRLX Payden High IncomePairCorr
  0.93PYUSX Payden GovernmentPairCorr
  0.94PYVAX Payden Equity IncomePairCorr
  0.94PYVLX Payden Equity IncomePairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

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