Stone Harbor Correlations

EDF Fund

USD 5.16 0.01 0.19%

The current 90-days correlation between Stone Harbor Emerging and Virtus Global Multi is 0.33 (i.e., Weak diversification). The correlation of Stone Harbor 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.

Stone Harbor Correlation With Market

Modest diversification

The correlation between Stone Harbor Emerging and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Stone Harbor Emerging 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 Stone Harbor Emerging. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Stone Fund

0.92	DNP	Dnp Select Income	Pair Corr
0.67	GAB	Gabelli Equity Trust	Pair Corr
0.78	GUT	Gabelli Utility Closed	Pair Corr
0.65	RIV	Rivernorth Opportunities	Pair Corr
0.77	FOKPX	Oklahoma College Savings	Pair Corr
0.75	GSCJX	Goldman Sachs Income	Pair Corr
0.65	PTRGX	Putman Absolute Return	Pair Corr
0.85	ENHNX	Cullen Enhanced Equity	Pair Corr
0.77	LICVX	Lord Abbett Intl	Pair Corr
0.77	CBNAX	American Funds Emerging	Pair Corr
0.84	TRLDX	T Rowe Price	Pair Corr
0.64	JEMCX	Jpmorgan Emerging Markets	Pair Corr
0.82	WEDRX	William Blair Emerging	Pair Corr
0.66	PLEDX	Pacific Funds Esg	Pair Corr
0.79	TYEFX	American Funds Tax	Pair Corr
0.72	GSFUX	Goldman Sachs Bond	Pair Corr
0.78	MHEIX	Mh Elite Income	Pair Corr
0.72	JLBHX	Retirement Living Through	Pair Corr
0.79	RTNSX	Tax-managed International	Pair Corr
0.82	TARBX	Touchstone Arbitrage	Pair Corr
0.75	JEEIX	John Hancock Enduring	Pair Corr
0.75	PFJAX	Putnam High Yield	Pair Corr
0.74	NVG	Nuveen Amt Free	Pair Corr
0.83	QREARX	Teachers Insurance And	Pair Corr
0.66	FIKPX	Fidelity Government	Pair Corr

Moving against Stone Fund

0.47	ETJ	Eaton Vance Risk	Pair Corr
0.38	MBLCX	Madison Diversified	Pair Corr
0.52	FTBBYX	Ftbbyx	Pair Corr
0.43	MKTBX	Mainstay Tax Free	Pair Corr

Related Correlations Analysis

	VGI	FCO	HIE	SRV	FAX	IAF	EDI	JEQ	GLQ	OPP
VGI		0.66	0.0	0.01	0.92	-0.06	0.0	0.6	-0.04	0.92	VGI
FCO	0.66		0.0	0.2	0.76	0.05	0.0	0.58	0.1	0.7	FCO
HIE	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	HIE
SRV	0.01	0.2	0.0		-0.08	0.71	0.0	-0.17	0.75	0.0	SRV
FAX	0.92	0.76	0.0	-0.08		-0.15	0.0	0.71	-0.13	0.87	FAX
IAF	-0.06	0.05	0.0	0.71	-0.15		0.0	-0.44	0.94	-0.17	IAF
EDI	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	EDI
JEQ	0.6	0.58	0.0	-0.17	0.71	-0.44	0.0		-0.43	0.64	JEQ
GLQ	-0.04	0.1	0.0	0.75	-0.13	0.94	0.0	-0.43		-0.17	GLQ
OPP	0.92	0.7	0.0	0.0	0.87	-0.17	0.0	0.64	-0.17		OPP
	VGI	FCO	HIE	SRV	FAX	IAF	EDI	JEQ	GLQ	OPP

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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

GLQ	+ 0.94	IAF
FAX	+ 0.92	VGI
OPP	+ 0.92	VGI
OPP	+ 0.87	FAX
FAX	+ 0.76	FCO
GLQ	+ 0.75	SRV

High negative correlations

JEQ	- 0.44	IAF
GLQ	- 0.43	JEQ
OPP	- 0.17	GLQ
OPP	- 0.17	IAF
JEQ	- 0.17	SRV
IAF	- 0.15	FAX

Risk-Adjusted Indicators

There is a big difference between Stone Fund performing well and Stone Harbor 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 Stone Harbor'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
VGI	0.41	0.04	0.12	0.04	0.61	(0.39)	0.78	(1.02)	2.20
FCO	0.77	0.14	0.20	0.58	0.83	(0.85)	1.74	(1.20)	6.42
HIE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SRV	1.22	0.08	0.05	0.07	1.87	(1.17)	2.48	(3.15)	7.28
FAX	0.48	0.07	0.17	0.36	0.52	(0.50)	1.10	(1.08)	2.71
IAF	0.80	(0.04)	0.00	(0.16)	0.00	0.00	1.96	(1.69)	3.86
EDI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
JEQ	0.80	0.26	0.29	0.75	0.75	(0.96)	1.36	(1.22)	8.02
GLQ	0.72	(0.02)	0.00	(0.10)	0.00	0.00	1.25	(1.59)	5.29
OPP	0.42	0.08	0.23	0.37	0.39	(0.48)	0.82	(0.86)	2.32

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