Harding Loevner Correlations

HLMSX Fund

USD 16.92 0.05 0.29%

The current 90-days correlation between Harding Loevner Inte and Harding Loevner Funds is 0.9 (i.e., Almost no 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

Weak diversification

The correlation between Harding Loevner International and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Harding Loevner International 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 International. 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 state.

Moving together with Harding Mutual Fund

0.95	HLCTX	Harding Loevner Funds	Pair Corr
0.84	HLFFX	Harding Loevner Frontier	Pair Corr
0.9	HLFMX	Harding Loevner Frontier	Pair Corr
0.9	HLFZX	Highland Floating Rate	Pair Corr
0.95	HLIZX	Harding Loevner Inte	Pair Corr
0.98	HLIDX	Harding Loevner Inte	Pair Corr
0.95	HLMIX	Harding Loevner Inte	Pair Corr
0.95	HLMNX	Harding Loevner Inte	Pair Corr
0.9	HLMOX	Harding Loevner Frontier	Pair Corr
1.0	HLMRX	Harding Loevner Inte	Pair Corr
0.94	HLRZX	Harding Loevner Inte	Pair Corr
0.88	HLXCX	Harding Loevner Funds	Pair Corr
0.93	OSMYX	Oppenheimer Intl Small	Pair Corr
0.93	OSCIX	Oppenheimer Intl Small	Pair Corr
0.93	OSMNX	Oppenheimer Intl Small	Pair Corr
0.89	TIDDX	T Rowe Price	Pair Corr
0.98	MIDGX	Mfs International New	Pair Corr
0.98	MIDHX	Mfs International New	Pair Corr
0.98	MIDRX	Mfs International New	Pair Corr
0.71	LIIAX	Columbia Porate Income	Pair Corr
0.71	SRINX	Columbia Porate Income	Pair Corr
0.71	CIFRX	Columbia Porate Income	Pair Corr

Moving against Harding Mutual Fund

0.5	CIOCX	Columbia Porate Income	Pair Corr
0.5	VTMSX	Vanguard Tax Managed	Pair Corr
0.47	EADOX	Eaton Vance Emerging	Pair Corr
0.45	VFIAX	Vanguard 500 Index	Pair Corr
0.44	ASCGX	Lebenthal Lisanti Small	Pair Corr
0.43	JHEQX	Jpmorgan Hedged Equity	Pair Corr
0.42	MVTRX	Transamerica Mid Cap	Pair Corr
0.34	VVIAX	Vanguard Value Index	Pair Corr

Related Correlations Analysis

	HLCTX	HLEMX	HLEZX	HLGZX	HLFFX	HLFMX	HLFZX	HLIZX	HLIDX	HLMVX
HLCTX		0.68	0.69	0.41	0.82	0.89	0.89	1.0	0.97	0.41	HLCTX
HLEMX	0.68		1.0	0.77	0.49	0.44	0.45	0.69	0.49	0.77	HLEMX
HLEZX	0.69	1.0		0.76	0.5	0.44	0.46	0.69	0.5	0.76	HLEZX
HLGZX	0.41	0.77	0.76		0.24	0.27	0.29	0.42	0.27	1.0	HLGZX
HLFFX	0.82	0.49	0.5	0.24		0.86	0.85	0.82	0.82	0.24	HLFFX
HLFMX	0.89	0.44	0.44	0.27	0.86		1.0	0.88	0.92	0.28	HLFMX
HLFZX	0.89	0.45	0.46	0.29	0.85	1.0		0.88	0.91	0.29	HLFZX
HLIZX	1.0	0.69	0.69	0.42	0.82	0.88	0.88		0.97	0.42	HLIZX
HLIDX	0.97	0.49	0.5	0.27	0.82	0.92	0.91	0.97		0.27	HLIDX
HLMVX	0.41	0.77	0.76	1.0	0.24	0.28	0.29	0.42	0.27		HLMVX
	HLCTX	HLEMX	HLEZX	HLGZX	HLFFX	HLFMX	HLFZX	HLIZX	HLIDX	HLMVX

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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
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
HLEZX	0.71	(0.06)	(0.13)	0.00	0.87	(0.79)	1.45	(1.37)	4.50
HLGZX	0.61	(0.06)	(0.10)	0.03	0.87	(0.56)	1.25	(1.33)	4.18
HLFFX	0.34	(0.06)	0.00	(0.62)	0.00	0.00	0.71	(0.71)	2.15
HLFMX	0.32	(0.08)	0.00	(0.19)	0.00	0.00	0.61	(0.72)	2.03
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

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