Highland Funds Correlations

HFRO-PA Preferred Stock

USD 16.81 0.53 3.06%

The current 90-days correlation between Highland Funds I and The Gabelli Multimedia is -0.04 (i.e., Good diversification). The correlation of Highland Funds 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.

Highland Funds Correlation With Market

Average diversification

The correlation between Highland Funds I and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highland Funds I and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Highland Funds could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Highland Funds when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Highland Funds - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Highland Funds I to buy it.

Moving together with Highland Preferred Stock

0.8	RNAZ	Transcode Therapeutics	Pair Corr
0.78	QLGN	Qualigen Therapeutics	Pair Corr

Moving against Highland Preferred Stock

0.89	AMZN	Amazon Inc	Pair Corr
0.73	GOOG	Alphabet Class C	Pair Corr
0.7	AAPL	Apple Inc	Pair Corr
0.69	BMYMP	Bristol Myers Squibb	Pair Corr
0.66	LGCY	Legacy Education	Pair Corr
0.62	AHT	Ashford Hospitality Trust	Pair Corr
0.56	MSFT	Microsoft Sell-off Trend	Pair Corr
0.53	META	Meta Platforms	Pair Corr
0.42	BRK-A	Berkshire Hathaway	Pair Corr
0.35	NVDA	NVIDIA	Pair Corr
0.91	GBTG	Global Business Travel	Pair Corr
0.88	MSTR	MicroStrategy Incorporated	Pair Corr
0.88	KODK	Eastman Kodak	Pair Corr
0.86	DDOG	Datadog	Pair Corr
0.81	IDN	Intellicheck Mobilisa	Pair Corr
0.75	OZK	Bank Ozk Fiscal Year End 16th of January 2025	Pair Corr
0.74	BLK	BlackRock Fiscal Year End 10th of January 2025	Pair Corr
0.74	CSCO	Cisco Systems	Pair Corr
0.7	CTRA	Coterra Energy	Pair Corr
0.68	PANW	Palo Alto Networks	Pair Corr
0.55	ASIX	AdvanSix	Pair Corr
0.42	RM	Regional Management Corp	Pair Corr
0.94	MTLS	Materialise NV	Pair Corr
0.93	IONQ	IONQ Inc Trending	Pair Corr
0.93	APP	Applovin Corp	Pair Corr
0.9	ATOM	Atomera Tech Boost	Pair Corr
0.89	KR	Kroger Company	Pair Corr
0.87	ELF	ELF Beauty	Pair Corr
0.78	NBIS	Nebius Group NV Symbol Change	Pair Corr
0.77	RGTI	Rigetti Computing Trending	Pair Corr

Related Correlations Analysis

	GGT-PE	AQUI	MSTSX	LBHIX	ABHYX	SCAXF	VIASP	RRTLX	OSHDF	70082LAB3
GGT-PE		0.0	0.12	-0.33	0.14	0.68	-0.74	-0.17	-0.68	-0.8	GGT-PE
AQUI	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	AQUI
MSTSX	0.12	0.0		0.44	0.39	-0.05	-0.14	0.71	0.05	0.05	MSTSX
LBHIX	-0.33	0.0	0.44		0.62	-0.54	0.42	0.75	0.54	0.4	LBHIX
ABHYX	0.14	0.0	0.39	0.62		-0.31	0.11	0.64	0.31	-0.19	ABHYX
SCAXF	0.68	0.0	-0.05	-0.54	-0.31		-0.88	-0.46	-1.0	-0.68	SCAXF
VIASP	-0.74	0.0	-0.14	0.42	0.11	-0.88		0.33	0.88	0.74	VIASP
RRTLX	-0.17	0.0	0.71	0.75	0.64	-0.46	0.33		0.46	0.21	RRTLX
OSHDF	-0.68	0.0	0.05	0.54	0.31	-1.0	0.88	0.46		0.68	OSHDF
70082LAB3	-0.8	0.0	0.05	0.4	-0.19	-0.68	0.74	0.21	0.68		70082LAB3
	GGT-PE	AQUI	MSTSX	LBHIX	ABHYX	SCAXF	VIASP	RRTLX	OSHDF	70082LAB3

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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

OSHDF	+ 0.88	VIASP
RRTLX	+ 0.75	LBHIX
70082LAB3	+ 0.74	VIASP
RRTLX	+ 0.71	MSTSX
SCAXF	+ 0.68	GGT-PE
70082LAB3	+ 0.68	OSHDF

High negative correlations

OSHDF	- 1.0	SCAXF
VIASP	- 0.88	SCAXF
70082LAB3	- 0.8	GGT-PE
VIASP	- 0.74	GGT-PE
70082LAB3	- 0.68	SCAXF
OSHDF	- 0.68	GGT-PE

Risk-Adjusted Indicators

There is a big difference between Highland Preferred Stock performing well and Highland Funds Company 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 Highland Funds' 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
GGT-PE	0.43	(0.01)	0.00	(0.30)	0.00	0.00	1.02	(1.00)	4.50
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MSTSX	0.45	0.01	(0.02)	0.14	0.46	(0.59)	1.21	(0.84)	2.80
LBHIX	0.09	(0.01)	(0.11)	(0.19)	0.12	(0.26)	0.24	(0.24)	0.71
ABHYX	0.18	(0.02)	0.00	(0.20)	0.00	0.00	0.34	(0.44)	1.91
SCAXF	0.70	(0.37)	0.00	(1.28)	0.00	0.00	0.00	0.00	23.47
VIASP	0.74	0.12	0.07	(0.74)	1.08	(0.81)	2.00	(1.20)	6.28
RRTLX	0.21	0.00	(0.07)	(0.04)	0.24	(0.24)	0.48	(0.47)	1.36
OSHDF	39.65	20.43	0.00	(1.24)	0.00	0.00	0.00	0.00	1,329
70082LAB3	0.63	0.11	0.10	19.82	0.81	(0.79)	1.75	(0.74)	6.86

Be your own money manager

Our tools can tell you how much better you can do entering a position in Highland Funds without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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