Western Asset Correlations

Mutual Funds . USA . 
Fund . Western Asset High
XHYIX Fund  USD 12.06  0.02  0.17%   
The current 90-days correlation between Western Asset High and Fidelity Capital Income is 0.47 (i.e., Very weak 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

Weak diversification

The correlation between Western Asset High and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Western Asset High 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 High. 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 gross domestic product.

Moving together with Western Mutual Fund

  0.94VTSAX Vanguard Total StockPairCorr
  0.94VFIAX Vanguard 500 IndexPairCorr
  0.94VTSMX Vanguard Total StockPairCorr
  0.94VITSX Vanguard Total StockPairCorr
  0.94VSTSX Vanguard Total StockPairCorr
  0.94VSMPX Vanguard Total StockPairCorr
  0.94VFINX Vanguard 500 IndexPairCorr
  0.94VFFSX Vanguard 500 IndexPairCorr
  0.91VGTSX Vanguard Total InterPairCorr
  0.91VTIAX Vanguard Total InterPairCorr
  0.94PFN Pimco Income StrategyPairCorr
  0.92CIF Mfs Intermediate HighPairCorr
  0.64NXJ Nuveen New JerseyPairCorr
  0.88PCF Putnam High IncomePairCorr
  0.94ASCZX Alger Smallcap GrowthPairCorr
  0.93AMFCX American MutualPairCorr
  0.88BGEFX Baillie Gifford EafePairCorr
  0.94AMTOX Ab All MarketPairCorr
  0.95ROGSX Red Oak TechnologyPairCorr
  0.96SBQAX Americafirst Large CapPairCorr
  0.93GGCCX Gabelli GrowthPairCorr
  0.91MIGFX Massachusetts InvestorsPairCorr
  0.94QMLAX Quantified Market LeadersPairCorr
  0.89FMFIX Free Market FixedPairCorr
  0.95ROFCX Royce OpportunityPairCorr
  0.95PWTYX Ubs AllocationPairCorr
  0.94FAQTX American Funds 2035PairCorr
  0.93NTDSX Nationwide DestinationPairCorr
  0.69OWFIX Old Westbury FixedPairCorr
  0.93JFFYX Jpmorgan SmartretirementPairCorr
  0.94TBLPX T Rowe PricePairCorr
  0.64PNJRX Putnam New JerseyPairCorr
  0.92SENYX Stet New YorkPairCorr

Moving against Western Mutual Fund

  0.45XDSMX Dreyfus StrategicPairCorr
  0.53XNBHX Neuberger Berman IntPairCorr

Related Correlations Analysis

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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.

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