Horizon Defined Correlations

HADRX Fund

USD 85.76 0.15 0.18%

The current 90-days correlation between Horizon Defined Risk and Invesco European Small is 0.87 (i.e., Very poor diversification). The correlation of Horizon Defined 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.

Horizon Defined Correlation With Market

Very poor diversification

The correlation between Horizon Defined Risk and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Horizon Defined Risk and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Horizon Defined Risk. 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 population.

Moving together with Horizon Mutual Fund

0.67	ARAAX	Horizon Active Risk	Pair Corr
0.78	HNDRX	Horizon Defined Risk	Pair Corr
0.76	USRTX	Horizon Defensive Equity	Pair Corr
0.78	HADUX	Horizon Active Dividend	Pair Corr
0.77	HSMBX	Hartford Small Cap	Pair Corr
0.77	HSMNX	Horizon Defensive Smmd	Pair Corr
0.86	HESAX	Horizon Esg Defensive	Pair Corr
0.83	JHQCX	Jpmorgan Hedged Equity	Pair Corr
0.77	JHEQX	Jpmorgan Hedged Equity	Pair Corr
0.83	JHQAX	Jpmorgan Hedged Equity	Pair Corr
0.85	GTENX	Gateway Fund Class	Pair Corr
0.76	JHDCX	Jpmorgan Hedged Equity	Pair Corr
0.78	JHDRX	Jpmorgan Hedged Equity	Pair Corr
0.77	JHDAX	Jpmorgan Hedged Equity	Pair Corr
0.61	MIDSX	Midas Fund Midas	Pair Corr
0.77	RMLCX	Moderate Strategy	Pair Corr
0.65	VSENX	Jpmorgan Small Cap	Pair Corr
0.76	TRGLX	T Rowe Price	Pair Corr
0.73	RBHTX	American Funds 2045	Pair Corr

Moving against Horizon Mutual Fund

0.36

HTFAX

Horizon Funds

Pair Corr

Related Correlations Analysis

	ESMAX	OBMCX	DISSX	EAALX	CWVGX	CWVIX	DHMIX	POVSX	COVAX	SKIRX
ESMAX		0.9	0.79	0.4	0.5	0.42	0.43	0.62	0.5	0.27	ESMAX
OBMCX	0.9		0.71	0.35	0.42	0.37	0.37	0.46	0.43	0.04	OBMCX
DISSX	0.79	0.71		0.77	0.69	0.68	0.81	0.81	0.85	0.46	DISSX
EAALX	0.4	0.35	0.77		0.81	0.82	0.93	0.77	0.94	0.34	EAALX
CWVGX	0.5	0.42	0.69	0.81		0.91	0.79	0.81	0.76	0.28	CWVGX
CWVIX	0.42	0.37	0.68	0.82	0.91		0.87	0.87	0.76	0.28	CWVIX
DHMIX	0.43	0.37	0.81	0.93	0.79	0.87		0.83	0.91	0.39	DHMIX
POVSX	0.62	0.46	0.81	0.77	0.81	0.87	0.83		0.77	0.37	POVSX
COVAX	0.5	0.43	0.85	0.94	0.76	0.76	0.91	0.77		0.44	COVAX
SKIRX	0.27	0.04	0.46	0.34	0.28	0.28	0.39	0.37	0.44		SKIRX
	ESMAX	OBMCX	DISSX	EAALX	CWVGX	CWVIX	DHMIX	POVSX	COVAX	SKIRX

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Risk-Adjusted Indicators

There is a big difference between Horizon Mutual Fund performing well and Horizon Defined 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 Horizon Defined'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
ESMAX	0.75	(0.07)	0.00	(0.01)	0.00	0.00	1.49	(1.75)	4.22
OBMCX	1.31	(0.12)	0.00	(0.01)	0.00	0.00	2.80	(2.41)	7.00
DISSX	0.89	(0.05)	(0.03)	0.02	1.07	(1.02)	2.01	(1.72)	4.36
EAALX	0.78	0.22	0.28	0.50	0.28	(1.01)	1.38	(0.97)	15.45
CWVGX	0.67	0.06	0.06	0.14	0.61	(0.74)	1.28	(1.07)	6.31
CWVIX	0.67	0.12	0.07	(0.99)	0.60	(0.74)	1.34	(1.06)	5.89
DHMIX	0.80	0.10	0.06	0.43	0.84	(0.90)	2.01	(1.18)	6.07
POVSX	0.63	0.04	(0.02)	1.38	0.82	(0.64)	1.34	(1.12)	2.99
COVAX	1.02	0.16	0.15	0.18	0.85	(1.24)	2.19	(1.43)	13.81
SKIRX	0.67	0.03	0.00	0.11	0.74	(0.78)	1.58	(1.48)	3.45

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