Western Asset Correlations

Mutual Funds . USA . 
Fund . Western Asset High
WAYCX Fund  USD 6.96  0.02  0.29%   
The current 90-days correlation between Western Asset High and Franklin Natural Resources is 0.23 (i.e., Modest diversification). The correlation of Western Asset 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.

Western Asset Correlation With Market

Modest diversification

The correlation between Western Asset High and DJI is 0.29 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Western Asset High and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Western Asset High. 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 WESTERN Mutual Fund

  0.75TEBIX Franklin Mutual BeaconPairCorr
  0.67TEDMX Templeton DevelopingPairCorr
  0.65TEDIX Franklin Mutual GlobalPairCorr
  0.65TEDSX Franklin Mutual GlobalPairCorr
  0.87TEFRX Templeton ForeignPairCorr
  0.82TEFTX Templeton ForeignPairCorr
  0.72TEGBX Templeton Global BondPairCorr
  0.72TEGRX Templeton GrowthPairCorr
  0.74TEMFX Templeton ForeignPairCorr
  0.64TEMEX Franklin Mutual BeaconPairCorr
  0.62TEMIX Franklin Mutual EuropeanPairCorr
  0.81TEMQX Mutual QuestPairCorr
  0.62FQCHX Franklin Templeton SmacsPairCorr
  0.68FQEMX Franklin Templeton SmacsPairCorr
  0.91TEQIX Franklin Mutual QuestPairCorr
  0.73TEPLX Templeton GrowthPairCorr
  0.92LGGAX Clearbridge InternationalPairCorr
  0.89TEURX Franklin Mutual EuropeanPairCorr
  0.81LGIEX Qs International EquityPairCorr
  0.63FQNCX Franklin North CarolinaPairCorr
  0.78WAARX Western Asset TotalPairCorr

Related Correlations Analysis

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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   
BACCX
+ 0.98
FNCRX
IEFCX
+ 0.98
FNCRX
IEFCX
+ 0.97
BACCX
IEFCX
+ 0.97
HNRGX
IGNAX
+ 0.96
FNCRX
HNRGX
+ 0.93
FNCRX
  
High negative correlations   
SNPIX
- 0.99
BACCX
SNPIX
- 0.98
FNCRX
IEFCX
- 0.96
SNPIX
SNPIX
- 0.92
IGNAX
SNPIX
- 0.9
HNRGX
SNPIX
- 0.71
AIWEX

Risk-Adjusted Indicators

There is a big difference between WESTERN Mutual Fund performing well and Western Asset 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 Western Asset'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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