International Equity Correlations

HISIX Fund

USD 9.98 0.09 0.91%

The correlation of International Equity 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.

International Equity Correlation With Market

Very weak diversification

The correlation between International Equity Fund and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding International Equity Fund 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 International Equity Fund. 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 International Mutual Fund

0.62	HOSBX	Short Term Bond	Pair Corr
0.69	HOSGX	Short Term Government	Pair Corr
0.92	RERFX	Europacific Growth	Pair Corr
0.92	AEPFX	Europacific Growth	Pair Corr
0.92	CEUAX	Europacific Growth	Pair Corr
0.93	CEUCX	Europacific Growth	Pair Corr
0.92	RERCX	Europacific Growth	Pair Corr
0.92	REREX	Europacific Growth	Pair Corr
0.84	RERGX	Europacific Growth	Pair Corr
0.92	CEUFX	Europacific Growth	Pair Corr
0.92	CEUEX	Europacific Growth	Pair Corr
0.93	RERAX	Europacific Growth	Pair Corr

Moving against International Mutual Fund

0.74	KNPCX	Kinetics Paradigm Steady Growth	Pair Corr
0.74	WWNPX	Kinetics Paradigm Steady Growth	Pair Corr
0.72	KSOCX	Kinetics Small Cap	Pair Corr
0.72	KSCYX	Kinetics Small Cap	Pair Corr
0.59	HSCSX	Small-company Stock	Pair Corr
0.55	HNASX	Growth Fund Growth	Pair Corr
0.46	HSTIX	Stock Index Fund	Pair Corr
0.41	HOVLX	Value Fund Value	Pair Corr
0.76	KINAX	Kinetics Internet	Pair Corr
0.76	KINCX	Kinetics Internet	Pair Corr
0.74	KNPAX	Kinetics Paradigm Steady Growth	Pair Corr
0.73	LSHUX	Horizon Spin Off Steady Growth	Pair Corr
0.72	KSCOX	Kinetics Small Cap	Pair Corr
0.68	TLCYX	Touchstone Large Cap	Pair Corr
0.61	SAGAX	Ridgeworth Innovative	Pair Corr
0.54	WWLAX	Westwood Largecap Value	Pair Corr
0.52	AMEIX	Equity Growth	Pair Corr
0.49	VFIAX	Vanguard 500 Index	Pair Corr
0.48	AMGIX	Income Growth	Pair Corr
0.48	GAB	Gabelli Equity Trust	Pair Corr
0.47	LETRX	Voya Russia Fund	Pair Corr
0.46	VFINX	Vanguard 500 Index	Pair Corr
0.45	MLMAX	Global E Portfolio	Pair Corr
0.44	DFMAX	Davidson Multi Cap	Pair Corr
0.37	VWELX	Vanguard Wellington	Pair Corr

Related Correlations Analysis

	HRRLX	HSCSX	HSTIX	HDIXX	HNASX	HOIBX	HOSBX	HOSGX
HRRLX		0.0	0.0	0.0	0.0	0.0	0.0	0.0	HRRLX
HSCSX	0.0		0.93	0.64	0.94	-0.73	-0.61	-0.7	HSCSX
HSTIX	0.0	0.93		0.75	0.98	-0.71	-0.56	-0.64	HSTIX
HDIXX	0.0	0.64	0.75		0.73	-0.75	-0.64	-0.64	HDIXX
HNASX	0.0	0.94	0.98	0.73		-0.76	-0.62	-0.7	HNASX
HOIBX	0.0	-0.73	-0.71	-0.75	-0.76		0.94	0.96	HOIBX
HOSBX	0.0	-0.61	-0.56	-0.64	-0.62	0.94		0.96	HOSBX
HOSGX	0.0	-0.7	-0.64	-0.64	-0.7	0.96	0.96		HOSGX
	HRRLX	HSCSX	HSTIX	HDIXX	HNASX	HOIBX	HOSBX	HOSGX

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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

HNASX	+ 0.98	HSTIX
HOSGX	+ 0.96	HOIBX
HOSGX	+ 0.96	HOSBX
HNASX	+ 0.94	HSCSX
HOSBX	+ 0.94	HOIBX
HSTIX	+ 0.93	HSCSX

High negative correlations

HOIBX	- 0.76	HNASX
HOIBX	- 0.75	HDIXX
HOIBX	- 0.73	HSCSX
HOIBX	- 0.71	HSTIX
HOSGX	- 0.7	HNASX
HOSGX	- 0.7	HSCSX

Risk-Adjusted Indicators

There is a big difference between International Mutual Fund performing well and International Equity 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 International Equity'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
HRRLX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HSCSX	0.90	(0.02)	0.03	0.11	0.93	(1.04)	2.00	(1.53)	7.23
HSTIX	0.55	0.00	(0.02)	0.13	0.65	(0.59)	1.17	(1.32)	3.86
HDIXX	0.03	0.01	0.00	(0.37)	0.00	0.00	0.00	0.00	1.01
HNASX	0.67	0.02	0.00	0.16	0.90	(0.65)	1.47	(1.98)	4.73
HOIBX	0.23	(0.01)	0.00	0.32	0.00	0.00	0.44	(0.65)	1.29
HOSBX	0.10	0.00	(0.56)	0.12	0.08	(0.23)	0.20	(0.20)	0.61
HOSGX	0.11	0.00	(0.53)	0.19	0.13	(0.22)	0.20	(0.20)	1.00

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