Highland Long/short Correlations

HHCCX Fund

USD 14.27 0.03 0.21%

The current 90-days correlation between Highland Long/short and Chestnut Street Exchange is 0.61 (i.e., Poor diversification). The correlation of Highland Long/short 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.

Highland Long/short Correlation With Market

Good diversification

The correlation between Highland Longshort Healthcare and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highland Longshort Healthcare 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 Longshort Healthcare. 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 main economic indicators.

Moving together with Highland Mutual Fund

0.92	HHCZX	Highland Long/short	Pair Corr
0.98	HHCAX	Highland Long/short	Pair Corr
0.67	HMEAX	Highland Merger Arbitrage	Pair Corr
0.61	HMECX	Highland Merger Arbitrage	Pair Corr
0.69	HMEZX	Highland Merger Arbitrage	Pair Corr
0.9	HSZYX	Highland Small Cap	Pair Corr
0.9	HSZAX	Highland Small Cap	Pair Corr
0.89	HSZCX	Highland Small Cap	Pair Corr
0.75	VARAX	Vivaldi Merger Arbitrage	Pair Corr
0.77	VARBX	Vivaldi Merger Arbitrage	Pair Corr
0.89	VARCX	First Trust Merger	Pair Corr
0.61	ARBCX	The Arbitrage	Pair Corr
0.72	ARBNX	The Arbitrage	Pair Corr
0.63	PFN	Pimco Income Strategy	Pair Corr
0.7	PCF	Putnam High Income	Pair Corr
0.89	CMEUX	Six Circles Managed	Pair Corr
0.73	SCRYX	Small Cap Core	Pair Corr
0.75	VWELX	Vanguard Wellington	Pair Corr
0.79	RYVYX	Nasdaq 100 2x	Pair Corr
0.79	VFINX	Vanguard 500 Index	Pair Corr
0.86	USPRX	Sp 500 Index	Pair Corr
0.71	PAHHX	T Rowe Price	Pair Corr
0.79	FXAIX	Fidelity 500 Index	Pair Corr
0.7	FEMDX	Franklin Emerging Market	Pair Corr
0.64	SMERX	Invesco Small Cap	Pair Corr
0.9	INDEX	Sp 500 Equal	Pair Corr

Moving against Highland Mutual Fund

0.76	XNXJX	Nuveen New Jersey	Pair Corr
0.74	XNBHX	Neuberger Berman Int	Pair Corr
0.53	XDSMX	Dreyfus Strategic	Pair Corr
0.48	NXJ	Nuveen New Jersey	Pair Corr

Related Correlations Analysis

	CHNTX	QCMMIX	DWGXX	INFXX	MKSXX	PRRXX	STPXX
CHNTX		0.81	0.43	0.69	0.3	0.43	0.3	CHNTX
QCMMIX	0.81		0.41	0.79	0.42	0.41	0.42	QCMMIX
DWGXX	0.43	0.41		0.25	0.74	1.0	0.74	DWGXX
INFXX	0.69	0.79	0.25		0.33	0.25	0.33	INFXX
MKSXX	0.3	0.42	0.74	0.33		0.74	1.0	MKSXX
PRRXX	0.43	0.41	1.0	0.25	0.74		0.74	PRRXX
STPXX	0.3	0.42	0.74	0.33	1.0	0.74		STPXX
	CHNTX	QCMMIX	DWGXX	INFXX	MKSXX	PRRXX	STPXX

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Risk-Adjusted Indicators

There is a big difference between Highland Mutual Fund performing well and Highland Long/short 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 Highland Long/short'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
CHNTX	0.50	0.10	(0.04)	(1.77)	0.44	(0.58)	0.97	(0.80)	3.50
QCMMIX	0.02	0.01	0.00	2.50	0.00	0.00	0.03	0.00	0.07
DWGXX	0.03	0.01	0.00	(0.12)	0.00	0.00	0.00	0.00	1.01
INFXX	0.03	0.00	0.00	0.28	0.00	0.00	0.00	0.00	1.01
MKSXX	0.03	0.00	0.00	0.17	0.00	0.00	0.00	0.00	1.01
PRRXX	0.03	0.01	0.00	(0.12)	0.00	0.00	0.00	0.00	1.01
STPXX	0.03	0.00	0.00	0.17	0.00	0.00	0.00	0.00	1.01

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