Manager Directed Correlations

HRITX Fund

USD 11.16 0.13 1.18%

The current 90-days correlation between Manager Directed Por and Old Westbury Municipal is 0.18 (i.e., Average diversification). The correlation of Manager Directed 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.

Manager Directed Correlation With Market

Modest diversification

The correlation between Manager Directed Portfolios and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Manager Directed Portfolios 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 Manager Directed Portfolios. 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 estimate.

Moving together with Manager Mutual Fund

1.0	HRIIX	Hood River International	Pair Corr
0.87	HRIOX	Manager Directed Por	Pair Corr
0.76	HRSIX	Hood River Small	Pair Corr
0.76	HRSMX	Hood River Small	Pair Corr

Moving against Manager Mutual Fund

0.49	MDEFX	Blackrock Eurofd	Pair Corr
0.45	FFRAX	Fidelity Advisor Floating	Pair Corr
0.45	ACVUX	International Value	Pair Corr
0.39	ASDCX	Aamhimco Short Duration	Pair Corr
0.37	WILTX	Westcore Flexible Income	Pair Corr
0.33	AQMNX	Aqr Managed Futures	Pair Corr
0.65	ASDAX	Aamhimco Short Duration	Pair Corr
0.63	IGRSX	Lord Abbett Investment	Pair Corr
0.56	PSFAX	Short Term Fund	Pair Corr
0.5	FFRIX	Fidelity Advisor Floating	Pair Corr
0.48	MXFIX	Mainstay Floating Rate	Pair Corr
0.48	ZIFIX	Ninety One International	Pair Corr
0.46	ITFEX	Vy Templeton Foreign	Pair Corr
0.41	FUEMX	Fidelity Flex Servative	Pair Corr
0.37	EIHIX	Eaton Vance High	Pair Corr
0.33	PLMPX	Pimco Emerging Markets	Pair Corr
0.31	AHIFX	American High Income	Pair Corr

Related Correlations Analysis

	OWMBX	JGIFX	VSIGX	FCSCX	USGFX	SMAAX
OWMBX		0.86	0.8	0.48	0.8	0.87	OWMBX
JGIFX	0.86		0.94	0.33	0.95	0.94	JGIFX
VSIGX	0.8	0.94		0.45	0.99	0.88	VSIGX
FCSCX	0.48	0.33	0.45		0.42	0.35	FCSCX
USGFX	0.8	0.95	0.99	0.42		0.91	USGFX
SMAAX	0.87	0.94	0.88	0.35	0.91		SMAAX
	OWMBX	JGIFX	VSIGX	FCSCX	USGFX	SMAAX

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Risk-Adjusted Indicators

There is a big difference between Manager Mutual Fund performing well and Manager Directed 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 Manager Directed'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
OWMBX	0.12	0.00	0.07	(0.16)	0.16	(0.14)	0.26	(0.35)	0.70
JGIFX	0.24	0.02	0.11	0.28	0.23	(0.28)	0.52	(0.52)	1.43
VSIGX	0.20	0.03	0.19	0.32	0.10	(0.27)	0.46	(0.31)	1.28
FCSCX	0.06	0.01	0.21	0.37	0.00	(0.17)	0.13	(0.13)	0.53
USGFX	0.25	0.04	0.18	0.37	0.17	(0.33)	0.59	(0.42)	1.62
SMAAX	0.13	0.01	0.09	0.21	0.17	(0.15)	0.30	(0.30)	1.09

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