Payden Core Correlations

PYCSX Fund

USD 9.25 0.01 0.11%

The current 90-days correlation between Payden Core Bond and Payden Porate Bond is 0.97 (i.e., Almost no diversification). The correlation of Payden Core 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 Core Correlation With Market

Good diversification

The correlation between Payden Core Bond and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Payden Core Bond 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 Core Bond. 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 state.

Moving together with Payden Mutual Fund

0.98	PYACX	Payden Porate Bond	Pair Corr
1.0	PYCBX	Payden E Bond	Pair Corr
1.0	PYCWX	Payden E Bond	Pair Corr
0.71	PYCRX	Payden California	Pair Corr
0.98	PYCTX	Payden Rygel	Pair Corr
0.91	PYELX	Payden Emerging Markets	Pair Corr
0.89	PYGFX	Payden Global Fixed	Pair Corr
0.97	PYGNX	Payden Gnma Fund	Pair Corr
0.89	PYGIX	Payden Global Fixed	Pair Corr
0.61	PYGSX	Payden Global Low	Pair Corr
0.9	PYILX	Payden Rygel Investment	Pair Corr
0.74	PYLDX	Payden Rygel	Pair Corr
0.91	PYSGX	Payden Strategic Income	Pair Corr
0.74	PYSBX	Payden Low Duration	Pair Corr
0.84	PYSIX	Payden Strategic Income	Pair Corr
0.96	PYUSX	Payden Government	Pair Corr
0.97	MWTNX	Metropolitan West Total	Pair Corr
0.97	MWTSX	Metropolitan West Total	Pair Corr
0.99	PTTPX	Pimco Total Return	Pair Corr

Moving against Payden Mutual Fund

0.87	PYFIX	Payden Floating Rate	Pair Corr
0.87	PYFRX	Payden Floating Rate	Pair Corr
0.79	PYAIX	Payden Absolute Return	Pair Corr
0.79	PYARX	Payden Absolute Return	Pair Corr
0.75	PYLMX	Payden Limited Maturity	Pair Corr
0.74	PYLSX	Payden Limited Maturity	Pair Corr
0.82	PKCIX	Payden/kravitz Cash	Pair Corr
0.82	PKBIX	Payden/kravitz Cash	Pair Corr
0.82	PKCBX	Payden/kravitz Cash	Pair Corr
0.81	PKCRX	Payden/kravitz Cash	Pair Corr
0.79	LSHEX	Kinetics Spin Off	Pair Corr
0.79	LSHCX	Horizon Spin Off	Pair Corr
0.78	LSHUX	Horizon Spin Off	Pair Corr
0.78	LSHAX	Horizon Spin Off	Pair Corr
0.64	OSPPX	Oppenheimer Steelpath Mlp	Pair Corr
0.64	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.64	SPMJX	Invesco Steelpath Mlp	Pair Corr
0.62	PYVSX	Payden Equity Income	Pair Corr
0.61	PYVAX	Payden Equity Income	Pair Corr

Related Correlations Analysis

	PYACX	PYAIX	PYARX	PYCEX	PYCHX	PYCBX	PYCIX	PYCWX	PYCSX	PYCRX
PYACX		-0.71	-0.71	-0.1	0.08	0.98	-0.1	0.98	0.98	0.78	PYACX
PYAIX	-0.71		0.99	0.63	0.54	-0.78	0.67	-0.79	-0.79	-0.38	PYAIX
PYARX	-0.71	0.99		0.6	0.54	-0.79	0.63	-0.8	-0.79	-0.39	PYARX
PYCEX	-0.1	0.63	0.6		0.64	-0.17	0.99	-0.2	-0.2	0.26	PYCEX
PYCHX	0.08	0.54	0.54	0.64		-0.05	0.71	-0.06	-0.06	0.33	PYCHX
PYCBX	0.98	-0.78	-0.79	-0.17	-0.05		-0.18	1.0	1.0	0.71	PYCBX
PYCIX	-0.1	0.67	0.63	0.99	0.71	-0.18		-0.21	-0.21	0.26	PYCIX
PYCWX	0.98	-0.79	-0.8	-0.2	-0.06	1.0	-0.21		1.0	0.71	PYCWX
PYCSX	0.98	-0.79	-0.79	-0.2	-0.06	1.0	-0.21	1.0		0.71	PYCSX
PYCRX	0.78	-0.38	-0.39	0.26	0.33	0.71	0.26	0.71	0.71		PYCRX
	PYACX	PYAIX	PYARX	PYCEX	PYCHX	PYCBX	PYCIX	PYCWX	PYCSX	PYCRX

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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

PYCWX	+ 1.0	PYCBX
PYCSX	+ 1.0	PYCBX
PYCSX	+ 1.0	PYCWX
PYARX	+ 0.99	PYAIX
PYCIX	+ 0.99	PYCEX
PYCBX	+ 0.98	PYACX

High negative correlations

PYCWX	- 0.8	PYARX
PYCSX	- 0.79	PYARX
PYCBX	- 0.79	PYARX
PYCSX	- 0.79	PYAIX
PYCWX	- 0.79	PYAIX
PYCBX	- 0.78	PYAIX

Risk-Adjusted Indicators

There is a big difference between Payden Mutual Fund performing well and Payden Core 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 Core'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
PYACX	0.24	0.00	(0.35)	0.27	0.28	(0.31)	0.51	(0.61)	1.33
PYAIX	0.06	0.00	(0.36)	0.02	0.09	(0.12)	0.11	(0.11)	1.05
PYARX	0.06	0.00	(0.32)	0.03	0.08	(0.12)	0.11	(0.11)	1.05
PYCEX	0.10	0.00	(0.61)	0.44	0.00	(0.18)	0.23	(0.23)	0.80
PYCHX	0.11	0.00	(0.45)	0.06	0.06	(0.18)	0.16	(0.16)	0.94
PYCBX	0.22	(0.01)	0.00	0.70	0.00	0.00	0.43	(0.54)	1.20
PYCIX	0.09	0.00	(0.74)	0.00	0.00	(0.14)	0.23	(0.11)	0.68
PYCWX	0.23	(0.01)	0.00	0.43	0.00	0.00	0.43	(0.54)	1.31
PYCSX	0.23	(0.02)	0.00	0.61	0.00	0.00	0.43	(0.54)	1.20
PYCRX	0.13	0.01	(0.34)	(0.19)	0.13	(0.19)	0.31	(0.30)	1.11

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