Western Asset Correlations

Summary

XWMFXDelisted Fund

USD 551.98 0.00 0.00%

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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Western Asset moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Western Asset Middle moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Average diversification

The correlation between Western Asset Middle and NYA is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Western Asset Middle and NYA in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios. Also, note that the market value of any mutual fund could be tightly coupled with the direction of predictive economic indicators such as signals in census.

The ability to find closely correlated positions to Western Asset could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Western Asset when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Western Asset - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Western Asset Middle to buy it.

Moving against Western Mutual Fund

0.63	RYMEX	Commodities Strategy	Pair Corr
0.63	RYMJX	Commodities Strategy	Pair Corr
0.63	RYMBX	Commodities Strategy	Pair Corr
0.72	AA	Alcoa Corp Financial Report 17th of July 2024	Pair Corr
0.61	MMM	3M Company Sell-off Trend	Pair Corr

Related Correlations Analysis

	BTO	ICFAX	RPFGX	MSVIX	VFAIX	SBFAX	MCBXX
BTO		-0.27	-0.25	-0.08	-0.31	0.09	-0.36	BTO
ICFAX	-0.27		0.85	0.83	0.9	0.83	0.64	ICFAX
RPFGX	-0.25	0.85		0.94	0.99	0.92	0.84	RPFGX
MSVIX	-0.08	0.83	0.94		0.93	0.95	0.78	MSVIX
VFAIX	-0.31	0.9	0.99	0.93		0.91	0.81	VFAIX
SBFAX	0.09	0.83	0.92	0.95	0.91		0.69	SBFAX
MCBXX	-0.36	0.64	0.84	0.78	0.81	0.69		MCBXX
	BTO	ICFAX	RPFGX	MSVIX	VFAIX	SBFAX	MCBXX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

VFAIX	+ 0.99	RPFGX
SBFAX	+ 0.95	MSVIX
MSVIX	+ 0.94	RPFGX
VFAIX	+ 0.93	MSVIX
SBFAX	+ 0.92	RPFGX
SBFAX	+ 0.91	VFAIX

High negative correlations

MCBXX	- 0.36	BTO
VFAIX	- 0.31	BTO
ICFAX	- 0.27	BTO
RPFGX	- 0.25	BTO
MSVIX	- 0.08	BTO

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
BTO	1.11	(0.23)	0.00	(0.11)	0.00	0.00	2.26	(2.90)	6.61
ICFAX	0.57	(0.02)	(0.02)	0.03	0.80	(0.55)	1.38	(1.17)	3.70
RPFGX	0.66	0.02	0.02	0.06	0.82	(0.65)	1.65	(1.23)	4.16
MSVIX	0.85	(0.07)	(0.03)	0.00	1.13	(0.86)	1.66	(1.92)	4.77
VFAIX	0.59	0.02	0.03	0.07	0.78	(0.59)	1.31	(1.50)	3.60
SBFAX	0.63	(0.05)	(0.06)	(0.01)	0.90	(0.61)	1.45	(1.34)	4.23
MCBXX	0.03	0.00	0.00	0.21	0.00	0.00	0.00	0.00	1.01

Western Asset Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Western Asset mutual fund to make a market-neutral strategy. Peer analysis of Western Asset could also be used in its relative valuation, which is a method of valuing Western Asset by comparing valuation metrics with similar companies.

John Hancock Financial Icon Financial Fund Davis Financial Fund Mesirow Financial Small Vanguard Financials Index 1919 Financial Services Blackrock Financial Institutions American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp Chevron Corp

Risk & Return

Correlation

Still Interested in Western Asset Middle?

Investing in delisted funds can be risky, as the mutual fund is no longer traded on a public exchange and can therefore be difficult to sell. Delisting typically occurs when a company has failed to meet exchange requirements or has been acquired. Before investing, it's important to thoroughly research the company, including its financial health and prospects for the future, as well as the reasons for its delisting. Additionally, it may be difficult to find accurate and up-to-date information on the company and its stock.

Note that the Western Asset Middle information on this page should be used as a complementary analysis to other Western Asset's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.

Other Consideration for investing in Western Mutual Fund

If you are still planning to invest in Western Asset Middle check if it may still be traded through OTC markets such as Pink Sheets or OTC Bulletin Board. You may also purchase it directly from the company, but this is not always possible and may require contacting the company directly. Please note that delisted stocks are often considered to be more risky investments, as they are no longer subject to the same regulatory and reporting requirements as listed stocks. Therefore, it is essential to carefully research the Western Asset's history and understand the potential risks before investing.

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