Payden Emerging Correlations

PYCEX Fund

USD 8.85 0.02 0.23%

The current 90-days correlation between Payden Emerging Markets and Payden Porate Bond is -0.14 (i.e., Good diversification). The correlation of Payden Emerging 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 Emerging Correlation With Market

Significant diversification

The correlation between Payden Emerging Markets and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Payden Emerging Markets 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 Emerging Markets. 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 income.

Moving together with Payden Mutual Fund

0.88	PYCIX	Payden Emerging Markets	Pair Corr
0.78	PYEMX	Payden Emerging Markets	Pair Corr
0.77	PYEWX	Payden Emerging Markets	Pair Corr
0.61	PYHRX	Payden High Income	Pair Corr
0.61	FGBMX	Fidelity New Markets	Pair Corr
0.61	FGWMX	Fidelity New Markets	Pair Corr
0.61	FGVMX	Fidelity New Markets	Pair Corr

Related Correlations Analysis

	PYACX	PYAIX	PYARX	PYCEX	PYCBX	PYCIX	PYCWX	PYCSX	PYCRX	PYCTX
PYACX		-0.8	-0.63	-0.03	0.98	0.02	0.98	0.94	0.69	0.94	PYACX
PYAIX	-0.8		0.75	0.4	-0.84	0.28	-0.84	-0.82	-0.49	-0.79	PYAIX
PYARX	-0.63	0.75		0.41	-0.76	0.59	-0.77	-0.77	-0.11	-0.55	PYARX
PYCEX	-0.03	0.4	0.41		-0.09	0.88	-0.11	-0.02	0.41	0.11	PYCEX
PYCBX	0.98	-0.84	-0.76	-0.09		-0.1	1.0	0.97	0.6	0.92	PYCBX
PYCIX	0.02	0.28	0.59	0.88	-0.1		-0.12	-0.07	0.56	0.17	PYCIX
PYCWX	0.98	-0.84	-0.77	-0.11	1.0	-0.12		0.97	0.6	0.91	PYCWX
PYCSX	0.94	-0.82	-0.77	-0.02	0.97	-0.07	0.97		0.63	0.95	PYCSX
PYCRX	0.69	-0.49	-0.11	0.41	0.6	0.56	0.6	0.63		0.8	PYCRX
PYCTX	0.94	-0.79	-0.55	0.11	0.92	0.17	0.91	0.95	0.8		PYCTX
	PYACX	PYAIX	PYARX	PYCEX	PYCBX	PYCIX	PYCWX	PYCSX	PYCRX	PYCTX

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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
PYCBX	+ 0.98	PYACX
PYCWX	+ 0.98	PYACX
PYCSX	+ 0.97	PYCBX
PYCSX	+ 0.97	PYCWX
PYCTX	+ 0.95	PYCSX

High negative correlations

PYCWX	- 0.84	PYAIX
PYCBX	- 0.84	PYAIX
PYCSX	- 0.82	PYAIX
PYAIX	- 0.8	PYACX
PYCTX	- 0.79	PYAIX
PYCSX	- 0.77	PYARX

Risk-Adjusted Indicators

There is a big difference between Payden Mutual Fund performing well and Payden Emerging 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 Emerging'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	(0.03)	0.00	(1.84)	0.00	0.00	0.51	(0.61)	1.33
PYAIX	0.07	0.01	(0.35)	(0.28)	0.06	(0.13)	0.21	(0.11)	1.05
PYARX	0.05	0.02	0.00	(3.10)	0.00	0.00	0.11	(0.11)	0.32
PYCEX	0.10	0.01	(0.58)	1.85	0.00	(0.18)	0.23	(0.23)	0.80
PYCBX	0.21	(0.04)	0.00	(2.36)	0.00	0.00	0.42	(0.54)	1.20
PYCIX	0.09	0.02	(0.69)	3.93	0.00	(0.14)	0.23	(0.11)	0.46
PYCWX	0.23	(0.04)	0.00	20.98	0.00	0.00	0.43	(0.54)	1.31
PYCSX	0.22	(0.04)	0.00	(0.45)	0.00	0.00	0.33	(0.54)	1.20
PYCRX	0.13	0.00	(0.39)	(0.02)	0.16	(0.18)	0.31	(0.30)	1.11
PYCTX	0.24	(0.02)	0.00	(0.20)	0.00	0.00	0.61	(0.60)	1.43

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