Highland Long/short Correlations

HHCZX Fund

USD 16.55 0.04 0.24%

The current 90-days correlation between Highland Long/short and Jpmorgan High Yield is 0.06 (i.e., Significant 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

Modest diversification

The correlation between Highland Longshort Healthcare and DJI is 0.28 (i.e., Modest 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 nation.

Moving together with Highland Mutual Fund

0.89	HHCAX	Highland Long/short	Pair Corr
0.98	HHCCX	Highland Long/short	Pair Corr
0.71	HSZYX	Highland Small Cap	Pair Corr
0.67	HSZAX	Highland Small Cap	Pair Corr
0.72	HSZCX	Highland Small Cap	Pair Corr
0.61	ARBNX	Arbitrage Fund	Pair Corr
0.63	LSHCX	Horizon Spin Off Steady Growth	Pair Corr

Moving against Highland Mutual Fund

0.35	HMECX	Highland Merger Arbitrage	Pair Corr
0.35	HMEZX	Highland Merger Arbitrage	Pair Corr
0.34	HMEAX	Highland Merger Arbitrage	Pair Corr

Related Correlations Analysis

	JYHRX	JDHYX	TAHFX	BUFHX	MRHYX	BHYRX
JYHRX		0.87	0.88	0.84	0.93	0.9	JYHRX
JDHYX	0.87		0.96	0.73	0.91	0.88	JDHYX
TAHFX	0.88	0.96		0.77	0.94	0.91	TAHFX
BUFHX	0.84	0.73	0.77		0.87	0.64	BUFHX
MRHYX	0.93	0.91	0.94	0.87		0.86	MRHYX
BHYRX	0.9	0.88	0.91	0.64	0.86		BHYRX
	JYHRX	JDHYX	TAHFX	BUFHX	MRHYX	BHYRX

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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
JYHRX	0.12	0.01	0.06	0.57	0.00	(0.19)	0.31	(0.30)	0.77
JDHYX	0.15	0.00	0.02	0.05	0.13	(0.23)	0.27	(0.41)	1.37
TAHFX	0.14	0.01	0.05	0.23	0.06	(0.23)	0.37	(0.25)	1.22
BUFHX	0.09	0.03	0.21	2.14	0.00	(0.13)	0.19	(0.09)	0.66
MRHYX	0.11	0.01	0.08	0.42	0.00	(0.15)	0.24	(0.24)	0.59
BHYRX	0.15	0.00	0.02	(0.25)	0.15	(0.23)	0.43	(0.28)	1.54

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