Payden Absolute Correlations

Mutual Funds . USA . 
Fund . Payden Absolute Return
PYARX Fund  USD 9.49  0.01  0.11%   
The current 90-days correlation between Payden Absolute Return and Us Government Securities is 0.48 (i.e., Very weak 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

Good diversification

The correlation between Payden Absolute Return and DJI is -0.07 (i.e., Good 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 metropolitan statistical area.

Moving together with Payden Mutual Fund

  0.81PYAYX Payden Corporate BondPairCorr
  0.67PYBLX Payden Floating RatePairCorr
  0.98PYABX Payden Absolute ReturnPairCorr
  0.83PYACX Payden Porate BondPairCorr
  0.99PYAIX Payden Absolute ReturnPairCorr
  0.91PYCEX Payden Emerging MarketsPairCorr
  0.75PYCHX Payden RegalPairCorr
  0.89PYCBX Payden E BondPairCorr
  0.92PYCIX Payden Emerging MarketsPairCorr
  0.66PYCLX Payden CaliforniaPairCorr
  0.89PYCWX Payden E BondPairCorr
  0.9PYCSX Payden Core BondPairCorr
  0.7PYCRX Payden CaliforniaPairCorr
  0.83PYCTX Payden RygelPairCorr
  0.7PYFIX Payden Floating RatePairCorr
  0.68PYFRX Payden Floating RatePairCorr
  0.89PYEIX Payden Emerging MarketsPairCorr
  0.89PYELX Payden Emerging MarketsPairCorr
  0.88PYEMX Payden Emerging MarketsPairCorr
  0.88PYEWX Payden Emerging MarketsPairCorr
  0.75PYHRX Payden High IncomePairCorr
  0.72PYGFX Payden Global FixedPairCorr
  0.88PYGNX Payden Gnma FundPairCorr
  0.75PYGIX Payden Global FixedPairCorr
  0.98PYGSX Payden Global LowPairCorr
  0.9PYILX Payden Rygel InvestmentPairCorr
  0.93PYLMX Payden Limited MaturityPairCorr
  0.9PYLSX Payden Limited MaturityPairCorr
  0.95PYLDX Payden RygelPairCorr
  0.93PYSGX Payden Strategic IncomePairCorr
  0.95PYSBX Payden Low DurationPairCorr
  0.93PYSIX Payden Strategic IncomePairCorr
  0.74PYRLX Payden High IncomePairCorr
  0.95PYUSX Payden GovernmentPairCorr
  0.98PKCIX Payden/kravitz CashPairCorr
  0.98PKCRX Payden/kravitz CashPairCorr

Moving against Payden Mutual Fund

  0.49PYVAX Payden Equity IncomePairCorr
  0.48PYVLX Payden Equity IncomePairCorr
  0.48PYVSX Payden Equity IncomePairCorr

Related Correlations Analysis

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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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