Highland Floating Correlations

Mutual Funds . USA . 
Fund . Highland Floating Rate
HLFZX Fund   7.99  0.02  0.25%   
The current 90-days correlation between Highland Floating Rate and Harding Loevner Funds is 0.55 (i.e., Very weak diversification). The correlation of Highland Floating 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.

Highland Floating Correlation With Market

Modest diversification

The correlation between Highland Floating Rate and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highland Floating Rate 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 Highland Floating Rate. 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 Highland Mutual Fund

  0.91HLCTX Harding Loevner FundsPairCorr
  0.74HLEMX Harding Loevner EmergingPairCorr
  0.75HLEZX Harding Loevner InstPairCorr
  0.9HLFFX Harding Loevner FrontierPairCorr
  1.0HLFMX Harding Loevner FrontierPairCorr
  0.83HLIZX Harding Loevner IntePairCorr
  0.87HLIDX Harding Loevner IntePairCorr
  0.79HLMCX Harding Loevner ChinesePairCorr
  0.75HLMEX Harding Loevner InstPairCorr
  0.83HLMIX Harding Loevner IntePairCorr
  0.83HLMNX Harding Loevner IntePairCorr
  1.0HLMOX Harding Loevner FrontierPairCorr
  0.93HLMRX Harding Loevner IntePairCorr
  0.93HLMSX Harding Loevner IntePairCorr
  0.93HLRZX Harding Loevner IntePairCorr
  0.94HLXCX Harding Loevner FundsPairCorr
  0.9VEMAX Vanguard Emerging MarketsPairCorr
  0.9VEIEX Vanguard Emerging MarketsPairCorr
  0.9VEMIX Vanguard Emerging MarketsPairCorr
  0.9VEMRX Vanguard Emerging MarketsPairCorr
  0.86FWWNX American Funds NewPairCorr
  0.86FNFWX American Funds NewPairCorr
  0.82NEWFX New World FundPairCorr
  0.86NWFFX New World FundPairCorr
  0.82NEWCX New World FundPairCorr
  0.93ODVYX Oppenheimer DevelopingPairCorr
  0.72GAAVX Gmo Alternative AlloPairCorr
  0.74GABFX Gmo Asset AllocationPairCorr

Moving against Highland Mutual Fund

  0.83PNDIX Pender Real EstatePairCorr
  0.74MSSMX Small Pany GrowthPairCorr
  0.58VWSTX Vanguard Short TermPairCorr
  0.57VAADX Virtus ConvertiblePairCorr
  0.55ENGRX Vest Large Cap Downward RallyPairCorr
  0.55QGMIX Aqr Global MacroPairCorr
  0.36GHVIX Gmo High YieldPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Highland Mutual Fund performing well and Highland Floating 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 Highland Floating'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
HLCTX  0.60 (0.13) 0.00 (0.67) 0.00 
 0.00 
 1.08 
(1.61)
 3.89 
HLEMX  0.81 (0.32) 0.00  2.50  0.00 
 0.00 
 1.14 
(1.82)
 14.54 
HLEZX  0.77 (0.29) 0.00  3.01  0.00 
 0.00 
 1.10 
(1.82)
 12.85 
HLGZX  1.03 (0.35) 0.00  1.16  0.00 
 0.00 
 1.19 
(1.32)
 25.06 
HLFFX  0.39 (0.09) 0.00 (0.90) 0.00 
 0.00 
 0.73 
(0.87)
 2.64 
HLFMX  0.37 (0.06) 0.00 (0.41) 0.00 
 0.00 
 0.76 
(0.88)
 2.48 
HLFZX  0.38 (0.06) 0.00 (0.40) 0.00 
 0.00 
 0.75 
(0.87)
 2.45 
HLIZX  0.66 (0.18) 0.00 (2.40) 0.00 
 0.00 
 0.93 
(1.65)
 7.11 
HLIDX  0.58 (0.09) 0.00 (0.49) 0.00 
 0.00 
 0.93 
(1.30)
 4.07 
HLMVX  1.03 (0.35) 0.00  1.15  0.00 
 0.00 
 1.19 
(1.34)
 25.01 

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