Harding Loevner Correlations

HLEZX Fund

USD 19.40 0.02 0.10%

The current 90-days correlation between Harding Loevner Inst and Ssga International Stock is 0.7 (i.e., Poor 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

Weak diversification

The correlation between Harding Loevner Institutional and DJI is 0.39 (i.e., Weak 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

0.69	HLCTX	Harding Loevner Funds	Pair Corr
1.0	HLEMX	Harding Loevner Emerging	Pair Corr
0.76	HLGZX	Harding Loevner Global	Pair Corr
0.69	HLIZX	Harding Loevner Inte	Pair Corr
0.76	HLMVX	Harding Loevner Global	Pair Corr
0.88	HLMCX	Harding Loevner Chinese	Pair Corr
1.0	HLMEX	Harding Loevner Inst	Pair Corr
0.77	HLMGX	Harding Loevner Global	Pair Corr
0.69	HLMIX	Harding Loevner Inte	Pair Corr
0.69	HLMNX	Harding Loevner Inte	Pair Corr
0.97	VEMAX	Vanguard Emerging Markets	Pair Corr
0.97	VEIEX	Vanguard Emerging Markets	Pair Corr
0.97	VEMIX	Vanguard Emerging Markets	Pair Corr
0.97	VEMRX	Vanguard Emerging Markets	Pair Corr
0.96	FWWNX	American Funds New	Pair Corr
0.95	FNFWX	American Funds New	Pair Corr
0.95	NEWFX	New World Fund	Pair Corr
0.95	NWFFX	New World Fund	Pair Corr
0.95	NEWCX	New World Fund	Pair Corr
0.94	ODVYX	Oppenheimer Developing	Pair Corr

Moving against Harding Mutual Fund

0.31

FMFFX

Fs Managed Futures

Pair Corr

Related Correlations Analysis

	SSAIX	SWANX	UMEMX	AQUI	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3
SSAIX		-0.35	0.19	0.0	0.14	-0.21	-0.6	0.26	-0.65	-0.58	SSAIX
SWANX	-0.35		0.64	0.0	0.78	0.65	0.36	0.73	0.4	0.55	SWANX
UMEMX	0.19	0.64		0.0	0.93	0.54	-0.27	0.71	-0.2	0.16	UMEMX
AQUI	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AQUI
MSTSX	0.14	0.78	0.93	0.0		0.69	-0.11	0.87	-0.02	0.19	MSTSX
LBHIX	-0.21	0.65	0.54	0.0	0.69		0.15	0.72	0.26	0.09	LBHIX
VIASP	-0.6	0.36	-0.27	0.0	-0.11	0.15		0.0	0.78	0.47	VIASP
RRTLX	0.26	0.73	0.71	0.0	0.87	0.72	0.0		0.05	0.01	RRTLX
OSHDF	-0.65	0.4	-0.2	0.0	-0.02	0.26	0.78	0.05		0.35	OSHDF
70082LAB3	-0.58	0.55	0.16	0.0	0.19	0.09	0.47	0.01	0.35		70082LAB3
	SSAIX	SWANX	UMEMX	AQUI	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3

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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

MSTSX	+ 0.93	UMEMX
RRTLX	+ 0.87	MSTSX
MSTSX	+ 0.78	SWANX
OSHDF	+ 0.78	VIASP
RRTLX	+ 0.73	SWANX
RRTLX	+ 0.72	LBHIX

High negative correlations

OSHDF	- 0.65	SSAIX
VIASP	- 0.6	SSAIX
70082LAB3	- 0.58	SSAIX
SWANX	- 0.35	SSAIX
VIASP	- 0.27	UMEMX
LBHIX	- 0.21	SSAIX

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
SSAIX	0.60	(0.11)	0.00	(0.13)	0.00	0.00	1.54	(1.46)	3.53
SWANX	0.55	(0.02)	(0.05)	0.10	0.72	(0.56)	1.13	(1.69)	3.68
UMEMX	0.78	(0.05)	(0.10)	0.03	0.96	(0.86)	1.53	(1.68)	5.20
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MSTSX	0.48	(0.04)	(0.13)	0.06	0.50	(0.59)	1.21	(1.02)	2.80
LBHIX	0.11	0.01	(0.41)	0.46	0.00	(0.29)	0.24	(0.24)	0.96
VIASP	0.72	0.00	(0.02)	0.00	1.05	(0.80)	2.28	(1.15)	7.18
RRTLX	0.24	(0.02)	(0.31)	0.05	0.24	(0.27)	0.56	(0.56)	1.37
OSHDF	39.65	20.22	0.00	(24.88)	0.00	0.00	0.00	0.00	1,329
70082LAB3	1.00	0.07	(0.04)	(0.12)	2.25	(1.07)	1.75	(1.69)	24.27

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