Payden Floating Correlations

Mutual Funds . USA . 
Fund . Payden Floating Rate
PYFIX Fund  USD 9.73  0.01  0.10%   
The current 90-days correlation between Payden Floating Rate and Dreyfus Natural Resources is 0.15 (i.e., Average diversification). The correlation of Payden Floating 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 Floating Correlation With Market

Very weak diversification

The correlation between Payden Floating Rate and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Payden Floating Rate 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 Floating Rate. 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 Payden Mutual Fund

  0.86PYAYX Payden Corporate BondPairCorr
  1.0PYBLX Payden Floating RatePairCorr
  0.91PYABX Payden Absolute ReturnPairCorr
  0.86PYACX Payden Porate BondPairCorr
  0.96PYCEX Payden Emerging MarketsPairCorr
  0.77PYCBX Payden E BondPairCorr
  0.78PYCWX Payden E BondPairCorr
  0.77PYCSX Payden Core BondPairCorr
  0.86PYCTX Payden RygelPairCorr
  1.0PYFRX Payden Floating RatePairCorr
  0.96PYEMX Payden Emerging MarketsPairCorr
  0.96PYEWX Payden Emerging MarketsPairCorr
  0.98PYHRX Payden High IncomePairCorr
  0.78PYGFX Payden Global FixedPairCorr
  0.61PYGNX Payden Gnma FundPairCorr
  0.78PYGIX Payden Global FixedPairCorr
  0.9PYGSX Payden Global LowPairCorr
  0.95PYILX Payden Rygel InvestmentPairCorr
  0.88PYLWX Payden Low DurationPairCorr
  0.96PYLBX Payden Limited MaturityPairCorr
  0.99PYSFX Payden Securitized IncomePairCorr
  0.93PYSGX Payden Strategic IncomePairCorr
  0.88PYSBX Payden Low DurationPairCorr
  0.98PYRLX Payden High IncomePairCorr
  0.76PYUSX Payden GovernmentPairCorr
  0.97PYVAX Payden Equity IncomePairCorr
  0.97PYVLX Payden Equity IncomePairCorr
  0.97PYVSX Payden Equity IncomePairCorr
  0.95PKCIX Payden/kravitz CashPairCorr
  0.94PKCRX Payden/kravitz CashPairCorr
  0.95PKBIX Payden/kravitz CashPairCorr
  0.96OOSYX Oppenheimer SeniorPairCorr
  0.97OOSIX Oppenheimer SeniorPairCorr
  0.98LFRIX Floating RatePairCorr
  0.99LARCX Floating RatePairCorr
  0.98LFRRX Lord Abbett InvPairCorr
  0.98LFRFX Floating RatePairCorr
  0.98LRRRX Floating RatePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Payden Mutual Fund performing well and Payden Floating 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 Floating'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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