Highland Merger Correlations

Mutual Funds . USA . 
Fund . Highland Merger Arbitrage
HMEAX Fund  USD 19.45  0.02  0.10%   
The current 90-days correlation between Highland Merger Arbitrage and Blackrock Inflation Protected is 0.27 (i.e., Modest diversification). The correlation of Highland Merger 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 Merger Correlation With Market

Average diversification

The correlation between Highland Merger Arbitrage and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highland Merger Arbitrage 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 Merger Arbitrage. 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

  0.65HHCAX Highland Long/shortPairCorr
  0.67HHCCX Highland Long/shortPairCorr
  0.99HMECX Highland Merger ArbitragePairCorr
  1.0HMEZX Highland Merger ArbitragePairCorr
  0.69HSZYX Highland Small CapPairCorr
  0.69HSZAX Highland Small CapPairCorr
  0.67HSZCX Highland Small CapPairCorr
  0.68MERIX Merger FundPairCorr
  0.64VARCX First Trust MergerPairCorr
  0.78PFN Pimco Income StrategyPairCorr
  0.73CMEUX Six Circles ManagedPairCorr
  0.64VWELX Vanguard WellingtonPairCorr
  0.65USPRX Sp 500 IndexPairCorr
  0.72PAHHX T Rowe PricePairCorr
  0.64FEMDX Franklin Emerging MarketPairCorr
  0.7INDEX Sp 500 EqualPairCorr
  0.75THMAX Thrivent ModeratePairCorr
  0.63FCNTX Fidelity ContrafundPairCorr
  0.8RCILX Alternative Credit IncomePairCorr
  0.62DPG Duff And PhelpsPairCorr

Moving against Highland Mutual Fund

  0.33XNXJX Nuveen New JerseyPairCorr

Related Correlations Analysis

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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   
FIPRX
+ 0.99
BPRIX
TIIHX
+ 0.98
BPRIX
FIPRX
+ 0.98
TIIHX
ABNYX
+ 0.98
TIIHX
ABNYX
+ 0.93
BPRIX
ABNYX
+ 0.93
FIPRX
  
High negative correlations   
AUNTX
- 0.03
FIPRX

Risk-Adjusted Indicators

There is a big difference between Highland Mutual Fund performing well and Highland Merger 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 Merger'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.

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