Payden Emerging Correlations

Mutual Funds . USA . 
Fund . Payden Emerging Markets
PYCIX Fund  USD 8.84  0.04  0.45%   
The current 90-days correlation between Payden Emerging Markets and Fidelity New Markets is 0.06 (i.e., Significant diversification). The correlation of Payden Emerging 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 Emerging Correlation With Market

Modest diversification

The correlation between Payden Emerging Markets and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Payden Emerging Markets 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 Emerging Markets. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with PAYDEN Mutual Fund

  0.76FGBMX Fidelity New MarketsPairCorr
  0.77FGZMX Fidelity New MarketsPairCorr
  0.77FGWMX Fidelity New MarketsPairCorr
  0.76FGVMX Fidelity New MarketsPairCorr
  0.76FGYMX Fidelity New MarketsPairCorr
  0.77MEDIX Mfs Emerging MarketsPairCorr
  0.77MEDCX Mfs Emerging MarketsPairCorr
  0.77MEDAX Mfs Emerging MarketsPairCorr
  0.77MEDBX Mfs Emerging MarketsPairCorr
  0.78MEDEX Mfs Emerging MarketsPairCorr
  0.75GAAKX Gmo Alternative AlloPairCorr
  0.75GAAGX Gmo Alternative AlloPairCorr
  0.7GPBFX Gmo E PlusPairCorr
  0.61GPMFX Guidepath Managed FuturesPairCorr
  0.65PQTAX Pimco Trends ManagedPairCorr
  0.66PQTNX Pimco Trends ManagedPairCorr
  0.66PQTIX Aa Pimco TrPairCorr
  0.73FTFOX FtfoxPairCorr
  0.75FLRDX Franklin LifesmartPairCorr
  0.69FNDSX Fidelity SustainabilityPairCorr
  0.74GEPPX Goldman Sachs EsgPairCorr
  0.69CHCYX Ab Discovery GrowthPairCorr
  0.79HMJAX Hartford Municipal ShortPairCorr
  0.63KCVIX Kngt Clb LargPairCorr
  0.7DIFAX Mfs Diversified IncomePairCorr
  0.81PPSIX Preferred SecuritiesPairCorr
  0.77LCGJX William Blair LargePairCorr
  0.75LENAX Blackrock Lifepath EsgPairCorr
  0.69ALFVX Lord Abbett AlphaPairCorr
  0.7RNWBX New World FundPairCorr
  0.79MMUKX Mfs UtilitiesPairCorr
  0.68JAJPX John Hancock VariablePairCorr
  0.68TRIFX Catalystsmh Total ReturnPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

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