Highland Opportunities Correlations

HFRO Fund

USD 5.29 0.05 0.95%

The current 90-days correlation between Highland Opportunities and Neuberger Berman Next is -0.06 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Highland Opportunities moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Highland Opportunities And moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Highland Opportunities Correlation With Market

Modest diversification

The correlation between Highland Opportunities And 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 Highland Opportunities And 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 Highland Opportunities And. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Highland Fund

0.62	RYMEX	Commodities Strategy	Pair Corr
0.61	RYMJX	Commodities Strategy	Pair Corr
0.69	RYMBX	Commodities Strategy	Pair Corr
0.86	PGLSX	Global Multi Strategy	Pair Corr
0.73	HWACX	Hotchkis Wiley Value	Pair Corr

Related Correlations Analysis

	NBXG	STEW	NMCO	DSL	NRGX	BIGZ	BMEZ	AIO	PDO	DBL
NBXG		0.58	0.38	0.28	0.0	0.86	0.66	0.79	0.24	0.27	NBXG
STEW	0.58		0.84	0.82	0.0	0.29	0.79	0.2	0.73	0.81	STEW
NMCO	0.38	0.84		0.95	0.0	0.1	0.77	-0.05	0.94	0.92	NMCO
DSL	0.28	0.82	0.95		0.0	-0.04	0.63	-0.12	0.91	0.89	DSL
NRGX	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	NRGX
BIGZ	0.86	0.29	0.1	-0.04	0.0		0.47	0.87	-0.07	-0.04	BIGZ
BMEZ	0.66	0.79	0.77	0.63	0.0	0.47		0.24	0.7	0.74	BMEZ
AIO	0.79	0.2	-0.05	-0.12	0.0	0.87	0.24		-0.25	-0.19	AIO
PDO	0.24	0.73	0.94	0.91	0.0	-0.07	0.7	-0.25		0.9	PDO
DBL	0.27	0.81	0.92	0.89	0.0	-0.04	0.74	-0.19	0.9		DBL
	NBXG	STEW	NMCO	DSL	NRGX	BIGZ	BMEZ	AIO	PDO	DBL

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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

DSL	+ 0.95	NMCO
PDO	+ 0.94	NMCO
DBL	+ 0.92	NMCO
PDO	+ 0.91	DSL
DBL	+ 0.9	PDO
DBL	+ 0.89	DSL

High negative correlations

PDO	- 0.25	AIO
DBL	- 0.19	AIO
AIO	- 0.12	DSL
PDO	- 0.07	BIGZ
AIO	- 0.05	NMCO
DBL	- 0.04	BIGZ

Risk-Adjusted Indicators

There is a big difference between Highland Fund performing well and Highland Opportunities 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 Highland Opportunities' 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
NBXG	1.05	(0.04)	0.00	0.21	0.00	0.00	2.06	(2.49)	7.23
STEW	0.63	0.07	0.10	0.09	0.78	(0.67)	1.53	(1.20)	3.57
NMCO	0.45	0.04	0.11	0.22	0.53	(0.48)	0.92	(0.95)	2.69
DSL	0.34	0.02	0.11	0.12	0.41	(0.39)	0.82	(0.65)	2.21
NRGX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BIGZ	1.24	(0.19)	0.00	(0.79)	0.00	0.00	2.58	(3.03)	9.54
BMEZ	0.93	0.02	0.06	(0.17)	1.00	(1.10)	1.70	(1.48)	8.30
AIO	1.25	(0.13)	0.00	(0.16)	0.00	0.00	2.46	(2.71)	10.06
PDO	0.41	0.06	0.14	(0.43)	0.52	(0.41)	0.83	(1.08)	3.44
DBL	0.29	0.02	0.14	0.87	0.30	(0.33)	0.64	(0.58)	1.75

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