Horizon Us Correlations

HSMNX Fund

35.64 0.86 2.47%

The current 90-days correlation between Horizon Defensive Smmd and Transamerica Financial Life is 0.49 (i.e., Very weak diversification). The correlation of Horizon Us 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 Us Correlation With Market

Poor diversification

The correlation between Horizon Defensive Smmd and DJI is 0.73 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Horizon Defensive Smmd 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 Defensive Smmd. 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 board of governors.

Moving together with Horizon Mutual Fund

0.72	ARANX	Horizon Active Risk	Pair Corr
0.72	ARAAX	Horizon Active Risk	Pair Corr
0.67	AAANX	Horizon Active Asset	Pair Corr
0.88	HNDDX	Horizon Active Dividend	Pair Corr
0.9	HNDRX	Horizon Defined Risk	Pair Corr
0.72	ACRIX	Horizon Active Risk	Pair Corr
0.76	USRAX	Horizon Defensive Equity	Pair Corr
0.63	USRTX	Horizon Defensive Equity	Pair Corr
0.9	HADRX	Horizon Defined Risk	Pair Corr
0.88	HADUX	Horizon Active Dividend	Pair Corr
0.67	HASAX	Horizon Active Asset	Pair Corr
0.67	HASIX	Horizon Active Asset	Pair Corr
0.88	HESAX	Horizon Esg Defensive	Pair Corr
0.93	HESGX	Horizon Esg Defensive	Pair Corr
0.99	VSMAX	Vanguard Small Cap	Pair Corr
0.99	VSCIX	Vanguard Small Cap	Pair Corr
0.99	VSCPX	Vanguard Small Cap	Pair Corr
0.99	NAESX	Vanguard Small Cap	Pair Corr
0.97	FSSNX	Fidelity Small Cap	Pair Corr
0.98	DFSTX	Us Small Cap	Pair Corr
0.99	PASVX	T Rowe Price	Pair Corr
0.99	PRVIX	T Rowe Price	Pair Corr
0.99	TRZVX	T Rowe Price	Pair Corr
0.99	PRSVX	T Rowe Price	Pair Corr

Moving against Horizon Mutual Fund

0.44	AIMNX	Horizon Active Income	Pair Corr
0.43	AIRIX	Horizon Active Income	Pair Corr
0.42	AIHAX	Horizon Active Income	Pair Corr
0.98	UIPIX	Ultrashort Mid Cap	Pair Corr
0.92	USPSX	Profunds Ultrashort	Pair Corr
0.92	USPIX	Profunds Ultrashort	Pair Corr
0.6	LIRRX	Lord Abbett International	Pair Corr
0.52	MXEGX	Great-west Core	Pair Corr
0.45	FTCAX	Templeton Strained Bond	Pair Corr
0.43	PDI	Pimco Dynamic Income Sell-off Trend	Pair Corr
0.43	LINTX	L Abbett International	Pair Corr

Related Correlations Analysis

	IAAEX	FTIXX	RMBKX	BTO	VFAIX	ICFAX	GCFSX
IAAEX		0.0	0.45	0.28	0.27	0.36	0.19	IAAEX
FTIXX	0.0		0.0	0.0	0.0	0.0	0.0	FTIXX
RMBKX	0.45	0.0		0.91	0.8	0.88	0.18	RMBKX
BTO	0.28	0.0	0.91		0.87	0.88	0.21	BTO
VFAIX	0.27	0.0	0.8	0.87		0.78	0.6	VFAIX
ICFAX	0.36	0.0	0.88	0.88	0.78		0.08	ICFAX
GCFSX	0.19	0.0	0.18	0.21	0.6	0.08		GCFSX
	IAAEX	FTIXX	RMBKX	BTO	VFAIX	ICFAX	GCFSX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

BTO	+ 0.91	RMBKX
ICFAX	+ 0.88	RMBKX
ICFAX	+ 0.88	BTO
VFAIX	+ 0.87	BTO
VFAIX	+ 0.8	RMBKX
ICFAX	+ 0.78	VFAIX

High negative correlations

GCFSX	- 0.0	FTIXX
ICFAX	- 0.0	FTIXX
VFAIX	- 0.0	FTIXX
BTO	- 0.0	FTIXX
RMBKX	- 0.0	FTIXX
FTIXX	- 0.0	IAAEX

Risk-Adjusted Indicators

There is a big difference between Horizon Mutual Fund performing well and Horizon Us 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 Us' 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
IAAEX	0.81	(0.11)	0.00	(0.26)	0.00	0.00	1.41	(1.48)	9.17
FTIXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
RMBKX	1.15	(0.13)	0.00	(0.16)	0.00	0.00	2.19	(3.08)	6.79
BTO	1.08	(0.06)	0.00	(0.10)	0.00	0.00	2.30	(2.35)	6.87
VFAIX	0.86	0.04	0.03	0.00	1.31	(0.84)	1.99	(2.51)	6.10
ICFAX	0.83	(0.04)	0.00	(0.08)	0.00	0.00	1.32	(2.10)	3.93
GCFSX	0.75	0.04	0.07	(0.41)	1.04	(0.76)	1.80	(2.41)	4.68

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