Highland Floating Correlations

HLFZX Fund

9.76 0.04 0.41%

The current 90-days correlation between Highland Floating Rate and Gmo Resources is 0.52 (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

Very poor diversification

The correlation between Highland Floating Rate and DJI is 0.85 (i.e., Very poor 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

0.78	HLGZX	Harding Loevner Global	Pair Corr
0.99	HLFFX	Harding Loevner Frontier	Pair Corr
1.0	HLFMX	Harding Loevner Frontier	Pair Corr
0.9	HLIZX	Harding Loevner Inte	Pair Corr
0.95	HLIDX	Harding Loevner Inte	Pair Corr
0.78	HLMVX	Harding Loevner Global	Pair Corr
0.78	HLMGX	Harding Loevner Global	Pair Corr
0.9	HLMIX	Harding Loevner Inte	Pair Corr
0.9	HLMNX	Harding Loevner Inte	Pair Corr
1.0	HLMOX	Harding Loevner Frontier	Pair Corr
0.9	HLMRX	Harding Loevner Inte	Pair Corr
0.9	HLMSX	Harding Loevner Inte	Pair Corr
0.9	HLRZX	Harding Loevner Inte	Pair Corr
0.95	VEMAX	Vanguard Emerging Markets	Pair Corr
0.95	VEIEX	Vanguard Emerging Markets	Pair Corr
0.95	VEMIX	Vanguard Emerging Markets	Pair Corr
0.95	VEMRX	Vanguard Emerging Markets	Pair Corr
0.94	NWFFX	New World Fund	Pair Corr
0.95	NEWFX	New World Fund	Pair Corr
0.94	NEWCX	New World Fund	Pair Corr
0.95	FWWNX	American Funds New	Pair Corr
0.95	FNFWX	American Funds New	Pair Corr
0.95	OPGSX	Oppenheimer Gold Spec Steady Growth	Pair Corr
0.97	KF	Korea Closed	Pair Corr
0.94	EKWAX	Wells Fargo Advantage Steady Growth	Pair Corr
0.94	GOLDX	Gabelli Gold Steady Growth	Pair Corr
0.9	FKRCX	Franklin Gold Precious Steady Growth	Pair Corr
0.94	UNWPX	World Precious Minerals	Pair Corr
0.89	UJPIX	Ultrajapan Profund	Pair Corr
0.95	FSAGX	Gold Portfolio Gold Steady Growth	Pair Corr
0.95	SGGDX	First Eagle Gold	Pair Corr
0.94	PSPFX	Global Resources	Pair Corr
0.94	JSOCX	Jpmorgan Strategic Income	Pair Corr
0.95	FEGIX	First Eagle Gold	Pair Corr
0.92	MNEAX	Mainstay Conservative Etf	Pair Corr
0.71	GCFUX	Goldman Sachs E	Pair Corr

Moving against Highland Mutual Fund

0.68	HLEZX	Harding Loevner Inst	Pair Corr
0.68	HLMEX	Harding Loevner Inst	Pair Corr
0.54	ODVYX	Oppenheimer Developing	Pair Corr

Related Correlations Analysis

	PNRCX	XEMOX	APWEX	NEXTX	XGNTX	SNPIX	GMOWX
PNRCX		0.85	0.88	0.94	0.99	-0.9	0.98	PNRCX
XEMOX	0.85		0.96	0.83	0.82	-0.96	0.9	XEMOX
APWEX	0.88	0.96		0.9	0.84	-0.98	0.93	APWEX
NEXTX	0.94	0.83	0.9		0.92	-0.9	0.95	NEXTX
XGNTX	0.99	0.82	0.84	0.92		-0.86	0.96	XGNTX
SNPIX	-0.9	-0.96	-0.98	-0.9	-0.86		-0.95	SNPIX
GMOWX	0.98	0.9	0.93	0.95	0.96	-0.95		GMOWX
	PNRCX	XEMOX	APWEX	NEXTX	XGNTX	SNPIX	GMOWX

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

XGNTX	+ 0.99	PNRCX
GMOWX	+ 0.98	PNRCX
APWEX	+ 0.96	XEMOX
GMOWX	+ 0.96	XGNTX
GMOWX	+ 0.95	NEXTX
NEXTX	+ 0.94	PNRCX

High negative correlations

SNPIX	- 0.98	APWEX
SNPIX	- 0.96	XEMOX
GMOWX	- 0.95	SNPIX
SNPIX	- 0.9	NEXTX
SNPIX	- 0.9	PNRCX
SNPIX	- 0.86	XGNTX

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PNRCX	1.26	0.31	0.15	0.41	1.56	(1.35)	2.51	(2.80)	8.05
XEMOX	0.74	0.22	0.19	21.07	0.59	(0.90)	1.61	(1.25)	3.85
APWEX	0.95	0.18	0.14	0.34	0.88	(1.08)	2.50	(1.56)	4.47
NEXTX	0.84	0.02	0.02	0.08	1.03	(0.90)	1.64	(1.92)	4.49
XGNTX	0.83	0.21	0.13	0.47	1.00	(0.92)	1.71	(1.19)	6.37
SNPIX	1.10	(0.27)	0.00	0.80	0.00	0.00	1.89	(2.59)	6.18
GMOWX	1.07	0.24	0.15	0.33	1.24	(1.17)	2.52	(2.44)	7.24

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