Harding Loevner Correlations

HLGZX Fund

USD 31.73 0.46 1.47%

The current 90-days correlation between Harding Loevner Global and Davis Financial Fund is 0.11 (i.e., Average 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

Very poor diversification

The correlation between Harding Loevner Global and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Harding Loevner Global 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 Global. 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

0.77	HLFFX	Harding Loevner Frontier	Pair Corr
0.79	HLFMX	Harding Loevner Frontier	Pair Corr
0.79	HLFZX	Highland Floating Rate	Pair Corr
0.98	HLIZX	Harding Loevner Inte	Pair Corr
0.94	HLIDX	Harding Loevner Inte	Pair Corr
1.0	HLMVX	Harding Loevner Global	Pair Corr
1.0	HLMGX	Harding Loevner Global	Pair Corr
0.98	HLMIX	Harding Loevner Inte	Pair Corr
0.98	HLMNX	Harding Loevner Inte	Pair Corr
0.78	HLMOX	Harding Loevner Frontier	Pair Corr
0.95	HLMRX	Harding Loevner Inte	Pair Corr
0.96	HLMSX	Harding Loevner Inte	Pair Corr
0.96	HLRZX	Harding Loevner Inte	Pair Corr
0.92	NPFCX	New Perspective	Pair Corr
0.92	ANWPX	New Perspective	Pair Corr
0.92	NPFFX	New Perspective	Pair Corr
0.92	FNFPX	American Funds New	Pair Corr
0.92	FFPNX	American Funds New	Pair Corr
0.92	CNPAX	New Perspective	Pair Corr
0.92	CNPEX	New Perspective	Pair Corr
0.92	CNPFX	New Perspective	Pair Corr
0.92	CNPCX	New Perspective	Pair Corr
0.92	RNPAX	New Perspective	Pair Corr
0.74	VTSAX	Vanguard Total Stock	Pair Corr
0.71	VFIAX	Vanguard 500 Index	Pair Corr
0.73	VTSMX	Vanguard Total Stock	Pair Corr
0.73	VSMPX	Vanguard Total Stock	Pair Corr
0.73	VITSX	Vanguard Total Stock	Pair Corr
0.74	VSTSX	Vanguard Total Stock	Pair Corr
0.84	VTIAX	Vanguard Total Inter	Pair Corr
0.72	VFINX	Vanguard 500 Index	Pair Corr
0.71	VFFSX	Vanguard 500 Index	Pair Corr
0.97	RGGIX	T Rowe Price	Pair Corr
0.73	DSPIX	Dreyfus Institutional	Pair Corr
0.89	DODGX	Dodge Stock Fund	Pair Corr
0.85	CDHAX	Calvert Developed Market	Pair Corr

Moving against Harding Mutual Fund

0.99	HLEZX	Harding Loevner Inst	Pair Corr
0.99	HLMEX	Harding Loevner Inst	Pair Corr

Related Correlations Analysis

	BTO	FTIXX	ICFAX	SBFAX	VFAIX	RPFGX
BTO		0.0	0.86	0.84	0.68	0.86	BTO
FTIXX	0.0		0.0	0.0	0.0	0.0	FTIXX
ICFAX	0.86	0.0		0.85	0.86	0.91	ICFAX
SBFAX	0.84	0.0	0.85		0.84	0.97	SBFAX
VFAIX	0.68	0.0	0.86	0.84		0.93	VFAIX
RPFGX	0.86	0.0	0.91	0.97	0.93		RPFGX
	BTO	FTIXX	ICFAX	SBFAX	VFAIX	RPFGX

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

RPFGX	+ 0.97	SBFAX
RPFGX	+ 0.93	VFAIX
RPFGX	+ 0.91	ICFAX
ICFAX	+ 0.86	BTO
RPFGX	+ 0.86	BTO
VFAIX	+ 0.86	ICFAX

High negative correlations

RPFGX	- 0.0	FTIXX
VFAIX	- 0.0	FTIXX
SBFAX	- 0.0	FTIXX
ICFAX	- 0.0	FTIXX
FTIXX	- 0.0	BTO

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
BTO	0.90	0.21	0.20	0.30	0.69	(1.04)	2.95	(1.55)	5.37
FTIXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ICFAX	0.89	0.24	0.32	0.33	0.21	(1.24)	1.66	(0.98)	14.63
SBFAX	0.97	0.33	0.36	0.62	0.18	(1.23)	1.70	(1.43)	18.47
VFAIX	0.72	(0.01)	(0.01)	0.07	0.82	(0.73)	1.39	(1.51)	4.39
RPFGX	0.70	0.13	0.12	0.23	0.65	(0.75)	1.71	(1.27)	4.28

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