Highland Small Cap Equity Fund Market Value
| HSZCX Fund | USD 3.23 0.01 0.31% |
| Symbol | Highland |
Highland Small-cap 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Highland Small-cap's mutual fund what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Highland Small-cap.
| 05/30/2024 |
| 11/26/2024 |
If you would invest 0.00 in Highland Small-cap on May 30, 2024 and sell it all today you would earn a total of 0.00 from holding Highland Small Cap Equity or generate 0.0% return on investment in Highland Small-cap over 180 days. Highland Small-cap is related to or competes with Ultra-short Term, Guggenheim Long, Barings Active, Touchstone Ultra, Old Westbury, Nuveen Short, and Astor Long/short. The fund seeks to achieve its investment objective by investing at least 80 percent of its net assets under normal circu... More
Highland Small-cap Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Highland Small-cap's mutual fund current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Highland Small Cap Equity upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.785 | |||
| Information Ratio | (0.01) | |||
| Maximum Drawdown | 5.86 | |||
| Value At Risk | (1.00) | |||
| Potential Upside | 1.71 |
Highland Small-cap Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Highland Small-cap's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Highland Small-cap's standard deviation. In reality, there are many statistical measures that can use Highland Small-cap historical prices to predict the future Highland Small-cap's volatility.| Risk Adjusted Performance | 0.0924 | |||
| Jensen Alpha | 0.0408 | |||
| Total Risk Alpha | (0.05) | |||
| Sortino Ratio | (0.02) | |||
| Treynor Ratio | 0.1926 |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Highland Small-cap's price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
Highland Small Cap Backtested Returns
At this stage we consider Highland Mutual Fund to be somewhat reliable. Highland Small Cap holds Efficiency (Sharpe) Ratio of 0.14, which attests that the entity had a 0.14% return per unit of risk over the last 3 months. We have found twenty-seven technical indicators for Highland Small Cap, which you can use to evaluate the volatility of the entity. Please check out Highland Small-cap's Risk Adjusted Performance of 0.0924, market risk adjusted performance of 0.2026, and Downside Deviation of 0.785 to validate if the risk estimate we provide is consistent with the expected return of 0.14%. The fund retains a Market Volatility (i.e., Beta) of 0.55, which attests to possible diversification benefits within a given portfolio. As returns on the market increase, Highland Small-cap's returns are expected to increase less than the market. However, during the bear market, the loss of holding Highland Small-cap is expected to be smaller as well.
Auto-correlation | -0.6 |
Good reverse predictability
Highland Small Cap Equity has good reverse predictability. Overlapping area represents the amount of predictability between Highland Small-cap time series from 30th of May 2024 to 28th of August 2024 and 28th of August 2024 to 26th of November 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Highland Small Cap price movement. The serial correlation of -0.6 indicates that roughly 60.0% of current Highland Small-cap price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.6 | |
| Spearman Rank Test | -0.69 | |
| Residual Average | 0.0 | |
| Price Variance | 0.01 |
Highland Small Cap lagged returns against current returns
Autocorrelation, which is Highland Small-cap mutual fund's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Highland Small-cap's mutual fund expected returns. We can calculate the autocorrelation of Highland Small-cap returns to help us make a trade decision. For example, suppose you find that Highland Small-cap has exhibited high autocorrelation historically, and you observe that the mutual fund is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Highland Small-cap regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Highland Small-cap mutual fund is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Highland Small-cap mutual fund is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Highland Small-cap mutual fund over time.
Current vs Lagged Prices |
| Timeline |
Highland Small-cap Lagged Returns
When evaluating Highland Small-cap's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Highland Small-cap mutual fund have on its future price. Highland Small-cap autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Highland Small-cap autocorrelation shows the relationship between Highland Small-cap mutual fund current value and its past values and can show if there is a momentum factor associated with investing in Highland Small Cap Equity.
Regressed Prices |
| Timeline |
Also Currently Popular
Analyzing currently trending equities could be an opportunity to develop a better portfolio based on different market momentums that they can trigger. Utilizing the top trending stocks is also useful when creating a market-neutral strategy or pair trading technique involving a short or a long position in a currently trending equity.Other Information on Investing in Highland Mutual Fund
Highland Small-cap financial ratios help investors to determine whether Highland Mutual Fund is cheap or expensive when compared to a particular measure, such as profits or enterprise value. In other words, they help investors to determine the cost of investment in Highland with respect to the benefits of owning Highland Small-cap security.
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