Western Asset Correlations

Funds . USA . 
Fund . Western Asset Municipal
MHF Fund  USD 6.80  0.04  0.58%   
The current 90-days correlation between Western Asset Municipal and Nuveen New York is -0.02 (i.e., Good 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.

Western Asset Correlation With Market

Average diversification

The correlation between Western Asset Municipal and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Western Asset Municipal and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Western Asset Municipal. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving against Western Fund

  0.5VFIRX Vanguard Short TermPairCorr
  0.48FWBCX American Funds CapitalPairCorr
  0.46PGTSX Prudential Global TotalPairCorr
  0.43ILBPX Voya Limited MaturityPairCorr
  0.39EDD Morgan Stanley EmergingPairCorr
  0.38CARYX Columbia Adaptive RiskPairCorr
  0.37HNSGX Harbor Small CapPairCorr
  0.36PFANX Pimco Capital SecPairCorr
  0.36PFCJX Pimco Preferred AndPairCorr
  0.35OYCIX Oppenhemier CnsrvtvPairCorr
  0.34WATPX Western Asset InflationPairCorr
  0.34ECAMX Eaton Vance MultiPairCorr
  0.33DLDRX Dreyfus Natural ResourcesPairCorr
  0.32LRRTX Floating RatePairCorr
  0.31AIBNX Bond Fund InstitutionalPairCorr
  0.31PFN Pimco Income StrategyPairCorr
  0.54JHOAX Jhancock 2070 LifetimePairCorr
  0.5SHRMX Stone Ridge HighPairCorr
  0.46RBOFX Intermediate BondPairCorr
  0.42COAVX Columbia Overseas ValuePairCorr
  0.41PTRAX Total ReturnPairCorr
  0.4DULTX Delaware InvestmentsPairCorr
  0.38QCILIX Cref Inflation LinkedPairCorr
  0.36JSNIX Jhancock Short DurationPairCorr
  0.35JNVMX Jpmorgan InternationalPairCorr
  0.33JIYBX Jpmorgan Smartretirement*PairCorr
  0.33PRIAX International EmergingPairCorr
  0.33AMAGX Amana GrowthPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

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