Highland Floating Correlations

HFRO Fund

USD 5.69 0.07 1.25%

The current 90-days correlation between Highland Floating Rate and Neuberger Berman Next is 0.2 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Highland Floating moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Highland Floating Rate moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Highland Floating Correlation With Market

Average diversification

The correlation between Highland Floating Rate and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highland Floating Rate 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 Highland Floating Rate. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Highland Fund

0.73	DNP	Dnp Select Income	Pair Corr
0.61	PCF	Putnam High Income	Pair Corr
0.61	FSBCX	Federated Global All	Pair Corr
0.63	ARTNX	Artisan Select Equity	Pair Corr
0.68	MSTGX	Morningstar Global Income	Pair Corr
0.64	HCYAX	Direxion Hilton Tactical	Pair Corr

Moving against Highland Fund

0.43	DXKSX	Direxion Monthly 7	Pair Corr
0.34	TTP	Tortoise Pipeline And	Pair Corr

Related Correlations Analysis

	NBXG	STEW	NMCO	DSL	NRGX	BIGZ	BMEZ	AIO	PDO	DBL
NBXG		0.77	0.3	0.75	0.36	0.9	0.66	0.74	0.68	0.69	NBXG
STEW	0.77		0.5	0.71	0.11	0.81	0.53	0.64	0.57	0.53	STEW
NMCO	0.3	0.5		0.32	-0.53	0.34	0.46	-0.12	0.28	-0.1	NMCO
DSL	0.75	0.71	0.32		0.29	0.72	0.47	0.78	0.68	0.78	DSL
NRGX	0.36	0.11	-0.53	0.29		0.44	0.36	0.49	0.51	0.77	NRGX
BIGZ	0.9	0.81	0.34	0.72	0.44		0.78	0.69	0.73	0.72	BIGZ
BMEZ	0.66	0.53	0.46	0.47	0.36	0.78		0.25	0.67	0.54	BMEZ
AIO	0.74	0.64	-0.12	0.78	0.49	0.69	0.25		0.55	0.76	AIO
PDO	0.68	0.57	0.28	0.68	0.51	0.73	0.67	0.55		0.73	PDO
DBL	0.69	0.53	-0.1	0.78	0.77	0.72	0.54	0.76	0.73		DBL
	NBXG	STEW	NMCO	DSL	NRGX	BIGZ	BMEZ	AIO	PDO	DBL

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

BIGZ	+ 0.9	NBXG
BIGZ	+ 0.81	STEW
AIO	+ 0.78	DSL
DBL	+ 0.78	DSL
BMEZ	+ 0.78	BIGZ
STEW	+ 0.77	NBXG

High negative correlations

NRGX	- 0.53	NMCO
AIO	- 0.12	NMCO
DBL	- 0.1	NMCO

Risk-Adjusted Indicators

There is a big difference between Highland Fund performing well and Highland Floating 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 Highland Floating'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
NBXG	0.93	0.09	0.02	0.31	1.30	(0.93)	1.96	(2.00)	7.27
STEW	0.62	0.08	(0.01)	21.58	0.65	(0.71)	1.55	(1.16)	6.35
NMCO	0.52	(0.01)	(0.11)	0.03	0.68	(0.54)	1.20	(1.20)	3.01
DSL	0.48	0.04	(0.07)	0.33	0.45	(0.62)	1.13	(1.04)	3.43
NRGX	1.01	0.19	0.06	(1.53)	1.14	(1.08)	2.23	(2.05)	7.31
BIGZ	1.05	0.14	0.06	0.43	1.22	(1.13)	2.31	(1.72)	7.16
BMEZ	0.88	0.12	0.07	0.37	0.74	(1.01)	2.35	(1.36)	6.42
AIO	1.15	0.17	0.08	0.38	1.62	(1.23)	2.47	(1.99)	10.00
PDO	0.53	0.03	(0.07)	0.26	0.65	(0.52)	1.33	(0.95)	2.94
DBL	0.30	0.04	(0.08)	0.28	0.30	(0.33)	0.74	(0.60)	1.70

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC