Horizon Defined Correlations

HNDRX Fund

USD 78.21 0.19 0.24%

The current 90-days correlation between Horizon Defined Risk and Schwab Health Care is 0.18 (i.e., Average diversification). The correlation of Horizon Defined 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.

Horizon Defined Correlation With Market

Good diversification

The correlation between Horizon Defined Risk and DJI is -0.12 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Horizon Defined Risk 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 Horizon Defined Risk. 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 metropolitan statistical area.

Moving together with Horizon Mutual Fund

0.86	HNDDX	Horizon Active Dividend	Pair Corr
1.0	HADRX	Horizon Defined Risk	Pair Corr
0.73	HADUX	Horizon Active Dividend	Pair Corr
0.69	JHQCX	Jpmorgan Hedged Equity	Pair Corr
0.91	GTENX	Gateway Fund Class	Pair Corr
0.69	GTECX	Gateway Fund Class	Pair Corr
0.73	GTEYX	Gateway Fund Class	Pair Corr
0.9	GATEX	Gateway Fund Class	Pair Corr
0.83	JHDCX	Jpmorgan Hedged Equity	Pair Corr
0.97	JHDRX	Jpmorgan Hedged Equity	Pair Corr
0.84	JHDAX	Jpmorgan Hedged Equity	Pair Corr
0.67	PDI	Pimco Dynamic Income	Pair Corr
0.61	FTCAX	Templeton Strained Bond	Pair Corr
0.76	RRIGX	T Rowe Price	Pair Corr
0.78	VDVIX	Vanguard Developed	Pair Corr

Moving against Horizon Mutual Fund

0.52	USPSX	Profunds Ultrashort Steady Growth	Pair Corr
0.52	USPIX	Profunds Ultrashort Steady Growth	Pair Corr

Related Correlations Analysis

	SWHFX	PGHAX	ETAHX	JAFKX	XXGRX	BHSRX	HCPIX	ETHSX
SWHFX		0.93	0.65	0.75	0.87	0.8	0.54	0.77	SWHFX
PGHAX	0.93		0.75	0.84	0.87	0.89	0.71	0.88	PGHAX
ETAHX	0.65	0.75		0.94	0.8	0.82	0.81	0.77	ETAHX
JAFKX	0.75	0.84	0.94		0.9	0.93	0.87	0.89	JAFKX
XXGRX	0.87	0.87	0.8	0.9		0.86	0.71	0.84	XXGRX
BHSRX	0.8	0.89	0.82	0.93	0.86		0.86	0.95	BHSRX
HCPIX	0.54	0.71	0.81	0.87	0.71	0.86		0.87	HCPIX
ETHSX	0.77	0.88	0.77	0.89	0.84	0.95	0.87		ETHSX
	SWHFX	PGHAX	ETAHX	JAFKX	XXGRX	BHSRX	HCPIX	ETHSX

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Risk-Adjusted Indicators

There is a big difference between Horizon Mutual Fund performing well and Horizon Defined 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 Horizon Defined'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
SWHFX	0.67	(0.06)	0.00	1.08	0.00	0.00	1.25	(1.11)	8.84
PGHAX	0.61	0.00	0.00	0.02	0.77	(0.64)	1.30	(1.10)	3.63
ETAHX	1.11	0.01	0.01	0.02	1.50	(1.21)	1.85	(2.49)	7.13
JAFKX	0.72	0.00	0.00	0.01	0.93	(0.75)	1.28	(1.46)	4.10
XXGRX	0.74	(0.01)	0.00	(0.16)	0.00	0.00	1.51	(1.62)	4.50
BHSRX	0.66	(0.02)	0.00	(0.03)	0.00	0.00	1.21	(1.25)	6.63
HCPIX	0.95	0.09	0.09	0.14	0.97	(1.08)	1.88	(1.86)	4.85
ETHSX	0.64	0.01	0.00	0.02	1.16	(0.60)	1.24	(1.09)	6.02

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