Horizon Funds Correlations

HBTA Etf

25.91 0.02 0.08%

The current 90-days correlation between Horizon Funds and FT Vest Equity is 0.82 (i.e., Very poor diversification). The correlation of Horizon Funds 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.

Horizon Funds Correlation With Market

Very poor diversification

The correlation between Horizon Funds 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 Horizon Funds and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Horizon Etf

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Horizon Funds. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in estimate.

For information on how to trade Horizon Etf refer to our How to Trade Horizon Etf guide.

Moving together with Horizon Etf

1.0	VUG	Vanguard Growth Index	Pair Corr
1.0	IWF	iShares Russell 1000 Sell-off Trend	Pair Corr
1.0	IVW	iShares SP 500 Sell-off Trend	Pair Corr
1.0	SPYG	SPDR Portfolio SP	Pair Corr
1.0	IUSG	iShares Core SP	Pair Corr
1.0	VONG	Vanguard Russell 1000	Pair Corr
1.0	MGK	Vanguard Mega Cap	Pair Corr
1.0	VRGWX	Vanguard Russell 1000	Pair Corr
1.0	QQQM	Invesco NASDAQ 100 Sell-off Trend	Pair Corr
1.0	IWY	iShares Russell Top	Pair Corr
0.97	USD	ProShares Ultra Semi	Pair Corr
0.91	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.99	FNGO	MicroSectors FANG Index	Pair Corr
0.91	BITO	ProShares Bitcoin	Pair Corr
0.97	CRPT	First Trust SkyBridge	Pair Corr
0.86	NRGU	Bank of Montreal	Pair Corr
0.99	BULZ	MicroSectors Solactive	Pair Corr
0.95	BITS	Global X Blockchain	Pair Corr
1.0	FNGG	Direxion Daily Select	Pair Corr
0.97	DFEN	Direxion Daily Aerospace	Pair Corr
0.7	EUSB	iShares Trust	Pair Corr
1.0	BUFD	FT Cboe Vest	Pair Corr
0.82	KGRN	KraneShares MSCI China	Pair Corr
0.94	BA	Boeing	Pair Corr
0.76	INTC	Intel Earnings Call This Week	Pair Corr
0.98	BAC	Bank of America	Pair Corr
0.92	MMM	3M Company	Pair Corr
0.97	AXP	American Express	Pair Corr
0.98	CSCO	Cisco Systems	Pair Corr
0.86	PFE	Pfizer Inc	Pair Corr
0.82	CVX	Chevron Corp	Pair Corr
0.97	JPM	JPMorgan Chase	Pair Corr

Moving against Horizon Etf

0.67	MCD	McDonalds	Pair Corr
0.5	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	DHDG	MBCC	DIHP	DIVN	DJAN	MDLV	DJUL	DJUN	QB
DHDG		0.98	0.96	0.16	0.97	0.89	0.95	0.98	-0.28	DHDG
MBCC	0.98		0.97	0.22	0.99	0.94	0.99	0.99	-0.31	MBCC
DIHP	0.96	0.97		0.2	0.95	0.89	0.93	0.96	-0.31	DIHP
DIVN	0.16	0.22	0.2		0.23	0.34	0.24	0.18	0.52	DIVN
DJAN	0.97	0.99	0.95	0.23		0.96	1.0	0.98	-0.34	DJAN
MDLV	0.89	0.94	0.89	0.34	0.96		0.96	0.91	-0.35	MDLV
DJUL	0.95	0.99	0.93	0.24	1.0	0.96		0.98	-0.35	DJUL
DJUN	0.98	0.99	0.96	0.18	0.98	0.91	0.98		-0.3	DJUN
QB	-0.28	-0.31	-0.31	0.52	-0.34	-0.35	-0.35	-0.3		QB
	DHDG	MBCC	DIHP	DIVN	DJAN	MDLV	DJUL	DJUN	QB

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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

DJUL	+ 1.0	DJAN
DJAN	+ 0.99	MBCC
DJUL	+ 0.99	MBCC
DJUN	+ 0.99	MBCC
MBCC	+ 0.98	DHDG
DJUN	+ 0.98	DHDG

High negative correlations

QB	- 0.35	DJUL
QB	- 0.35	MDLV
QB	- 0.34	DJAN
QB	- 0.31	DIHP
QB	- 0.31	MBCC
QB	- 0.3	DJUN

Horizon Funds Constituents Risk-Adjusted Indicators

There is a big difference between Horizon Etf performing well and Horizon Funds ETF 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 Funds' 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
DHDG	0.17	0.05	(0.13)	0.33	0.00	(0.18)	0.79	(0.16)	1.59
MBCC	0.65	0.09	0.09	0.23	0.59	(0.73)	1.56	(1.11)	5.16
DIHP	0.52	0.10	0.03	0.38	0.35	(0.58)	1.22	(1.02)	2.94
DIVN	0.56	0.09	0.00	1.05	0.00	0.00	1.67	(1.29)	2.96
DJAN	0.35	0.06	(0.02)	0.27	0.03	(0.40)	0.87	(0.63)	2.46
MDLV	0.49	0.03	(0.05)	0.19	0.47	(0.49)	1.00	(0.88)	3.44
DJUL	0.45	0.10	0.08	0.30	0.16	(0.53)	1.16	(0.90)	3.59
DJUN	0.48	0.06	0.02	0.22	0.36	(0.52)	1.34	(1.16)	4.09
QB	0.16	0.02	(0.74)	1.09	0.00	(0.24)	0.55	(0.25)	0.77

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