Western Asset High Fund Market Value
| HIX Fund | USD 4.44 0.05 1.14% |
| Symbol | Western |
Western Asset 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Western Asset's fund what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Western Asset.
| 05/05/2024 |
| 06/04/2024 |
If you would invest 0.00 in Western Asset on May 5, 2024 and sell it all today you would earn a total of 0.00 from holding Western Asset High or generate 0.0% return on investment in Western Asset over 30 days. Western Asset is related to or competes with Blackrock Muniyield, Ep Emerging, SEI Investments, Goosehead Insurance, Kodiak Sciences, Us Government, and Coca Cola. Western Asset High Income Fund II Inc. is a closed-ended fixed income mutual fund launched and managed by Legg Mason Par... More
Western Asset Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Western Asset's fund current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Western Asset High upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.844 | |||
| Information Ratio | 0.011 | |||
| Maximum Drawdown | 3.75 | |||
| Value At Risk | (1.17) | |||
| Potential Upside | 1.43 |
Western Asset Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Western Asset's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Western Asset's standard deviation. In reality, there are many statistical measures that can use Western Asset historical prices to predict the future Western Asset's volatility.| Risk Adjusted Performance | 0.0374 | |||
| Jensen Alpha | 0.0205 | |||
| Total Risk Alpha | 0.0019 | |||
| Sortino Ratio | 0.0103 | |||
| Treynor Ratio | 0.0636 |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Western Asset's price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
Western Asset High Backtested Returns
We consider Western Asset not too volatile. Western Asset High shows Sharpe Ratio of 0.0631, which attests that the fund had a 0.0631% return per unit of risk over the last 3 months. We have found twenty-nine technical indicators for Western Asset High, which you can use to evaluate the volatility of the fund. Please check out Western Asset's Downside Deviation of 0.844, mean deviation of 0.5989, and Market Risk Adjusted Performance of 0.0736 to validate if the risk estimate we provide is consistent with the expected return of 0.0469%. The entity maintains a market beta of 0.54, which attests to possible diversification benefits within a given portfolio. As returns on the market increase, Western Asset's returns are expected to increase less than the market. However, during the bear market, the loss of holding Western Asset is expected to be smaller as well.
Auto-correlation | 0.10 |
Insignificant predictability
Western Asset High has insignificant predictability. Overlapping area represents the amount of predictability between Western Asset time series from 5th of May 2024 to 20th of May 2024 and 20th of May 2024 to 4th of June 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Western Asset High price movement. The serial correlation of 0.1 indicates that less than 10.0% of current Western Asset price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.1 | |
| Spearman Rank Test | -0.16 | |
| Residual Average | 0.0 | |
| Price Variance | 0.0 |
Western Asset High lagged returns against current returns
Autocorrelation, which is Western Asset fund's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Western Asset's fund expected returns. We can calculate the autocorrelation of Western Asset returns to help us make a trade decision. For example, suppose you find that Western Asset has exhibited high autocorrelation historically, and you observe that the fund is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Western Asset regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Western Asset fund is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Western Asset fund is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Western Asset fund over time.
Current vs Lagged Prices |
| Timeline |
Western Asset Lagged Returns
When evaluating Western Asset's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Western Asset fund have on its future price. Western Asset autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Western Asset autocorrelation shows the relationship between Western Asset fund current value and its past values and can show if there is a momentum factor associated with investing in Western Asset High.
Regressed Prices |
| Timeline |
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Other Information on Investing in Western Fund
Western Asset financial ratios help investors to determine whether Western Fund is cheap or expensive when compared to a particular measure, such as profits or enterprise value. In other words, they help investors to determine the cost of investment in Western with respect to the benefits of owning Western Asset security.
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