Horizon Esg Correlations

HESGX Fund

USD 45.46 0.46 1.02%

The current 90-days correlation between Horizon Esg Defensive and Vanguard Emerging Markets is 0.45 (i.e., Very weak diversification). The correlation of Horizon Esg 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 Esg Correlation With Market

Weak diversification

The correlation between Horizon Esg Defensive and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Horizon Esg Defensive 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 Esg Defensive. 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 price.

Moving together with Horizon Mutual Fund

0.77	HNDDX	Horizon Active Dividend	Pair Corr
0.61	HNDRX	Horizon Defined Risk	Pair Corr
0.62	HADRX	Horizon Defined Risk	Pair Corr
0.94	HADUX	Horizon Active Dividend	Pair Corr
0.76	HSMNX	Horizon Defensive Smmd	Pair Corr
0.79	HTFAX	Horizon Funds	Pair Corr
0.78	VTSAX	Vanguard Total Stock	Pair Corr
0.76	VFIAX	Vanguard 500 Index	Pair Corr
0.78	VTSMX	Vanguard Total Stock	Pair Corr
0.78	VITSX	Vanguard Total Stock	Pair Corr
0.78	VSMPX	Vanguard Total Stock	Pair Corr
0.78	VSTSX	Vanguard Total Stock	Pair Corr
0.76	VFINX	Vanguard 500 Index	Pair Corr
0.76	VFFSX	Vanguard 500 Index	Pair Corr
0.83	VINIX	Vanguard Institutional	Pair Corr
0.83	VIIIX	Vanguard Institutional	Pair Corr
0.71	JLGMX	Jpmorgan Large Cap	Pair Corr

Moving against Horizon Mutual Fund

0.49	KF	Korea Closed	Pair Corr
0.39	RYMJX	Commodities Strategy	Pair Corr
0.38	RYMEX	Commodities Strategy	Pair Corr
0.38	RYMBX	Commodities Strategy	Pair Corr

Related Correlations Analysis

	VEGBX	RYAHX	SEDIX	ANGCX	FEMDX	DEDCX
VEGBX		0.78	0.89	0.69	0.82	0.93	VEGBX
RYAHX	0.78		0.75	0.32	0.66	0.67	RYAHX
SEDIX	0.89	0.75		0.73	0.85	0.76	SEDIX
ANGCX	0.69	0.32	0.73		0.64	0.71	ANGCX
FEMDX	0.82	0.66	0.85	0.64		0.68	FEMDX
DEDCX	0.93	0.67	0.76	0.71	0.68		DEDCX
	VEGBX	RYAHX	SEDIX	ANGCX	FEMDX	DEDCX

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Risk-Adjusted Indicators

There is a big difference between Horizon Mutual Fund performing well and Horizon Esg 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 Esg'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
VEGBX	0.21	0.00	(0.08)	(0.03)	0.24	(0.24)	0.38	(0.39)	1.76
RYAHX	1.06	0.04	0.03	0.05	1.49	(1.09)	2.17	(1.76)	12.01
SEDIX	0.08	(0.01)	(0.14)	(0.07)	0.07	(0.13)	0.21	(0.11)	0.64
ANGCX	0.09	(0.01)	(0.17)	(0.22)	0.07	(0.20)	0.24	(0.23)	0.82
FEMDX	0.17	0.01	(0.03)	0.21	0.11	(0.23)	0.35	(0.35)	1.29
DEDCX	0.10	(0.01)	0.00	(0.81)	0.00	0.00	0.26	(0.26)	0.78

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