Highland Merger Correlations

HMEAX Fund

USD 19.65 0.02 0.10%

The current 90-days correlation between Highland Merger Arbitrage and Fidelity Advisor Energy is 0.17 (i.e., Average diversification). The correlation of Highland Merger 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 Merger Correlation With Market

Very weak diversification

The correlation between Highland Merger Arbitrage and DJI is 0.48 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highland Merger Arbitrage 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 Merger Arbitrage. 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 nation.

Moving together with Highland Mutual Fund

0.79	HHCZX	Highland Long/short	Pair Corr
0.79	HHCAX	Highland Long/short	Pair Corr
0.78	HHCCX	Highland Long/short	Pair Corr
1.0	HMECX	Highland Merger Arbitrage	Pair Corr
1.0	HMEZX	Highland Merger Arbitrage	Pair Corr
0.64	BALPX	Blckrk Lc Cr	Pair Corr
0.68	BILPX	Blkrk Lc Cr	Pair Corr
0.97	MERIX	Merger Fund	Pair Corr
0.97	MERFX	Merger Fund	Pair Corr
0.97	VARAX	Vivaldi Merger Arbitrage	Pair Corr
0.96	VARBX	Vivaldi Merger Arbitrage	Pair Corr
0.96	VARCX	First Trust Merger	Pair Corr
0.85	ARBCX	The Arbitrage	Pair Corr
0.89	ARBNX	The Arbitrage	Pair Corr
0.87	SMPSX	Semiconductor Ultrasector	Pair Corr
0.87	SMPIX	Semiconductor Ultrasector	Pair Corr
0.83	RSNRX	Victory Global Natural	Pair Corr
0.83	RSNYX	Victory Global Natural	Pair Corr
0.83	RGNCX	Victory Global Natural	Pair Corr
0.9	AGIZX	Alger Growth Income	Pair Corr
0.8	OSGCX	Jpmorgan Small Cap	Pair Corr
0.84	THOGX	Thornburg Global Opp	Pair Corr
0.87	NHMFX	Nuveen High Yield	Pair Corr
0.8	RDPSX	Rising Dollar Profund	Pair Corr
0.86	JEMQX	John Hancock Emerging	Pair Corr
0.9	JHIKX	Multi Index 2060	Pair Corr
0.69	ABCCX	American Beacon Balanced	Pair Corr
0.91	EQIRX	Wells Fargo Emerging	Pair Corr
0.81	JAVAX	James Aggressive All	Pair Corr
0.88	OAAIX	Oppenheimer Aggrssv	Pair Corr
0.87	STMEX	Sierra Tactical Municipal	Pair Corr
0.88	ULPSX	Ultrabull Profund	Pair Corr
0.93	VCMDX	Vanguard Commodity	Pair Corr

Moving against Highland Mutual Fund

0.53	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr
0.53	SPMJX	Invesco Steelpath Mlp	Pair Corr
0.52	OSPPX	Oppenheimer Steelpath Mlp	Pair Corr
0.52	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.52	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr

Related Correlations Analysis

	FIKAX	HNRGX	IEFCX	FRNRX	TREIX	GRHAX
FIKAX		0.89	0.92	0.72	0.42	0.53	FIKAX
HNRGX	0.89		0.9	0.8	0.58	0.65	HNRGX
IEFCX	0.92	0.9		0.56	0.23	0.32	IEFCX
FRNRX	0.72	0.8	0.56		0.82	0.95	FRNRX
TREIX	0.42	0.58	0.23	0.82		0.9	TREIX
GRHAX	0.53	0.65	0.32	0.95	0.9		GRHAX
	FIKAX	HNRGX	IEFCX	FRNRX	TREIX	GRHAX

Risk-Adjusted Indicators

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

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FIKAX	0.83	0.12	0.07	0.35	0.96	(0.87)	1.64	(1.77)	5.19
HNRGX	0.85	0.12	0.08	0.28	1.02	(0.88)	1.81	(1.56)	5.96
IEFCX	0.78	0.08	0.04	0.25	0.92	(0.80)	1.55	(1.61)	4.95
FRNRX	0.66	0.11	0.09	0.24	0.82	(0.69)	1.60	(1.26)	4.74
TREIX	0.05	0.00	(0.32)	0.04	0.00	(0.10)	0.10	(0.20)	0.41
GRHAX	1.21	0.23	0.12	0.33	1.65	(1.29)	2.51	(2.78)	7.88

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