Payden California Correlations

Mutual Funds . USA . 
Fund . Payden California Municipal
PYCLX Fund   9.60  0.01  0.10%   
The current 90-days correlation between Payden California and Payden Corporate Bond is 0.46 (i.e., Very weak diversification). The correlation of Payden California 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 California Correlation With Market

Average diversification

The correlation between Payden California Municipal and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Payden California Municipal 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 California Municipal. 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

  0.79PYAYX Payden Corporate BondPairCorr
  0.72PYBLX Payden Floating RatePairCorr
  0.79PYABX Payden Absolute ReturnPairCorr
  0.8PYACX Payden Porate BondPairCorr
  0.8PYAIX Payden Absolute ReturnPairCorr
  0.78PYARX Payden Absolute ReturnPairCorr
  0.76PYCEX Payden Emerging MarketsPairCorr
  0.76PYCHX Payden RegalPairCorr
  0.75PYCBX Payden E BondPairCorr
  0.75PYCIX Payden Emerging MarketsPairCorr
  0.76PYCWX Payden E BondPairCorr
  0.74PYCSX Payden Core BondPairCorr
  0.99PYCRX Payden CaliforniaPairCorr
  0.79PYCTX Payden RygelPairCorr
  0.72PYFIX Payden Floating RatePairCorr
  0.71PYFRX Payden Floating RatePairCorr
  0.78PYEIX Payden Emerging MarketsPairCorr
  0.76PYELX Payden Emerging MarketsPairCorr
  0.78PYEMX Payden Emerging MarketsPairCorr
  0.78PYEWX Payden Emerging MarketsPairCorr
  0.76PYHRX Payden High IncomePairCorr
  0.76PYGFX Payden Global FixedPairCorr
  0.71PYGNX Payden Gnma FundPairCorr
  0.76PYGIX Payden Global FixedPairCorr
  0.75PYGSX Payden Global LowPairCorr
  0.77PYILX Payden Rygel InvestmentPairCorr
  0.79PYLMX Payden Limited MaturityPairCorr
  0.78PYLWX Payden Low DurationPairCorr
  0.79PYLSX Payden Limited MaturityPairCorr
  0.79PYLBX Payden Limited MaturityPairCorr
  0.8PYLDX Payden RygelPairCorr
  0.74PYSFX Payden Securitized IncomePairCorr
  0.77PYSGX Payden Strategic IncomePairCorr
  0.8PYSBX Payden Low DurationPairCorr
  0.77PYSIX Payden Strategic IncomePairCorr
  0.78PYSLX Payden Strategic IncomePairCorr
  0.76PYRLX Payden High IncomePairCorr
  0.74PYUSX Payden GovernmentPairCorr
  0.78PYVAX Payden Equity IncomePairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Payden Mutual Fund performing well and Payden California 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 California'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
PYAYX  0.24  0.02 (0.29) 0.36  0.16 
(0.28)
 0.52 
(0.42)
 1.35 
PYBLX  0.08  0.05  0.00  0.88  0.00 
 0.00 
 0.21 
 0.00 
 0.54 
PYABX  0.11  0.02 (0.69)(1.04) 0.00 
(0.15)
 0.22 
(0.21)
 0.64 
PYACX  0.25  0.03 (0.27) 0.36  0.18 
(0.28)
 0.53 
(0.51)
 1.25 
PYAIX  0.10  0.02 (0.59)(2.49) 0.00 
(0.14)
 0.21 
(0.21)
 0.53 
PYARX  0.11  0.02 (0.64)(1.40) 0.00 
(0.14)
 0.21 
(0.21)
 0.64 
PYCEX  0.10  0.04 (0.54) 1.01  0.00 
(0.17)
 0.23 
(0.12)
 0.70 
PYCHX  0.15  0.06 (0.31) 0.61  0.00 
(0.22)
 0.33 
(0.16)
 1.06 
PYCBX  0.23  0.02 (0.33) 0.42  0.18 
(0.27)
 0.44 
(0.44)
 1.11 
PYCIX  0.12  0.04 (0.56) 0.78  0.00 
(0.19)
 0.24 
(0.12)
 0.59 

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