Highland Merger Correlations

HMECX Fund

USD 18.79 0.01 0.05%

The current 90-days correlation between Highland Merger Arbitrage and Morningstar Municipal Bond is -0.02 (i.e., Good diversification). The correlation of Highland Merger 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 Merger Correlation With Market

Weak diversification

The correlation between Highland Merger Arbitrage and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highland Merger Arbitrage 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 Merger Arbitrage. 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 main economic indicators.

Moving together with HIGHLAND Mutual Fund

1.0	HMEAX	Highland Merger Arbitrage	Pair Corr
1.0	HMEZX	Highland Merger Arbitrage	Pair Corr
0.86	BCLPX	Blckrk Lc Cr	Pair Corr
0.89	BALPX	Blckrk Lc Cr	Pair Corr
0.89	BILPX	Blkrk Lc Cr	Pair Corr
0.92	MERIX	Merger Fund	Pair Corr
0.88	MERFX	Merger Fund	Pair Corr
0.95	VARAX	Vivaldi Merger Arbitrage	Pair Corr
0.95	VARBX	Vivaldi Merger Arbitrage	Pair Corr
0.95	VARCX	First Trust Merger	Pair Corr
0.96	ARBCX	The Arbitrage	Pair Corr
0.95	ARBNX	The Arbitrage	Pair Corr
0.62	LSHUX	Horizon Spin Off	Pair Corr
0.62	LSHAX	Horizon Spin Off	Pair Corr
0.63	LSHEX	Kinetics Spin Off	Pair Corr
0.79	HRBDX	Harbor Bond Fund	Pair Corr
0.88	EBSIX	Campbell Systematic Macro	Pair Corr
0.94	EPDPX	Europac International	Pair Corr
0.93	HTD	John Hancock Tax	Pair Corr
0.79	VICSX	Vanguard Intermediate-ter	Pair Corr
0.89	EMBAX	Unconstrained Emerging	Pair Corr
0.92	UTF	Cohen And Steers	Pair Corr
0.8	GF	New Germany Closed	Pair Corr
0.9	DLDFX	Destinations Low Duration	Pair Corr
0.86	DBIWX	Dws Global Macro	Pair Corr
0.87	MEERX	Massmutual Premier	Pair Corr
0.89	SGDLX	Sprott Gold Equity	Pair Corr
0.77	RXRPX	American Funds Retirement	Pair Corr

Moving against HIGHLAND Mutual Fund

0.52	HSZCX	Highland Small Cap	Pair Corr
0.51	HSZYX	Highland Small Cap	Pair Corr
0.51	HSZAX	Highland Small Cap	Pair Corr

Related Correlations Analysis

	MSTPX	GANPX	PATFX	GVPIX	USGDX	SNCAX	TIMTX
MSTPX		0.84	0.92	0.73	0.74	0.91	0.91	MSTPX
GANPX	0.84		0.84	0.79	0.87	0.84	0.76	GANPX
PATFX	0.92	0.84		0.77	0.77	0.98	0.98	PATFX
GVPIX	0.73	0.79	0.77		0.97	0.81	0.74	GVPIX
USGDX	0.74	0.87	0.77	0.97		0.82	0.72	USGDX
SNCAX	0.91	0.84	0.98	0.81	0.82		0.96	SNCAX
TIMTX	0.91	0.76	0.98	0.74	0.72	0.96		TIMTX
	MSTPX	GANPX	PATFX	GVPIX	USGDX	SNCAX	TIMTX

Click cells to compare fundamentals

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Risk-Adjusted Indicators

There is a big difference between HIGHLAND Mutual Fund performing well and Highland Merger 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 Merger'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
MSTPX	0.14	(0.01)	0.00	0.56	0.00	0.00	0.20	(0.30)	0.91
GANPX	0.06	0.00	(0.03)	0.06	0.00	(0.12)	0.10	(0.10)	0.48
PATFX	0.19	(0.02)	0.00	(0.87)	0.00	0.00	0.36	(0.45)	1.26
GVPIX	0.77	(0.02)	0.00	(0.33)	0.00	0.00	1.96	(1.45)	3.76
USGDX	0.68	0.03	0.03	2.82	0.78	(0.78)	1.45	(1.45)	3.93
SNCAX	0.12	(0.01)	(0.06)	(0.49)	0.17	(0.15)	0.29	(0.29)	0.73
TIMTX	0.17	(0.02)	0.00	(1.79)	0.00	0.00	0.29	(0.38)	1.03

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