Highland Small Correlations

Mutual Funds . USA . 
Fund . Highland Small Cap Equity
HSZCX Fund  USD 2.84  0.01  0.35%   
The current 90-days correlation between Highland Small Cap and Growth Allocation Fund is 0.63 (i.e., Poor diversification). The correlation of Highland Small 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 Small Correlation With Market

Very weak diversification

The correlation between Highland Small Cap Equity and DJI is 0.59 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highland Small Cap Equity 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 Small Cap Equity. 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

  0.86HHCZX Highland Long/shortPairCorr
  0.89HHCAX Highland Long/shortPairCorr
  0.9HHCCX Highland Long/shortPairCorr
  1.0HSZYX Highland Small CapPairCorr
  1.0HSZAX Highland Small CapPairCorr
  0.78VSMAX Vanguard Small CapPairCorr
  0.85VSCIX Vanguard Small CapPairCorr
  0.88VSCPX Vanguard Small CapPairCorr
  0.94NAESX Vanguard Small CapPairCorr
  0.9FSSNX Fidelity Small CapPairCorr
  0.95DFSTX Us Small CapPairCorr
  0.79PASVX T Rowe PricePairCorr
  0.89PRVIX T Rowe PricePairCorr
  0.82TRZVX T Rowe PricePairCorr
  0.7PRSVX T Rowe PricePairCorr
  0.72SPGSX State Street PremierPairCorr

Moving against Highland Mutual Fund

  0.82BISMX Brandes InternationalPairCorr
  0.71BRUFX Bruce Fund BrucePairCorr
  0.71GIOIX Guggenheim Macro OppPairCorr
  0.67HMEZX Highland Merger ArbitragePairCorr
  0.66HMEAX Highland Merger ArbitragePairCorr
  0.64HMECX Highland Merger ArbitragePairCorr
  0.52KF Korea ClosedPairCorr
  0.85VSGDX Vanguard Short TermPairCorr
  0.82PSDNX Putnam Ultra ShortPairCorr
  0.8HRBDX Harbor Bond FundPairCorr
  0.78VICSX Vanguard Intermediate-terPairCorr
  0.77MEERX Massmutual PremierPairCorr
  0.75EPDPX Europac InternationalPairCorr
  0.73USGDX Morgan Stanley GovernmentPairCorr
  0.7RMDUX American Funds MultiPairCorr
  0.69GF New Germany ClosedPairCorr
  0.67EBSFX Eubel Brady SuttmanPairCorr
  0.66DLDFX Destinations Low DurationPairCorr
  0.63SAEMX Sa Emerging MarketsPairCorr
  0.57MRCZX Massmutual RetiresmartPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Highland Mutual Fund performing well and Highland Small 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 Small'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.

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