Heartland Value Correlations

HRVIX Fund

USD 35.09 0.10 0.28%

The current 90-days correlation between Heartland Value Plus and Heartland Value Fund is 0.83 (i.e., Very poor diversification). The correlation of Heartland Value 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.

Heartland Value Correlation With Market

Very weak diversification

The correlation between Heartland Value Plus and DJI is 0.57 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Heartland Value Plus 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 Heartland Value Plus. 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 gross domestic product.

Moving together with HEARTLAND Mutual Fund

0.75	HNMDX	Heartland Mid Cap	Pair Corr
0.68	HNTVX	Heartland Value	Pair Corr
0.63	HNVIX	Heartland Value Plus	Pair Corr
0.75	HRMDX	Heartland Mid Cap	Pair Corr
0.97	HRTVX	Heartland Value	Pair Corr
0.93	VSIIX	Vanguard Small Cap	Pair Corr
0.93	VISVX	Vanguard Small Cap	Pair Corr
0.95	DFSVX	Us Small Cap	Pair Corr
0.93	DFFVX	Us Targeted Value	Pair Corr
0.94	UBVAX	Undiscovered Managers	Pair Corr
0.94	UBVSX	Undiscovered Managers	Pair Corr
0.99	AVFIX	American Beacon Small	Pair Corr
0.63	SMPSX	Semiconductor Ultrasector	Pair Corr
0.75	RSNYX	Victory Global Natural	Pair Corr
0.75	RSNRX	Victory Global Natural	Pair Corr
0.75	RGNCX	Victory Global Natural	Pair Corr
0.67	LSHEX	Kinetics Spin Off	Pair Corr

Moving against HEARTLAND Mutual Fund

0.6	QLENX	Aqr Long Short	Pair Corr
0.59	MIXAX	Mainstay Indexed Bond	Pair Corr
0.71	QMNNX	Aqr Equity Market	Pair Corr
0.61	GMOIX	Gmo International Equity	Pair Corr

Related Correlations Analysis

	HRTVX	FMIHX	YACKX	FMIEX	PRPFX
HRTVX		0.99	0.82	0.59	0.2	HRTVX
FMIHX	0.99		0.81	0.6	0.17	FMIHX
YACKX	0.82	0.81		0.87	0.58	YACKX
FMIEX	0.59	0.6	0.87		0.76	FMIEX
PRPFX	0.2	0.17	0.58	0.76		PRPFX
	HRTVX	FMIHX	YACKX	FMIEX	PRPFX

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Risk-Adjusted Indicators

There is a big difference between HEARTLAND Mutual Fund performing well and Heartland Value 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 Heartland Value'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
HRTVX	0.87	(0.16)	0.00	(0.21)	0.00	0.00	1.43	(2.20)	8.72
FMIHX	0.74	(0.18)	0.00	(0.31)	0.00	0.00	1.24	(1.17)	11.79
YACKX	0.41	(0.04)	0.00	(0.09)	0.00	0.00	0.79	(0.91)	2.74
FMIEX	0.59	(0.05)	0.00	(0.14)	0.00	0.00	0.96	(1.43)	6.11
PRPFX	0.53	0.02	0.03	0.06	0.72	(0.51)	1.16	(1.30)	3.13

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