Hotchkis Wiley Correlations

HWVIX Fund

USD 14.23 0.21 1.50%

The current 90-days correlation between Hotchkis Wiley Small and American Funds Conservative is 0.64 (i.e., Poor diversification). The correlation of Hotchkis Wiley 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.

Hotchkis Wiley Correlation With Market

Very poor diversification

The correlation between Hotchkis Wiley Small 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 Hotchkis Wiley Small 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 Hotchkis Wiley Small. 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 gross domestic product.

Moving together with Hotchkis Mutual Fund

0.94	HWAAX	Hotchkis Wiley Value	Pair Corr
0.94	HWACX	Hotchkis Wiley Value	Pair Corr
0.94	HWAIX	Hotchkis Wiley Value	Pair Corr
0.93	HWCAX	Hotchkis Wiley Diver	Pair Corr
0.93	HWCIX	Hotchkis Wiley Diver	Pair Corr
0.66	HWGAX	Hotchkis Wiley Global	Pair Corr
0.93	HWLIX	Hotchkis Wiley Large	Pair Corr
0.81	HWMZX	Hotchkis Wiley Mid	Pair Corr
0.8	HWMAX	Hotchkis Wiley Mid	Pair Corr
0.81	HWMIX	Hotchkis Wiley Mid	Pair Corr
0.96	HWSAX	Hotchkis And Wiley	Pair Corr
0.96	HWSCX	Hotchkis Wiley Small	Pair Corr
0.96	HWSIX	Hotchkis Wiley Small	Pair Corr
1.0	HWVZX	Hotchkis Wiley Small	Pair Corr
1.0	HWVAX	Hotchkis Wiley Small	Pair Corr
0.94	VSIIX	Vanguard Small Cap	Pair Corr
0.94	VISVX	Vanguard Small Cap	Pair Corr
0.99	DFSVX	Us Small Cap	Pair Corr
0.98	DFFVX	Us Targeted Value	Pair Corr
0.99	UBVCX	Undiscovered Managers	Pair Corr
0.99	UBVAX	Undiscovered Managers	Pair Corr
0.99	UBVSX	Undiscovered Managers	Pair Corr
0.98	AVFIX	American Beacon Small	Pair Corr
0.62	FTYPX	Fidelity Freedom Index	Pair Corr
0.99	GCAVX	Gmo Small Cap	Pair Corr
0.86	GMCQX	Gmo Equity Allocation	Pair Corr
0.61	FEMDX	Franklin Emerging Market	Pair Corr
0.68	RQECX	Resq Dynamic Allocation	Pair Corr
0.7	LLPFX	Longleaf Partners	Pair Corr

Moving against Hotchkis Mutual Fund

0.67	GABFX	Gmo Asset Allocation	Pair Corr
0.44	GAAVX	Gmo Alternative Allo	Pair Corr

Related Correlations Analysis

	FPTPX	HUDEX	MDBLX	JDJRX	XHNWX	ODIDX	PGFCX
FPTPX		0.62	0.11	0.46	0.43	0.53	0.89	FPTPX
HUDEX	0.62		-0.56	-0.1	-0.04	0.7	0.32	HUDEX
MDBLX	0.11	-0.56		0.47	0.59	-0.56	0.44	MDBLX
JDJRX	0.46	-0.1	0.47		0.09	-0.33	0.54	JDJRX
XHNWX	0.43	-0.04	0.59	0.09		0.16	0.61	XHNWX
ODIDX	0.53	0.7	-0.56	-0.33	0.16		0.34	ODIDX
PGFCX	0.89	0.32	0.44	0.54	0.61	0.34		PGFCX
	FPTPX	HUDEX	MDBLX	JDJRX	XHNWX	ODIDX	PGFCX

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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

PGFCX	+ 0.89	FPTPX
ODIDX	+ 0.7	HUDEX
HUDEX	+ 0.62	FPTPX
PGFCX	+ 0.61	XHNWX
XHNWX	+ 0.59	MDBLX
PGFCX	+ 0.54	JDJRX

High negative correlations

ODIDX	- 0.56	MDBLX
MDBLX	- 0.56	HUDEX
ODIDX	- 0.33	JDJRX
JDJRX	- 0.1	HUDEX
XHNWX	- 0.04	HUDEX

Risk-Adjusted Indicators

There is a big difference between Hotchkis Mutual Fund performing well and Hotchkis Wiley 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 Hotchkis Wiley'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
FPTPX	0.25	(0.02)	(0.30)	0.06	0.24	(0.29)	0.52	(0.52)	1.42
HUDEX	0.68	(0.06)	(0.06)	0.07	0.73	(0.74)	1.53	(1.15)	5.46
MDBLX	0.21	(0.01)	0.00	0.31	0.00	0.00	0.37	(0.60)	1.35
JDJRX	0.44	(0.05)	(0.19)	(0.01)	0.54	(0.47)	1.00	(0.89)	2.54
XHNWX	0.14	0.00	(0.32)	0.28	0.21	(0.16)	0.31	(0.46)	1.39
ODIDX	0.07	0.03	0.00	1.20	0.00	0.00	0.11	(0.11)	0.44
PGFCX	0.23	0.00	(0.32)	0.12	0.19	(0.28)	0.48	(0.48)	1.43

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