Hodges Small Correlations

Mutual Funds . USA . 
Fund . Hodges Small Cap
HDPSX Fund  USD 20.58  0.04  0.19%   
The current 90-days correlation between Hodges Small Cap and Hodges Fund Retail is 0.91 (i.e., Almost no diversification). The correlation of Hodges 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.

Hodges Small Correlation With Market

Very poor diversification

The correlation between Hodges Small Cap and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hodges Small Cap 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 Hodges Small Cap. 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 Hodges Mutual Fund

  0.99HSVIX Hodges Small IntrinsicPairCorr
  0.95HDPBX Hodges Blue ChipPairCorr
  0.98HDPMX Hodges Fund RetailPairCorr
  1.0HDSIX Hodges Small CapPairCorr
  0.99HDSVX Hodges Small IntrinsicPairCorr
  0.98VSMAX Vanguard Small CapPairCorr
  0.98VSCIX Vanguard Small CapPairCorr
  0.98VSCPX Vanguard Small CapPairCorr
  0.98NAESX Vanguard Small CapPairCorr
  0.98FSSNX Fidelity Small CapPairCorr
  0.98DFSTX Us Small CapPairCorr
  0.98PASVX T Rowe PricePairCorr
  0.98PRVIX T Rowe PricePairCorr
  0.98TRZVX T Rowe PricePairCorr
  0.98PRSVX T Rowe PricePairCorr
  0.86FSMMX Fs Multi StrategyPairCorr
  0.87BTMPX Ishares Msci EafePairCorr
  0.87BTMKX Blackrock InternationalPairCorr
  0.87MDIIX Blackrock Intern IndexPairCorr
  0.68SPMPX Invesco Steelpath MlpPairCorr
  0.68MLPNX Oppenheimer Steelpath MlpPairCorr
  0.66MLPMX Oppenheimer Steelpath MlpPairCorr
  0.67SPMJX Invesco Steelpath MlpPairCorr
  0.96RYZAX Sp 500 PurePairCorr
  0.9CIPMX Champlain Mid CapPairCorr
  0.95LTAFX Altst Strgs FdPairCorr
  0.98TRVPX Tiaa Cref MidPairCorr
  0.91SHDAX Legg Mason WesternPairCorr
  0.87JSHIX Janus Short TermPairCorr
  0.82FSILX Federated Short TermPairCorr
  0.92PRHIX T Rowe PricePairCorr
  0.84ARWDX One Choice 2025PairCorr
  0.96VFIAX Vanguard 500 IndexPairCorr
  0.94MBBRX Massmutual PremierPairCorr
  0.91FAPCX Fidelity Intl CapitalPairCorr
  0.96PSIAX Prudential Qma StockPairCorr
  0.67NERYX Loomis Sayles EPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Hodges Mutual Fund performing well and Hodges 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 Hodges 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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