Western Asset Correlations

Mutual Funds . USA . 
Fund . Western Asset Smash
WAADX Fund  USD 6.19  0.01  0.16%   
The current 90-days correlation between Western Asset Smash and Franklin Mutual Beacon is -0.13 (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. If the correlation is 0, the equities are not correlated; they are entirely random.

Western Asset Correlation With Market

Good diversification

The correlation between Western Asset Smash and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Western Asset Smash and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Western Asset Smash. 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 unemployment.

Moving together with Western Mutual Fund

  0.92TEBIX Franklin Mutual BeaconPairCorr
  0.9TEDMX Templeton DevelopingPairCorr
  0.9TEDIX Franklin Mutual GlobalPairCorr
  0.9TEDSX Franklin Mutual GlobalPairCorr
  0.9TEDRX Franklin Mutual GlobalPairCorr
  0.92TEFRX Templeton ForeignPairCorr
  0.92TEFTX Templeton ForeignPairCorr
  0.8TEGBX Templeton Global BondPairCorr
  0.92TEGRX Templeton GrowthPairCorr
  0.92TEMFX Templeton ForeignPairCorr
  0.91TEMGX Templeton Global SmallerPairCorr
  0.92TEMEX Franklin Mutual BeaconPairCorr
  0.92TEMMX Templeton EmergingPairCorr
  0.9TEMIX Franklin Mutual EuropeanPairCorr
  0.91TEMWX Templeton WorldPairCorr
  0.9TEMTX Franklin Mutual SharesPairCorr
  0.91TEMQX Mutual QuestPairCorr
  0.89SAIFX Clearbridge Large CapPairCorr
  0.92SAGYX Clearbridge AggressivePairCorr
  0.92TEMZX Templeton EmergingPairCorr
  0.87FQEMX Franklin Templeton SmacsPairCorr
  0.91TEQIX Franklin Mutual QuestPairCorr
  0.92TEPLX Templeton GrowthPairCorr
  0.91TWDAX Templeton WorldPairCorr
  0.9TESIX Franklin Mutual SharesPairCorr
  0.91TESGX Templeton Global SmallerPairCorr
  0.9TESRX Franklin Mutual SharesPairCorr
  0.86LGGAX Clearbridge InternationalPairCorr
  0.9TEURX Franklin Mutual EuropeanPairCorr
  0.87LGIEX Qs International EquityPairCorr
  0.91TEWTX Templeton WorldPairCorr
  0.92SAPYX Clearbridge AppreciationPairCorr
  0.91SASMX Clearbridge Small CapPairCorr
  0.71WAARX 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  0.56  0.09  0.06  0.26  0.43 
(0.63)
 1.43 
(1.12)
 3.58 
TEDMX  0.58  0.22  0.22  0.58  0.15 
(0.73)
 1.58 
(1.27)
 4.48 
TEDIX  0.51  0.07  0.02  0.24  0.50 
(0.53)
 1.12 
(1.33)
 3.32 
TEDSX  0.51  0.06  0.02  0.23  0.52 
(0.53)
 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  0.65  0.14  0.11  0.37  0.48 
(0.81)
 1.71 
(1.35)
 4.24 
TEGBX  0.33  0.08 (0.13)(1.16) 0.19 
(0.44)
 0.87 
(0.43)
 2.11 
TEGRX  0.54  0.16  0.16  0.35  0.25 
(0.62)
 1.83 
(1.01)
 3.53 
TEMFX  0.66  0.14  0.11  0.38  0.44 
(0.80)
 1.72 
(1.35)
 4.14 

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