Payden Equity Correlations

PYVAX Fund

USD 15.98 0.05 0.31%

The current 90-days correlation between Payden Equity Income and Janus Henderson Global is 0.75 (i.e., Poor diversification). 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

Significant diversification

The correlation between Payden Equity Income and DJI is 0.06 (i.e., Significant 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 nation.

Moving together with Payden Mutual Fund

0.62	PYBLX	Payden Floating Rate	Pair Corr
1.0	PYVLX	Payden Equity Income	Pair Corr
1.0	PYVSX	Payden Equity Income	Pair Corr
0.87	VVIAX	Vanguard Value Index	Pair Corr
0.77	DOXGX	Dodge Cox Stock	Pair Corr
0.84	AFMFX	American Mutual	Pair Corr
0.84	FFMMX	American Funds American	Pair Corr
0.84	FFFMX	American Funds American	Pair Corr

Moving against Payden Mutual Fund

0.34	PYSBX	Payden Low Duration	Pair Corr
0.33	PYLDX	Payden Rygel	Pair Corr
0.38	PYUSX	Payden Government	Pair Corr

Related Correlations Analysis

	HFQTX	EVIBX	WILNX	WATFX	LBNDX
HFQTX		0.76	0.78	0.92	0.67	HFQTX
EVIBX	0.76		0.81	0.77	0.97	EVIBX
WILNX	0.78	0.81		0.62	0.83	WILNX
WATFX	0.92	0.77	0.62		0.7	WATFX
LBNDX	0.67	0.97	0.83	0.7		LBNDX
	HFQTX	EVIBX	WILNX	WATFX	LBNDX

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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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HFQTX	0.43	0.16	0.34	1.89	0.18	(0.57)	1.22	(0.80)	2.45
EVIBX	0.15	0.02	0.33	0.92	0.00	(0.26)	0.20	(0.20)	1.17
WILNX	0.75	0.06	0.10	1.01	1.09	(0.71)	1.67	(1.20)	6.26
WATFX	0.24	0.05	0.37	0.88	0.12	(0.29)	0.58	(0.38)	1.56
LBNDX	0.19	0.01	0.31	0.33	0.13	(0.25)	0.42	(0.28)	1.13

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