Payden California Correlations

PYCRX Fund

USD 9.83 0.02 0.20%

The current 90-days correlation between Payden California and Cornercap Small Cap Value is 0.23 (i.e., Modest diversification). The correlation of Payden California 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 California Correlation With Market

Significant diversification

The correlation between Payden California Muncipal and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Payden California Muncipal 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 California Muncipal. 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

0.93	PYAYX	Payden Corporate Bond	Pair Corr
0.79	PYABX	Payden Absolute Return	Pair Corr
0.92	PYACX	Payden Porate Bond	Pair Corr
0.78	PYAIX	Payden Absolute Return	Pair Corr
0.78	PYARX	Payden Absolute Return	Pair Corr
0.88	PYCEX	Payden Emerging Markets	Pair Corr
0.79	PYCHX	Payden Regal	Pair Corr
0.9	PYCBX	Payden E Bond	Pair Corr
0.88	PYCIX	Payden Emerging Markets	Pair Corr
0.93	PYCLX	Payden California	Pair Corr
0.9	PYCWX	Payden E Bond	Pair Corr
0.91	PYCSX	Payden Core Bond	Pair Corr
0.91	PYCTX	Payden Rygel	Pair Corr
0.89	PYEIX	Payden Emerging Markets	Pair Corr
0.78	PYELX	Payden Emerging Markets	Pair Corr
0.89	PYEMX	Payden Emerging Markets	Pair Corr
0.89	PYEWX	Payden Emerging Markets	Pair Corr
0.75	PYHRX	Payden High Income	Pair Corr
0.91	PYGFX	Payden Global Fixed	Pair Corr
0.91	PYGNX	Payden Gnma Fund	Pair Corr
0.93	PYGIX	Payden Global Fixed	Pair Corr
0.81	PYGSX	Payden Global Low	Pair Corr
0.78	PYILX	Payden Rygel Investment	Pair Corr
0.82	PYLMX	Payden Limited Maturity	Pair Corr
0.84	PYLSX	Payden Limited Maturity	Pair Corr
0.86	PYLDX	Payden Rygel	Pair Corr
0.89	PYSGX	Payden Strategic Income	Pair Corr
0.86	PYSBX	Payden Low Duration	Pair Corr
0.89	PYSIX	Payden Strategic Income	Pair Corr
0.76	PYRLX	Payden High Income	Pair Corr
0.85	PYUSX	Payden Government	Pair Corr
0.78	PKCIX	Payden/kravitz Cash	Pair Corr
0.79	PKCRX	Payden/kravitz Cash	Pair Corr

Related Correlations Analysis

	CSCVX	PRDMX	IAAEX	FCPVX	UCPIX	TIMVX	VSFSX
CSCVX		0.13	0.72	0.03	-0.04	0.02	0.23	CSCVX
PRDMX	0.13		0.27	0.89	-0.88	0.86	0.95	PRDMX
IAAEX	0.72	0.27		0.21	-0.21	0.17	0.39	IAAEX
FCPVX	0.03	0.89	0.21		-0.97	0.96	0.91	FCPVX
UCPIX	-0.04	-0.88	-0.21	-0.97		-0.89	-0.91	UCPIX
TIMVX	0.02	0.86	0.17	0.96	-0.89		0.87	TIMVX
VSFSX	0.23	0.95	0.39	0.91	-0.91	0.87		VSFSX
	CSCVX	PRDMX	IAAEX	FCPVX	UCPIX	TIMVX	VSFSX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

TIMVX	+ 0.96	FCPVX
VSFSX	+ 0.95	PRDMX
VSFSX	+ 0.91	FCPVX
FCPVX	+ 0.89	PRDMX
VSFSX	+ 0.87	TIMVX
TIMVX	+ 0.86	PRDMX

High negative correlations

UCPIX	- 0.97	FCPVX
VSFSX	- 0.91	UCPIX
TIMVX	- 0.89	UCPIX
UCPIX	- 0.88	PRDMX
UCPIX	- 0.21	IAAEX
UCPIX	- 0.04	CSCVX

Risk-Adjusted Indicators

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

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CSCVX	0.43	(0.09)	0.00	1.80	0.00	0.00	0.97	(1.23)	4.53
PRDMX	1.26	(0.11)	0.00	1.05	0.00	0.00	2.00	(3.52)	6.08
IAAEX	0.81	(0.12)	0.00	1.00	0.00	0.00	1.41	(1.48)	9.17
FCPVX	0.88	(0.12)	0.00	(0.11)	0.00	0.00	1.70	(2.21)	4.29
UCPIX	1.98	0.34	0.14	(0.15)	2.12	(2.20)	5.49	(3.62)	13.88
TIMVX	0.77	(0.06)	0.00	(0.06)	0.00	0.00	1.41	(1.75)	3.55
VSFSX	0.90	(0.13)	0.00	1.35	0.00	0.00	1.64	(2.07)	5.18

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