Harding Loevner Correlations

HLEZX Fund

USD 12.14 0.11 0.90%

The current 90-days correlation between Harding Loevner Inst and Harding Loevner Global is 0.08 (i.e., Significant diversification). 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

Excellent diversification

The correlation between Harding Loevner Institutional and DJI is -0.67 (i.e., Excellent diversification) 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
0.85	ODVYX	Oppenheimer Developing	Pair Corr

Moving against Harding Mutual Fund

0.98	HLGZX	Harding Loevner Global	Pair Corr
0.98	HLMVX	Harding Loevner Global	Pair Corr
0.87	HLIZX	Harding Loevner Inte	Pair Corr
0.87	HLMIX	Harding Loevner Inte	Pair Corr
0.85	HLMSX	Harding Loevner Inte	Pair Corr
0.85	HLRZX	Harding Loevner Inte	Pair Corr
0.84	HLMRX	Harding Loevner Inte	Pair Corr
0.76	HLIDX	Harding Loevner Inte	Pair Corr
0.58	HLFMX	Harding Loevner Frontier	Pair Corr
0.58	HLFZX	Highland Floating Rate	Pair Corr
0.58	HLMOX	Harding Loevner Frontier	Pair Corr
0.57	HLFFX	Harding Loevner Frontier	Pair Corr
0.57	HLMNX	Harding Loevner Inte	Pair Corr
0.55	NEWFX	New World Fund	Pair Corr
0.55	NWFFX	New World Fund	Pair Corr
0.53	VEMRX	Vanguard Emerging Markets	Pair Corr
0.52	VEMAX	Vanguard Emerging Markets	Pair Corr
0.52	VEIEX	Vanguard Emerging Markets	Pair Corr
0.52	VEMIX	Vanguard Emerging Markets	Pair Corr
0.47	HLMGX	Harding Loevner Global	Pair Corr
0.85	PTOAX	Stocksplus Total Return	Pair Corr
0.76	LOGBX	Scharf Balanced Oppo	Pair Corr
0.74	RYCCX	Nasdaq 100 2x	Pair Corr
0.72	DXQLX	Direxion Monthly Nasdaq	Pair Corr
0.7	FWWNX	American Funds New	Pair Corr
0.7	FNFWX	American Funds New	Pair Corr
0.63	EPSPX	Mainstay Epoch Global	Pair Corr
0.6	RYVLX	Nasdaq 100 2x	Pair Corr
0.58	FUMIX	Fidelity Sai Momentum	Pair Corr
0.57	IGZAX	Voya Short Term	Pair Corr
0.55	NEWCX	New World Fund	Pair Corr
0.54	EMPTX	Ubs Emerging Markets	Pair Corr
0.54	EGIIX	Eaton Vance Greater	Pair Corr
0.5	ESAGX	Ashmore Emerging Markets	Pair Corr
0.5	WGNIX	Pabrai Wagons Instit	Pair Corr
0.43	BIPIX	Biotechnology Ultrasector	Pair Corr

Related Correlations Analysis

	HLGZX	HLFFX	HLFMX	HLFZX	HLIZX	HLIDX	HLMVX	HLMGX
HLGZX		0.7	0.72	0.72	0.94	0.86	1.0	0.64	HLGZX
HLFFX	0.7		0.99	0.99	0.88	0.94	0.7	0.72	HLFFX
HLFMX	0.72	0.99		1.0	0.89	0.95	0.72	0.76	HLFMX
HLFZX	0.72	0.99	1.0		0.89	0.95	0.72	0.76	HLFZX
HLIZX	0.94	0.88	0.89	0.89		0.98	0.94	0.7	HLIZX
HLIDX	0.86	0.94	0.95	0.95	0.98		0.86	0.74	HLIDX
HLMVX	1.0	0.7	0.72	0.72	0.94	0.86		0.64	HLMVX
HLMGX	0.64	0.72	0.76	0.76	0.7	0.74	0.64		HLMGX
	HLGZX	HLFFX	HLFMX	HLFZX	HLIZX	HLIDX	HLMVX	HLMGX

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
HLGZX	0.97	0.44	0.49	0.98	0.00	(1.29)	1.16	(1.16)	27.85
HLFFX	0.39	0.19	0.18	(1.84)	0.00	(0.48)	1.11	(0.56)	2.73
HLFMX	0.40	0.13	0.13	0.53	0.14	(0.49)	1.00	(0.67)	2.67
HLFZX	0.40	0.13	0.14	0.51	0.21	(0.47)	0.99	(0.77)	2.73
HLIZX	0.80	0.42	0.48	0.86	0.00	(0.96)	1.64	(1.18)	16.85
HLIDX	0.61	0.27	0.29	0.57	0.00	(0.74)	1.55	(1.00)	7.31
HLMVX	0.97	0.44	0.49	0.97	0.00	(1.26)	1.16	(1.12)	27.86
HLMGX	0.55	0.04	0.01	0.14	0.62	(0.58)	0.93	(1.12)	2.97

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