Payden Emerging Correlations

PYELX Fund

USD 4.66 0.01 0.22%

The current 90-days correlation between Payden Emerging Markets and Arrow Managed Futures is 0.12 (i.e., Average 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

Good diversification

The correlation between Payden Emerging Markets and DJI is -0.01 (i.e., Good 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 bureau of economic analysis.

Moving together with Payden Mutual Fund

0.81	PYACX	Payden Porate Bond	Pair Corr
0.89	PYCBX	Payden E Bond	Pair Corr
0.89	PYCWX	Payden E Bond	Pair Corr
0.89	PYCSX	Payden Core Bond	Pair Corr
0.74	PYCTX	Payden Rygel	Pair Corr
0.61	PYGFX	Payden Global Fixed	Pair Corr
0.85	PYGNX	Payden Gnma Fund	Pair Corr
0.83	PYGSX	Payden Global Low	Pair Corr
1.0	PYILX	Payden Rygel Investment	Pair Corr
0.69	PYLDX	Payden Rygel	Pair Corr
0.61	PYSGX	Payden Strategic Income	Pair Corr
0.68	PYSBX	Payden Low Duration	Pair Corr
0.78	PYSIX	Payden Strategic Income	Pair Corr
0.88	PYUSX	Payden Government	Pair Corr
0.92	PLMPX	Pimco Emerging Markets	Pair Corr
0.92	PLMIX	Pimco Emerging Markets	Pair Corr
0.99	PELPX	Pimco Emerging Local	Pair Corr

Moving against Payden Mutual Fund

0.91	PYFIX	Payden Floating Rate	Pair Corr
0.9	PYFRX	Payden Floating Rate	Pair Corr
0.84	PYLMX	Payden Limited Maturity	Pair Corr
0.82	PYLSX	Payden Limited Maturity	Pair Corr
0.81	PYARX	Payden Absolute Return	Pair Corr
0.62	PYAIX	Payden Absolute Return	Pair Corr
0.81	PKCIX	Paydenkravitz Cash	Pair Corr
0.8	PKBIX	Paydenkravitz Cash	Pair Corr
0.79	PKCBX	Paydenkravitz Cash	Pair Corr
0.78	PKCRX	Paydenkravitz Cash	Pair Corr
0.71	PYVSX	Payden Equity Income	Pair Corr
0.69	PYVAX	Payden Equity Income	Pair Corr
0.69	PYVLX	Payden Equity Income	Pair Corr
0.48	XGEIX	Guggenheim Energy Income	Pair Corr

Related Correlations Analysis

	MFTFX	XMHFX	CPUCX	OPTCX	WRLDX	IAADX	TMVAX	LTFXX
MFTFX		0.68	0.72	-0.12	0.09	0.46	0.01	0.0	MFTFX
XMHFX	0.68		0.89	-0.51	-0.2	0.73	-0.46	0.0	XMHFX
CPUCX	0.72	0.89		-0.57	-0.25	0.73	-0.5	0.0	CPUCX
OPTCX	-0.12	-0.51	-0.57		0.77	-0.25	0.93	0.0	OPTCX
WRLDX	0.09	-0.2	-0.25	0.77		0.04	0.8	0.0	WRLDX
IAADX	0.46	0.73	0.73	-0.25	0.04		-0.31	0.0	IAADX
TMVAX	0.01	-0.46	-0.5	0.93	0.8	-0.31		0.0	TMVAX
LTFXX	0.0	0.0	0.0	0.0	0.0	0.0	0.0		LTFXX
	MFTFX	XMHFX	CPUCX	OPTCX	WRLDX	IAADX	TMVAX	LTFXX

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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

TMVAX	+ 0.93	OPTCX
CPUCX	+ 0.89	XMHFX
TMVAX	+ 0.8	WRLDX
WRLDX	+ 0.77	OPTCX
IAADX	+ 0.73	XMHFX
IAADX	+ 0.73	CPUCX

High negative correlations

OPTCX	- 0.57	CPUCX
OPTCX	- 0.51	XMHFX
TMVAX	- 0.5	CPUCX
TMVAX	- 0.46	XMHFX
TMVAX	- 0.31	IAADX
IAADX	- 0.25	OPTCX

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
MFTFX	0.95	(0.06)	(0.06)	0.03	1.35	(0.88)	1.70	(1.95)	5.42
XMHFX	0.16	(0.03)	0.00	(0.39)	0.00	0.00	0.42	(0.41)	1.52
CPUCX	0.24	(0.03)	0.00	1.62	0.00	0.00	0.44	(0.54)	1.29
OPTCX	0.14	0.05	(0.37)	0.97	0.00	(0.22)	0.32	(0.21)	1.04
WRLDX	0.47	(0.03)	(0.15)	0.06	0.43	(0.56)	0.92	(0.72)	2.75
IAADX	0.16	0.00	(0.53)	0.13	0.10	(0.23)	0.32	(0.32)	1.19
TMVAX	0.85	0.05	0.11	0.15	0.60	(1.08)	2.28	(1.54)	8.08
LTFXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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