Hodges Small Correlations

HDSIX Fund

USD 21.95 0.35 1.62%

The correlation of Hodges Small 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.

Hodges Small Correlation With Market

Modest diversification

The correlation between Hodges Small Cap and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hodges Small Cap 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 Hodges Small Cap. 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 Hodges Mutual Fund

0.89	HDPBX	Hodges Blue Chip	Pair Corr
0.83	HDSVX	Hodges Small Intrinsic	Pair Corr

Moving against Hodges Mutual Fund

0.52	CSAIX	Credit Suisse Managed	Pair Corr
0.43	SECYX	Sdit Ultra Short	Pair Corr
0.31	EIFHX	Eaton Vance Floating	Pair Corr
0.58	SRDBX	Stone Ridge Diversified	Pair Corr
0.41	OIBNX	Oppenheimer International	Pair Corr

Related Correlations Analysis

	QMHRX	FIPRX	ANBIX	HIPAX	QCILIX	ABNOX	TIILX
QMHRX		0.33	0.56	0.46	0.54	0.56	0.53	QMHRX
FIPRX	0.33		0.96	0.98	0.96	0.96	0.96	FIPRX
ANBIX	0.56	0.96		0.99	1.0	1.0	1.0	ANBIX
HIPAX	0.46	0.98	0.99		0.99	0.98	0.99	HIPAX
QCILIX	0.54	0.96	1.0	0.99		1.0	1.0	QCILIX
ABNOX	0.56	0.96	1.0	0.98	1.0		1.0	ABNOX
TIILX	0.53	0.96	1.0	0.99	1.0	1.0		TIILX
	QMHRX	FIPRX	ANBIX	HIPAX	QCILIX	ABNOX	TIILX

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Risk-Adjusted Indicators

There is a big difference between Hodges Mutual Fund performing well and Hodges Small 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 Hodges Small'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
QMHRX	0.75	0.12	0.14	(0.46)	0.83	(0.84)	1.68	(1.42)	3.95
FIPRX	0.20	0.04	0.19	0.30	0.09	(0.26)	0.51	(0.41)	1.34
ANBIX	0.15	0.03	0.24	0.45	0.00	(0.20)	0.38	(0.29)	0.98
HIPAX	0.14	0.03	0.23	0.30	0.00	(0.20)	0.30	(0.30)	0.80
QCILIX	0.14	0.03	0.29	0.44	0.00	(0.16)	0.32	(0.27)	0.91
ABNOX	0.15	0.03	0.24	0.43	0.00	(0.18)	0.30	(0.30)	0.89
TIILX	0.15	0.03	0.27	0.45	0.00	(0.20)	0.29	(0.29)	0.95

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