Diamond Hill Correlations

Mutual Funds . USA . 
Fund . Diamond Hill Long Short
DHLSX Fund  USD 29.57  0.02  0.07%   
The current 90-days correlation between Diamond Hill Long and Gateway Fund Class is 0.87 (i.e., Very poor diversification). The correlation of Diamond Hill 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.

Diamond Hill Correlation With Market

Very poor diversification

The correlation between Diamond Hill Long Short and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Diamond Hill Long Short and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Diamond Hill Long Short. 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 state.

Moving together with Diamond Mutual Fund

  0.98DHFAX Diamond Hill LargePairCorr
  0.91DHEYX Diamond Hill ShortPairCorr
  0.91DHEIX Diamond Hill ShortPairCorr
  0.91DHEAX Diamond Hill ShortPairCorr
  0.98DHFYX Diamond Hill LargePairCorr
  0.98DHFIX Diamond Hill LargePairCorr
  0.98DHIAX Diamond Hill InternaPairCorr
  0.98DHIYX Diamond Hill InternaPairCorr
  0.98DHIIX Diamond Hill InternaPairCorr
  0.97DHLAX Diamond Hill LargePairCorr
  0.97DHMIX Diamond Hill SmallPairCorr
  0.96DHMAX Diamond Hill SmallPairCorr
  0.98DHLYX Diamond Hill LargePairCorr
  0.99DHLTX Diamond Hill AllPairCorr
  0.97DHLRX Diamond Hill LargePairCorr
  0.74DHNIX Diamond Hill CorePairCorr
  0.97DHMYX Diamond Hill SmallPairCorr
  0.98DHPIX Diamond Hill MidPairCorr
  0.98DHPAX Diamond Hill MidPairCorr
  0.99DHPYX Diamond Hill MidPairCorr
  0.63DHRYX Diamond Hill EPairCorr
  0.61DHRIX Diamond Hill EPairCorr
  0.98DHSYX Diamond Hill SmallPairCorr
  0.98DHSIX Diamond Hill SmallPairCorr
  0.97DHSCX Diamond Hill SmallPairCorr
  0.99DHTYX Diamond Hill AllPairCorr
  0.99DHTAX Diamond Hill SelectPairCorr
  1.0DIAMX Diamond Hill LongPairCorr
  1.0DIAYX Diamond Hill LongPairCorr
  0.9NLSCX Neuberger Berman LongPairCorr
  0.91NLSAX Neuberger Berman LongPairCorr
  0.92NLSIX Neuberger Berman LongPairCorr
  0.93QLERX Aqr Long ShortPairCorr
  0.96ASLAX Ab Select LongshortPairCorr
  0.93PFN Pimco Income StrategyPairCorr

Moving against Diamond Mutual Fund

  0.62PWLMX Pimco Rae WorldwidePairCorr
  0.61PWLIX Pimco Rae WorldwidePairCorr
  0.54XNBHX Neuberger Berman IntPairCorr
  0.5XDSMX Dreyfus StrategicPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Diamond Mutual Fund performing well and Diamond Hill 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 Diamond Hill'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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