Horizon Defined Correlations

HADRX Fund

USD 77.37 0.24 0.31%

The current 90-days correlation between Horizon Defined Risk and Money Market Obligations is 0.06 (i.e., Significant 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 0.81 (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 metropolitan statistical area.

Moving together with Horizon Mutual Fund

0.84	ARANX	Horizon Active Risk	Pair Corr
0.84	ARAAX	Horizon Active Risk	Pair Corr
0.87	AAANX	Horizon Active Asset	Pair Corr
0.96	HNDDX	Horizon Active Dividend	Pair Corr
1.0	HNDRX	Horizon Defined Risk	Pair Corr
0.84	ACRIX	Horizon Active Risk	Pair Corr
0.96	USRAX	Horizon Defensive Equity	Pair Corr
0.91	USRTX	Horizon Defensive Equity	Pair Corr
0.96	HADUX	Horizon Active Dividend	Pair Corr
0.82	HASAX	Horizon Active Asset	Pair Corr
0.88	HASIX	Horizon Active Asset	Pair Corr
0.91	HSMNX	Horizon Defensive Smmd	Pair Corr
0.94	HESAX	Horizon Esg Defensive	Pair Corr
0.94	HESGX	Horizon Esg Defensive	Pair Corr
0.96	JHQCX	Jpmorgan Hedged Equity	Pair Corr
0.96	JHEQX	Jpmorgan Hedged Equity	Pair Corr
0.96	JHQAX	Jpmorgan Hedged Equity	Pair Corr
0.96	GTENX	Gateway Fund Class	Pair Corr
0.96	GTECX	Gateway Fund Class	Pair Corr
0.96	GTEYX	Gateway Fund Class	Pair Corr
0.99	GATEX	Gateway Fund Class	Pair Corr
0.95	JHDCX	Jpmorgan Hedged Equity	Pair Corr
0.95	JHDRX	Jpmorgan Hedged Equity	Pair Corr
0.95	JHDAX	Jpmorgan Hedged Equity	Pair Corr
0.84	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.84	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.84	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.84	SPMJX	Invesco Steelpath Mlp	Pair Corr

Moving against Horizon Mutual Fund

0.6	AIRIX	Horizon Active Income	Pair Corr
0.55	AIHAX	Horizon Active Income	Pair Corr
0.55	AIMNX	Horizon Active Income	Pair Corr
0.51	BTMPX	Ishares Msci Eafe	Pair Corr
0.51	MDIIX	Blackrock Intern Index	Pair Corr
0.5	BTMKX	Blackrock International	Pair Corr

Related Correlations Analysis

	POIXX	JHMXX	JRSXX	AEYXX	STPXX	HUCXX	VMRXX
POIXX		0.0	0.46	0.0	0.46	0.0	0.97	POIXX
JHMXX	0.0		0.0	0.0	0.0	0.0	0.0	JHMXX
JRSXX	0.46	0.0		0.0	1.0	0.0	0.45	JRSXX
AEYXX	0.0	0.0	0.0		0.0	0.0	0.0	AEYXX
STPXX	0.46	0.0	1.0	0.0		0.0	0.45	STPXX
HUCXX	0.0	0.0	0.0	0.0	0.0		0.0	HUCXX
VMRXX	0.97	0.0	0.45	0.0	0.45	0.0		VMRXX
	POIXX	JHMXX	JRSXX	AEYXX	STPXX	HUCXX	VMRXX

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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

STPXX	+ 1.0	JRSXX
VMRXX	+ 0.97	POIXX
JRSXX	+ 0.46	POIXX
STPXX	+ 0.46	POIXX
VMRXX	+ 0.45	JRSXX
VMRXX	+ 0.45	STPXX

High negative correlations

VMRXX	- 0.0	HUCXX
HUCXX	- 0.0	STPXX
VMRXX	- 0.0	AEYXX
HUCXX	- 0.0	AEYXX
STPXX	- 0.0	AEYXX
HUCXX	- 0.0	JRSXX

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	Treynor Ratio	Maximum Drawdown
POIXX	0.03	0.01	(3.54)	1.01
JHMXX	0.00	0.00	0.00	0.00
JRSXX	0.03	0.01	(0.12)	1.01
AEYXX	0.00	0.00	0.00	0.00
STPXX	0.03	0.01	(0.12)	1.01
HUCXX	0.00	0.00	0.00	0.00
VMRXX	0.03	0.01	(0.38)	1.01

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