Diamond Hill Correlations

DHLSX Fund

USD 28.25 0.07 0.25%

The current 90-days correlation between Diamond Hill Long and Gateway Fund Class is 0.75 (i.e., Poor diversification). The correlation of Diamond Hill 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.

Diamond Hill Correlation With Market

Poor diversification

The correlation between Diamond Hill Long Short and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Diamond Hill Long Short and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Diamond Hill Long Short. 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 Diamond Mutual Fund

0.87	DHFAX	Diamond Hill Large	Pair Corr
0.87	DHFYX	Diamond Hill Large	Pair Corr
0.87	DHFIX	Diamond Hill Large	Pair Corr
0.61	DHIAX	Diamond Hill Interna	Pair Corr
0.74	DHLAX	Diamond Hill Large	Pair Corr
0.85	DHLYX	Diamond Hill Large	Pair Corr
0.74	DHLRX	Diamond Hill Large	Pair Corr
1.0	DIAMX	Diamond Hill Long	Pair Corr
0.94	DIAYX	Diamond Hill Long	Pair Corr
0.65	NLSCX	Neuberger Berman Long	Pair Corr
0.68	NLSAX	Neuberger Berman Long	Pair Corr
0.69	NLSIX	Neuberger Berman Long	Pair Corr
0.67	QLERX	Aqr Long Short	Pair Corr

Related Correlations Analysis

	GTEYX	AQMIX	BPIRX	CMNIX	NLSIX
GTEYX		-0.38	0.72	-0.09	0.76	GTEYX
AQMIX	-0.38		0.12	0.72	0.11	AQMIX
BPIRX	0.72	0.12		0.55	0.94	BPIRX
CMNIX	-0.09	0.72	0.55		0.48	CMNIX
NLSIX	0.76	0.11	0.94	0.48		NLSIX
	GTEYX	AQMIX	BPIRX	CMNIX	NLSIX

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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

NLSIX	+ 0.94	BPIRX
NLSIX	+ 0.76	GTEYX
BPIRX	+ 0.72	GTEYX
CMNIX	+ 0.72	AQMIX
CMNIX	+ 0.55	BPIRX
NLSIX	+ 0.48	CMNIX

High negative correlations

AQMIX	- 0.38	GTEYX
CMNIX	- 0.09	GTEYX

Risk-Adjusted Indicators

There is a big difference between Diamond Mutual Fund performing well and Diamond Hill 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 Diamond Hill'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
GTEYX	0.55	(0.03)	0.00	(0.09)	0.00	0.00	1.08	(1.13)	2.88
AQMIX	0.54	0.05	0.15	(0.56)	0.53	(0.64)	1.06	(0.91)	2.71
BPIRX	0.46	0.02	0.04	(0.01)	0.65	(0.47)	0.93	(1.21)	2.69
CMNIX	0.12	0.02	0.28	0.12	0.00	(0.15)	0.27	(0.26)	0.80
NLSIX	0.31	0.00	0.00	(0.05)	0.00	0.00	0.58	(0.75)	1.57

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