Highland Small-cap Correlations

Mutual Funds . USA . 
Fund . Highland Small Cap Equity
HSZYX Fund  USD 6.87  0.01  0.15%   
The current 90-days correlation between Highland Small Cap and Technology Ultrasector Profund is 0.27 (i.e., Modest diversification). The correlation of Highland Small-cap 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 Small-cap Correlation With Market

Very weak diversification

The correlation between Highland Small Cap Equity and DJI is 0.46 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highland Small Cap Equity 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 Small Cap Equity. 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 manufacturing.

Moving together with Highland Mutual Fund

  0.9HHCZX Highland Long/shortPairCorr
  0.9HHCAX Highland Long/shortPairCorr
  0.9HHCCX Highland Long/shortPairCorr
  0.69HMEAX Highland Merger ArbitragePairCorr
  0.64HMECX Highland Merger ArbitragePairCorr
  0.7HMEZX Highland Merger ArbitragePairCorr
  1.0HSZAX Highland Small CapPairCorr
  1.0HSZCX Highland Small CapPairCorr
  0.83VSMAX Vanguard Small CapPairCorr
  0.86VSCIX Vanguard Small CapPairCorr
  0.83VSCPX Vanguard Small CapPairCorr
  0.86NAESX Vanguard Small CapPairCorr
  0.76FSSNX Fidelity Small CapPairCorr
  0.82DFSTX Us Small CapPairCorr
  0.76PASVX T Rowe PricePairCorr
  0.76PRVIX T Rowe PricePairCorr
  0.76TRZVX T Rowe PricePairCorr
  0.76PRSVX T Rowe PricePairCorr
  0.76SCRYX Small Cap CorePairCorr
  0.87VIGAX Vanguard Growth IndexPairCorr
  0.88LTFOX Lord Abbett AffiliatedPairCorr
  0.88VTMFX Vanguard Tax ManagedPairCorr
  0.66GAB Gabelli Equity TrustPairCorr
  0.86GRSPX Greenspring Fund RetailPairCorr
  0.87THMAX Thrivent ModeratePairCorr
  0.88FXAIX Fidelity 500 IndexPairCorr
  0.9CMEUX Six Circles ManagedPairCorr
  0.88VFIAX Vanguard 500 IndexPairCorr
  0.9INDEX Sp 500 EqualPairCorr

Moving against Highland Mutual Fund

  0.72GPBFX Gmo E PlusPairCorr
  0.59GPMFX Guidepath Managed FuturesPairCorr
  0.55PQTAX Pimco Trends ManagedPairCorr
  0.54PQTNX Pimco Trends ManagedPairCorr
  0.54PQTIX Aa Pimco TrPairCorr
  0.4GAAKX Gmo Alternative AlloPairCorr
  0.39GAAGX Gmo Alternative AlloPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Highland Mutual Fund performing well and Highland Small-cap 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 Small-cap'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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