Highland Long/short Correlations

HHCZX Fund

USD 16.33 0.01 0.06%

The current 90-days correlation between Highland Long/short and Dfa Real Estate is -0.24 (i.e., Very good diversification). The correlation of Highland Long/short 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.

Highland Long/short Correlation With Market

Poor diversification

The correlation between Highland Longshort Healthcare and DJI is 0.72 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highland Longshort Healthcare 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 Longshort Healthcare. 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 nation.

Moving together with Highland Mutual Fund

1.0	HHCAX	Highland Long/short	Pair Corr
0.96	HHCCX	Highland Long/short	Pair Corr
0.87	HSZYX	Highland Small Cap	Pair Corr
0.87	HSZAX	Highland Small Cap	Pair Corr
0.86	HSZCX	Highland Small Cap	Pair Corr

Moving against Highland Mutual Fund

0.46	HRBDX	Harbor Bond Fund	Pair Corr
0.4	VARAX	Vivaldi Merger Arbitrage	Pair Corr
0.39	VARBX	Vivaldi Merger Arbitrage	Pair Corr
0.38	VARCX	First Trust Merger	Pair Corr
0.37	EPDPX	Europac International	Pair Corr
0.59	GF	New Germany Closed	Pair Corr
0.55	CIHCX	Cullen International High	Pair Corr
0.54	USGDX	Morgan Stanley Government	Pair Corr
0.5	VSGDX	Vanguard Short Term	Pair Corr
0.5	SAEMX	Sa Emerging Markets	Pair Corr
0.46	BISMX	Brandes International	Pair Corr
0.44	PSDNX	Putnam Ultra Short	Pair Corr
0.43	VICSX	Vanguard Intermediate-ter	Pair Corr
0.43	VTAPX	Vanguard Short Term	Pair Corr
0.42	ABNOX	Ab Bond Inflation	Pair Corr
0.38	MEERX	Massmutual Premier	Pair Corr

Related Correlations Analysis

	DFREX	REPIX	REINX	NRSCX	CREFX	FIKMX
DFREX		0.84	0.85	0.35	0.84	0.83	DFREX
REPIX	0.84		0.99	0.28	0.98	0.85	REPIX
REINX	0.85	0.99		0.33	0.98	0.84	REINX
NRSCX	0.35	0.28	0.33		0.42	0.62	NRSCX
CREFX	0.84	0.98	0.98	0.42		0.91	CREFX
FIKMX	0.83	0.85	0.84	0.62	0.91		FIKMX
	DFREX	REPIX	REINX	NRSCX	CREFX	FIKMX

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Risk-Adjusted Indicators

There is a big difference between Highland Mutual Fund performing well and Highland Long/short 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 Highland Long/short'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
DFREX	0.87	0.03	0.05	(0.13)	1.08	(0.87)	1.65	(1.83)	4.48
REPIX	1.30	0.13	0.07	0.08	1.64	(1.30)	2.69	(2.65)	7.54
REINX	0.87	0.06	0.06	0.05	1.04	(0.92)	1.61	(1.76)	4.62
NRSCX	0.18	0.00	0.07	(0.68)	0.24	(0.18)	0.31	(0.37)	1.00
CREFX	0.85	0.09	0.08	0.09	0.98	(0.85)	1.59	(1.65)	4.82
FIKMX	0.24	0.04	0.19	0.19	0.16	(0.29)	0.59	(0.42)	1.36

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