Highland Floating Correlations

HLFZX Fund

8.21 0.01 0.12%

The current 90-days correlation between Highland Floating Rate and Harding Loevner Funds is 0.61 (i.e., Poor 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 weak diversification

The correlation between Highland Floating Rate and DJI is 0.44 (i.e., Very weak 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

0.89	HLCTX	Harding Loevner Funds	Pair Corr
0.85	HLFFX	Harding Loevner Frontier	Pair Corr
1.0	HLFMX	Harding Loevner Frontier	Pair Corr
0.88	HLIZX	Harding Loevner Inte	Pair Corr
0.91	HLIDX	Harding Loevner Inte	Pair Corr
0.88	HLMIX	Harding Loevner Inte	Pair Corr
0.89	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
0.83	HLRZX	Harding Loevner Inte	Pair Corr
0.91	HLXCX	Harding Loevner Funds	Pair Corr
0.62	FWWNX	American Funds New	Pair Corr
0.62	FNFWX	American Funds New	Pair Corr
0.62	NEWFX	New World Fund	Pair Corr
0.62	NWFFX	New World Fund	Pair Corr
0.64	NEWCX	New World Fund	Pair Corr
0.62	ODVYX	Oppenheimer Developing	Pair Corr

Moving against Highland Mutual Fund

0.5	INPIX	Internet Ultrasector	Pair Corr
0.5	INPSX	Internet Ultrasector	Pair Corr

Related Correlations Analysis

	HLCTX	HLEMX	HLFFX	HLFZX	HLIZX	HLIDX	HLMVX	HLMCX	HLMGX	HLMIX
HLCTX		0.68	0.82	0.89	1.0	0.97	0.41	0.3	0.43	1.0	HLCTX
HLEMX	0.68		0.49	0.45	0.69	0.49	0.77	0.89	0.77	0.69	HLEMX
HLFFX	0.82	0.49		0.85	0.82	0.82	0.24	0.15	0.26	0.82	HLFFX
HLFZX	0.89	0.45	0.85		0.88	0.91	0.29	0.02	0.31	0.88	HLFZX
HLIZX	1.0	0.69	0.82	0.88		0.97	0.42	0.31	0.44	1.0	HLIZX
HLIDX	0.97	0.49	0.82	0.91	0.97		0.27	0.07	0.29	0.97	HLIDX
HLMVX	0.41	0.77	0.24	0.29	0.42	0.27		0.71	1.0	0.42	HLMVX
HLMCX	0.3	0.89	0.15	0.02	0.31	0.07	0.71		0.71	0.31	HLMCX
HLMGX	0.43	0.77	0.26	0.31	0.44	0.29	1.0	0.71		0.44	HLMGX
HLMIX	1.0	0.69	0.82	0.88	1.0	0.97	0.42	0.31	0.44		HLMIX
	HLCTX	HLEMX	HLFFX	HLFZX	HLIZX	HLIDX	HLMVX	HLMCX	HLMGX	HLMIX

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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
HLCTX	0.65	(0.11)	0.00	(0.13)	0.00	0.00	1.68	(1.58)	4.28
HLEMX	0.71	(0.06)	(0.13)	0.00	0.88	(0.77)	1.41	(1.40)	4.55
HLFFX	0.34	(0.06)	0.00	(0.62)	0.00	0.00	0.71	(0.71)	2.15
HLFZX	0.32	(0.08)	0.00	(0.19)	0.00	0.00	0.71	(0.71)	2.15
HLIZX	0.64	(0.11)	0.00	(0.12)	0.00	0.00	1.59	(1.53)	4.11
HLIDX	0.64	(0.13)	0.00	(0.15)	0.00	0.00	1.52	(1.45)	4.06
HLMVX	0.61	(0.07)	(0.10)	0.03	0.87	(0.58)	1.23	(1.33)	4.19
HLMCX	1.58	0.17	0.04	0.65	1.71	(1.89)	4.54	(2.76)	12.42
HLMGX	0.61	(0.07)	(0.11)	0.02	0.86	(0.58)	1.24	(1.32)	4.19
HLMIX	0.64	(0.12)	0.00	(0.13)	0.00	0.00	1.59	(1.53)	4.08

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