Payden Equity Correlations

Mutual Funds . USA . 
Fund . Payden Equity Income
PYVSX Fund  USD 17.15  0.07  0.41%   
The current 90-days correlation between Payden Equity Income and Payden Equity Income is 0.99 (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

Very poor diversification

The correlation between Payden Equity Income and DJI is 0.87 (i.e., Very poor 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 main economic indicators.

Moving together with Payden Mutual Fund

  0.86PYAYX Payden Corporate BondPairCorr
  0.9PYBLX Payden Floating RatePairCorr
  0.87PYABX Payden Absolute ReturnPairCorr
  0.86PYACX Payden Porate BondPairCorr
  0.89PYAIX Payden Absolute ReturnPairCorr
  0.9PYARX Payden Absolute ReturnPairCorr
  0.91PYCEX Payden Emerging MarketsPairCorr
  0.95PYCHX Payden RegalPairCorr
  0.86PYCBX Payden E BondPairCorr
  0.63PYCIX Payden Emerging MarketsPairCorr
  0.86PYCSX Payden Core BondPairCorr
  0.87PYCTX Payden RygelPairCorr
  0.91PYFIX Payden Floating RatePairCorr
  0.9PYFRX Payden Floating RatePairCorr
  0.62PYEIX Payden Emerging MarketsPairCorr
  0.84PYEMX Payden Emerging MarketsPairCorr
  0.93PYEWX Payden Emerging MarketsPairCorr
  0.81PYGFX Payden Global FixedPairCorr
  0.83PYGNX Payden Gnma FundPairCorr
  0.92PYILX Payden Rygel InvestmentPairCorr
  0.86PYLMX Payden Limited MaturityPairCorr
  0.86PYLSX Payden Limited MaturityPairCorr
  0.84PYLDX Payden RygelPairCorr
  0.9PYSFX Payden Securitized IncomePairCorr
  0.77PYSBX Payden Low DurationPairCorr
  0.9PYSIX Payden Strategic IncomePairCorr
  0.83PYUSX Payden GovernmentPairCorr
  0.67PYVAX Payden Equity IncomePairCorr
  1.0PYVLX Payden Equity IncomePairCorr
  0.92PKCIX Payden/kravitz CashPairCorr

Moving against Payden Mutual Fund

  0.93USPSX Profunds UltrashortPairCorr

Related Correlations Analysis


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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