Harding Loevner Correlations

HLEZX Fund

USD 11.82 0.21 1.81%

The current 90-days correlation between Harding Loevner Inst and Harding Loevner Institutional is 1.0 (i.e., No risk reduction). The correlation of Harding Loevner 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.

Harding Loevner Correlation With Market

Pay attention - limited upside

The correlation between Harding Loevner Institutional and DJI is -0.76 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Harding Loevner Institutional 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 Harding Loevner Institutional. 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 Harding Mutual Fund

1.0	HLMEX	Harding Loevner Inst	Pair Corr
0.91	ODVYX	Oppenheimer Developing	Pair Corr

Moving against Harding Mutual Fund

0.99	HLGZX	Harding Loevner Global	Pair Corr
0.99	HLMGX	Harding Loevner Global	Pair Corr
0.94	HLMIX	Harding Loevner Inte	Pair Corr
0.92	FSMMX	Fs Multi Strategy	Pair Corr
0.89	HLMSX	Harding Loevner Inte	Pair Corr
0.8	NEWFX	New World Fund	Pair Corr
0.8	NWFFX	New World Fund	Pair Corr
0.8	NEWCX	New World Fund	Pair Corr
0.8	FWWNX	American Funds New	Pair Corr
0.8	FNFWX	American Funds New	Pair Corr
0.76	BTMPX	Ishares Msci Eafe	Pair Corr
0.69	HLFMX	Harding Loevner Frontier	Pair Corr
0.68	HLFFX	Harding Loevner Frontier	Pair Corr
0.59	VEMRX	Vanguard Emerging Markets	Pair Corr
0.57	VEMAX	Vanguard Emerging Markets	Pair Corr
0.57	VEIEX	Vanguard Emerging Markets	Pair Corr
0.57	VEMIX	Vanguard Emerging Markets	Pair Corr
0.92	USLUX	Us Global Investors	Pair Corr
0.87	LGMNX	Loomis Sayles Global	Pair Corr
0.87	HDTVX	Janus Henderson Div	Pair Corr
0.83	MAFCX	Abbey Capital Multi	Pair Corr
0.83	RCRIX	Riverpark Floating Rate	Pair Corr
0.81	JAVTX	Janus Venture	Pair Corr
0.8	VHYLX	Valic Company I	Pair Corr
0.76	BTMKX	Blackrock International	Pair Corr
0.76	MDIIX	Blackrock Intern Index	Pair Corr
0.75	HILFX	Hennessy Large Cap	Pair Corr
0.71	FTCWX	Fidelity Asset Manager	Pair Corr
0.68	TEOJX	Transamerica Emerging	Pair Corr
0.62	RDWFX	American Funds Developing	Pair Corr
0.6	PHIKX	Columbia Convertible	Pair Corr
0.59	FMAIX	Franklin Massachusetts	Pair Corr
0.53	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.53	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.53	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.53	SPMJX	Invesco Steelpath Mlp	Pair Corr
0.96	CUSUX	Six Circles Unconstrained	Pair Corr
0.89	ESMYX	Invesco European Small	Pair Corr

Related Correlations Analysis

	HLEZX	HLGZX	HLFFX	HLFMX	HLFZX	HLIZX	HLIDX	HLMVX	HLMEX
HLEZX		-0.99	-0.68	-0.69	-0.7	-0.94	-0.87	-0.99	1.0	HLEZX
HLGZX	-0.99		0.77	0.79	0.79	0.98	0.94	1.0	-0.99	HLGZX
HLFFX	-0.68	0.77		0.99	0.99	0.87	0.93	0.77	-0.68	HLFFX
HLFMX	-0.69	0.79	0.99		1.0	0.89	0.94	0.79	-0.69	HLFMX
HLFZX	-0.7	0.79	0.99	1.0		0.89	0.94	0.79	-0.7	HLFZX
HLIZX	-0.94	0.98	0.87	0.89	0.89		0.99	0.98	-0.94	HLIZX
HLIDX	-0.87	0.94	0.93	0.94	0.94	0.99		0.94	-0.87	HLIDX
HLMVX	-0.99	1.0	0.77	0.79	0.79	0.98	0.94		-0.99	HLMVX
HLMEX	1.0	-0.99	-0.68	-0.69	-0.7	-0.94	-0.87	-0.99		HLMEX
	HLEZX	HLGZX	HLFFX	HLFMX	HLFZX	HLIZX	HLIDX	HLMVX	HLMEX

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

HLMEX	+ 1.0	HLEZX
HLMVX	+ 1.0	HLGZX
HLFZX	+ 1.0	HLFMX
HLFMX	+ 0.99	HLFFX
HLFZX	+ 0.99	HLFFX
HLIDX	+ 0.99	HLIZX

High negative correlations

HLMEX	- 0.99	HLMVX
HLMEX	- 0.99	HLGZX
HLMVX	- 0.99	HLEZX
HLGZX	- 0.99	HLEZX
HLMEX	- 0.94	HLIZX
HLIZX	- 0.94	HLEZX

Risk-Adjusted Indicators

There is a big difference between Harding Mutual Fund performing well and Harding Loevner 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 Harding Loevner'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
HLEZX	1.59	(0.67)	0.00	(0.80)	0.00	0.00	1.15	(1.30)	50.36
HLGZX	1.05	0.36	0.37	0.67	0.35	(1.35)	1.17	(1.32)	27.85
HLFFX	0.37	0.12	0.07	(0.96)	0.13	(0.46)	1.11	(0.56)	2.03
HLFMX	0.38	0.11	0.10	0.48	0.00	(0.47)	1.00	(0.57)	2.67
HLFZX	0.38	0.11	0.11	0.45	0.07	(0.46)	0.99	(0.56)	2.73
HLIZX	0.87	0.32	0.35	0.58	0.13	(1.06)	1.64	(1.18)	16.85
HLIDX	0.70	0.18	0.20	0.35	0.41	(0.83)	1.55	(1.16)	7.22
HLMVX	1.05	0.36	0.37	0.67	0.35	(1.36)	1.17	(1.28)	27.86
HLMEX	1.59	(0.67)	0.00	(0.81)	0.00	0.00	1.24	(1.28)	50.48

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