Harding Loevner Correlations

HLEZX Fund

USD 11.44 0.01 0.09%

The current 90-days correlation between Harding Loevner Inst and Harding Loevner Global is -0.96 (i.e., Pay attention - limited upside). 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

Significant diversification

The correlation between Harding Loevner Institutional and DJI is 0.09 (i.e., Significant 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

0.89	HLMEX	Harding Loevner Inst	Pair Corr
0.82	ODVYX	Oppenheimer Developing	Pair Corr

Moving against Harding Mutual Fund

0.99	HLGZX	Harding Loevner Global	Pair Corr
0.99	HLMVX	Harding Loevner Global	Pair Corr
0.99	HLMGX	Harding Loevner Global	Pair Corr
0.97	HLIZX	Harding Loevner Inte	Pair Corr
0.97	HLMNX	Harding Loevner Inte	Pair Corr
0.92	HLIDX	Harding Loevner Inte	Pair Corr
0.86	HLRZX	Harding Loevner Inte	Pair Corr
0.85	HLMRX	Harding Loevner Inte	Pair Corr
0.85	HLMSX	Harding Loevner Inte	Pair Corr
0.83	HLMIX	Harding Loevner Inte	Pair Corr
0.72	HLFFX	Harding Loevner Frontier	Pair Corr
0.72	HLFMX	Harding Loevner Frontier	Pair Corr
0.72	HLFZX	Highland Floating Rate	Pair Corr
0.72	HLMOX	Harding Loevner Frontier	Pair Corr
0.72	NWFFX	New World Fund	Pair Corr
0.38	VEMRX	Vanguard Emerging Markets	Pair Corr
0.35	VEMAX	Vanguard Emerging Markets	Pair Corr
0.35	VEIEX	Vanguard Emerging Markets	Pair Corr
0.35	VEMIX	Vanguard Emerging Markets	Pair Corr
0.92	GSYPX	Goldman Sachs Small	Pair Corr
0.86	AUEIX	Aqr Large Cap	Pair Corr
0.86	GKIRX	Goldman Sachs Income	Pair Corr
0.78	GRSPX	Greenspring Fund Retail	Pair Corr
0.77	VTPSX	Vanguard Total Inter	Pair Corr
0.77	PISNX	Pimco Stocksplus Int	Pair Corr
0.72	NEWFX	New World Fund	Pair Corr
0.72	NEWCX	New World Fund	Pair Corr
0.72	FWWNX	American Funds New	Pair Corr
0.72	FNFWX	American Funds New	Pair Corr
0.72	ARTKX	Artisan International	Pair Corr
0.64	VTSNX	Vanguard Total Inter	Pair Corr
0.64	RQEAX	Resq Dynamic Allocation	Pair Corr
0.62	VTISX	Vanguard Total Inter	Pair Corr
0.58	VSTSX	Vanguard Total Stock	Pair Corr
0.58	VTSAX	Vanguard Total Stock	Pair Corr
0.57	VITSX	Vanguard Total Stock	Pair Corr
0.56	VFIAX	Vanguard 500 Index	Pair Corr

Related Correlations Analysis

	HLEZX	HLGZX	HLFFX	HLFMX	HLFZX	HLIZX	HLIDX	HLMEX	HLMGX	HLMIX
HLEZX		-0.99	-0.72	-0.72	-0.72	-0.97	-0.92	0.89	-0.99	-0.83	HLEZX
HLGZX	-0.99		0.79	0.8	0.8	0.99	0.96	-0.87	1.0	0.84	HLGZX
HLFFX	-0.72	0.79		0.98	0.98	0.84	0.89	-0.63	0.79	0.71	HLFFX
HLFMX	-0.72	0.8	0.98		1.0	0.85	0.9	-0.62	0.8	0.71	HLFMX
HLFZX	-0.72	0.8	0.98	1.0		0.85	0.9	-0.62	0.8	0.71	HLFZX
HLIZX	-0.97	0.99	0.84	0.85	0.85		0.99	-0.85	0.99	0.85	HLIZX
HLIDX	-0.92	0.96	0.89	0.9	0.9	0.99		-0.81	0.96	0.84	HLIDX
HLMEX	0.89	-0.87	-0.63	-0.62	-0.62	-0.85	-0.81		-0.87	-0.97	HLMEX
HLMGX	-0.99	1.0	0.79	0.8	0.8	0.99	0.96	-0.87		0.84	HLMGX
HLMIX	-0.83	0.84	0.71	0.71	0.71	0.85	0.84	-0.97	0.84		HLMIX
	HLEZX	HLGZX	HLFFX	HLFMX	HLFZX	HLIZX	HLIDX	HLMEX	HLMGX	HLMIX

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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

HLMGX	+ 1.0	HLGZX
HLFZX	+ 1.0	HLFMX
HLIZX	+ 0.99	HLGZX
HLIDX	+ 0.99	HLIZX
HLMGX	+ 0.99	HLIZX
HLFMX	+ 0.98	HLFFX

High negative correlations

HLMGX	- 0.99	HLEZX
HLGZX	- 0.99	HLEZX
HLMIX	- 0.97	HLMEX
HLIZX	- 0.97	HLEZX
HLIDX	- 0.92	HLEZX
HLMGX	- 0.87	HLMEX

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	1.56	(0.68)	0.00	(0.76)	0.00	0.00	1.09	(1.17)	50.53
HLGZX	0.98	0.39	0.50	0.75	0.00	(1.27)	1.17	(1.17)	27.30
HLFFX	0.35	0.13	0.10	11.49	0.00	(0.48)	1.11	(0.56)	2.03
HLFMX	0.34	0.12	0.13	0.60	0.00	(0.45)	1.00	(0.57)	1.94
HLFZX	0.35	0.12	0.13	0.56	0.00	(0.46)	0.99	(0.56)	2.03
HLIZX	0.77	0.30	0.37	0.59	0.00	(0.96)	1.22	(1.05)	16.53
HLIDX	0.60	0.14	0.17	0.31	0.28	(0.70)	1.46	(0.96)	6.80
HLMEX	1.62	(0.78)	0.00	(0.62)	0.00	0.00	1.05	(1.13)	50.48
HLMGX	0.99	0.40	0.50	0.75	0.00	(1.28)	1.18	(1.18)	27.51
HLMIX	0.79	0.36	0.35	(2.40)	0.00	(0.99)	1.22	(1.05)	16.51

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