Hodges Small Correlations

Mutual Funds . USA . 
Fund . Hodges Small Cap
HDPSX Fund  USD 18.85  0.18  0.95%   
The current 90-days correlation between Hodges Small Cap and Hodges Fund Retail is 0.92 (i.e., Almost no diversification). The correlation of Hodges Small 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 Small Correlation With Market

Poor diversification

The correlation between Hodges Small Cap and DJI is 0.7 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hodges Small Cap 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 Small Cap. 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 Hodges Mutual Fund

  0.82HSVIX Hodges Small IntrinsicPairCorr
  0.74HDPBX Hodges Blue ChipPairCorr
  0.81HDPMX Hodges Fund RetailPairCorr
  0.81HDSIX Hodges Small CapPairCorr
  0.8HDSVX Hodges Small IntrinsicPairCorr
  0.98VSMAX Vanguard Small CapPairCorr
  0.98VSCIX Vanguard Small CapPairCorr
  0.98VSCPX Vanguard Small CapPairCorr
  0.98NAESX Vanguard Small CapPairCorr
  0.98FSSNX Fidelity Small CapPairCorr
  0.98DFSTX Us Small CapPairCorr
  0.95PASVX T Rowe PricePairCorr
  0.95PRVIX T Rowe PricePairCorr
  0.94TRZVX T Rowe PricePairCorr
  0.88PRSVX T Rowe PricePairCorr
  0.83VTSAX Vanguard Total StockPairCorr
  0.88VFIAX Vanguard 500 IndexPairCorr
  0.83VTSMX Vanguard Total StockPairCorr
  0.9VSMPX Vanguard Total StockPairCorr
  0.9VSTSX Vanguard Total StockPairCorr
  0.9VITSX Vanguard Total StockPairCorr
  0.88VFINX Vanguard 500 IndexPairCorr
  0.88VFFSX Vanguard 500 IndexPairCorr

Moving against Hodges Mutual Fund

  0.78AGIVX Invesco GovernmentPairCorr
  0.67MWLIX Metropolitan West LowPairCorr
  0.66DIMIX Dreyfus Short IntermPairCorr
  0.65VGTSX Vanguard Total InterPairCorr
  0.65VTIAX Vanguard Total InterPairCorr
  0.63ACCOX International ValuePairCorr
  0.61FITFX Fidelity Flex InternPairCorr
  0.6AIDYX Diversified MunicipalPairCorr
  0.57IAFEX Fisher All ForeignPairCorr
  0.56JMKIX Emerging Markets DebtPairCorr
  0.44FHBRX Federated High IncomePairCorr
  0.34OSCIX Oppenheimer Intl SmallPairCorr
  0.82QGMNX Aqr Global MacroPairCorr
  0.79PACEX T Rowe PricePairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

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