Hodges Fund Correlations

Mutual Funds . USA . 
Fund . Hodges Fund Retail
HDPMX Fund  USD 66.89  0.33  0.49%   
The current 90-days correlation between Hodges Fund Retail and Marsico 21st Century is 0.88 (i.e., Very poor diversification). The correlation of Hodges Fund 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.

Hodges Fund Correlation With Market

Poor diversification

The correlation between Hodges Fund Retail and DJI is 0.62 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hodges Fund Retail 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 Hodges Fund Retail. 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 population.

Moving together with Hodges Mutual Fund

  0.79HSVIX Hodges Small IntrinsicPairCorr
  0.81HDPSX Hodges Small CapPairCorr
  0.97HDPBX Hodges Blue ChipPairCorr
  0.82HDSIX Hodges Small CapPairCorr
  0.78HDSVX Hodges Small IntrinsicPairCorr
  0.96VIMAX Vanguard Mid CapPairCorr
  0.96VIMSX Vanguard Mid CapPairCorr
  0.96VMCPX Vanguard Mid CapPairCorr
  0.96VMCIX Vanguard Mid CapPairCorr
  0.89VEXAX Vanguard Extended MarketPairCorr
  0.89VEMPX Vanguard Extended MarketPairCorr
  0.89VIEIX Vanguard Extended MarketPairCorr
  0.89VSEMX Vanguard Extended MarketPairCorr
  0.89VEXMX Vanguard Extended MarketPairCorr
  0.89FSMAX Fidelity Extended MarketPairCorr

Moving against Hodges Mutual Fund

  0.44FAIJX FaijxPairCorr
  0.4ABNDX Bond FundPairCorr
  0.39JMTCX Jpmorgan Total ReturnPairCorr
  0.35MAHQX Blackrock Total RetPairCorr
  0.34VEDIX Vanguard ExtendedPairCorr
  0.85UIPIX Ultrashort Mid CapPairCorr
  0.69SDFCX Swan Defined RiskPairCorr

Related Correlations Analysis

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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   
RYVPX
+ 0.93
MXXIX
FMIEX
+ 0.88
PGVFX
PGVFX
+ 0.65
WWNPX
FMIEX
+ 0.47
WWNPX
WWNPX
+ 0.41
MXXIX
RYVPX
+ 0.29
WWNPX
  
High negative correlations   
FMIEX
- 0.44
RYVPX
FMIEX
- 0.2
MXXIX
PGVFX
- 0.04
RYVPX

Risk-Adjusted Indicators

There is a big difference between Hodges Mutual Fund performing well and Hodges Fund 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 Hodges Fund'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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