Western Asset Correlations

Mutual Funds . USA . 
Fund . Western Asset Short
SHIYX Fund  USD 4.84  0.01  0.21%   
The current 90-days correlation between Western Asset Short and Franklin Mutual Beacon is 0.11 (i.e., Average 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

Very weak diversification

The correlation between Western Asset Short and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Western Asset Short and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Western Asset Short. 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 manufacturing.

Moving together with Western Mutual Fund

  0.96TEBIX Franklin Mutual BeaconPairCorr
  0.98TEDMX Templeton DevelopingPairCorr
  0.72TEDIX Franklin Mutual GlobalPairCorr
  0.95TEDSX Franklin Mutual GlobalPairCorr
  0.96TEDRX Franklin Mutual GlobalPairCorr
  0.96TEFRX Templeton ForeignPairCorr
  0.95TEFTX Templeton ForeignPairCorr
  0.94TEGBX Templeton Global BondPairCorr
  0.98TEGRX Templeton GrowthPairCorr
  0.95TEMFX Templeton ForeignPairCorr
  0.94TEMGX Templeton Global SmallerPairCorr
  0.95TEMEX Franklin Mutual BeaconPairCorr
  0.96TEMMX Templeton EmergingPairCorr
  0.95TEMIX Franklin Mutual EuropeanPairCorr
  0.97TEMWX Templeton WorldPairCorr
  0.97TEMTX Franklin Mutual SharesPairCorr
  0.97TEMQX Mutual QuestPairCorr
  0.94SAIFX Clearbridge Large CapPairCorr
  0.96SAGYX Clearbridge AggressivePairCorr
  0.96TEMZX Templeton EmergingPairCorr
  0.98FQEMX Franklin Templeton SmacsPairCorr
  0.97TEQIX Franklin Mutual QuestPairCorr
  0.97TEPLX Templeton GrowthPairCorr
  0.98TWDAX Templeton WorldPairCorr
  0.97TESIX Franklin Mutual SharesPairCorr
  0.95TESGX Templeton Global SmallerPairCorr
  0.97TESRX Franklin Mutual SharesPairCorr
  0.88LGGAX Clearbridge InternationalPairCorr
  0.95TEURX Franklin Mutual EuropeanPairCorr
  0.91LGIEX Qs International EquityPairCorr
  0.97TEWTX Templeton WorldPairCorr
  0.97SAPYX Clearbridge AppreciationPairCorr
  0.94SASMX Clearbridge Small CapPairCorr
  0.89WAADX Western Asset SmashPairCorr
  0.91WAARX Western Asset TotalPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
TEBIX  0.57  0.20  0.08 (2.03) 0.43 
(0.63)
 1.43 
(1.12)
 3.58 
TEDMX  0.59  0.31  0.25 (21.71) 0.00 
(0.75)
 1.58 
(1.27)
 4.48 
TEDIX  0.49  0.11  0.05  0.33  0.43 
(0.54)
 1.12 
(1.33)
 3.32 
TEDSX  0.51  0.18  0.05 (1.98) 0.46 
(0.54)
 1.15 
(1.32)
 3.37 
TEDRX  0.51  0.07  0.02  0.24  0.51 
(0.53)
 1.12 
(1.33)
 3.36 
TEFRX  0.66  0.14  0.11  0.37  0.46 
(0.82)
 1.76 
(1.39)
 4.25 
TEFTX  0.66  0.25  0.13 (2.34) 0.45 
(0.83)
 1.71 
(1.35)
 4.24 
TEGBX  0.34  0.08 (0.11) 4.98  0.16 
(0.47)
 0.88 
(0.43)
 2.11 
TEGRX  0.54  0.16  0.16  0.35  0.25 
(0.62)
 1.83 
(1.01)
 3.53 
TEMFX  0.67  0.25  0.14 (2.22) 0.41 
(0.81)
 1.72 
(1.35)
 4.14 

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