Horizon Active Correlations

HNDDX Fund

USD 74.32 0.06 0.08%

The current 90-days correlation between Horizon Active Dividend and Angel Oak Financial is 0.17 (i.e., Average diversification). The correlation of Horizon Active 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.

Horizon Active Correlation With Market

Almost no diversification

The correlation between Horizon Active Dividend and DJI is 0.94 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Horizon Active Dividend 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 Horizon Active Dividend. 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 unemployment.

Moving together with Horizon Mutual Fund

0.98	ARANX	Horizon Active Risk	Pair Corr
0.98	ARAAX	Horizon Active Risk	Pair Corr
0.99	AAANX	Horizon Active Asset	Pair Corr
0.98	HNDRX	Horizon Defined Risk	Pair Corr
0.98	ACRIX	Horizon Active Risk	Pair Corr
0.98	USRAX	Horizon Defensive Equity	Pair Corr
0.99	USRTX	Horizon Defensive Equity	Pair Corr
0.98	HADRX	Horizon Defined Risk	Pair Corr
1.0	HADUX	Horizon Active Dividend	Pair Corr
0.99	HASAX	Horizon Active Asset	Pair Corr
1.0	HASIX	Horizon Active Asset	Pair Corr
0.96	HSMBX	Hartford Small Cap	Pair Corr
0.96	HSMNX	Horizon Defensive Smmd	Pair Corr
0.96	HTFAX	Horizon Funds	Pair Corr
0.61	AIHAX	Horizon Active Income	Pair Corr
0.62	AIMNX	Horizon Active Income	Pair Corr
0.65	AIRIX	Horizon Active Income	Pair Corr
0.99	HESAX	Horizon Esg Defensive	Pair Corr
0.98	HESGX	Horizon Esg Defensive	Pair Corr
0.96	JEPAX	Jpmorgan Research Equity	Pair Corr
0.95	JEPCX	Jpmorgan Research Equity	Pair Corr
0.97	JEPIX	Jpmorgan Equity Premium	Pair Corr
1.0	GSPKX	Goldman Sachs Equity	Pair Corr
1.0	GVIRX	Goldman Sachs Equity	Pair Corr
0.98	GSPAX	Goldman Sachs Equity	Pair Corr
0.77	GSPQX	Goldman Sachs Equity	Pair Corr
1.0	GSFPX	Goldman Sachs Equity	Pair Corr
0.98	GIDWX	Goldman Sachs Equity	Pair Corr
0.99	BMCIX	Blackrock High Equity	Pair Corr
0.93	FSMMX	Fs Multi Strategy	Pair Corr
0.94	BTMPX	Ishares Msci Eafe	Pair Corr
0.75	BTMKX	Blackrock International	Pair Corr
0.95	MDIIX	Blackrock Intern Index	Pair Corr
1.0	FPGGX	American Funds Growth	Pair Corr
0.66	ACITX	Inflation Adjusted Bond	Pair Corr

Related Correlations Analysis

	XFINX	BTO	FTIXX	DVFYX	FIDAX	MCBXX
XFINX		-0.34	-0.06	-0.54	-0.48	-0.35	XFINX
BTO	-0.34		0.17	0.93	0.94	0.6	BTO
FTIXX	-0.06	0.17		0.25	0.3	0.52	FTIXX
DVFYX	-0.54	0.93	0.25		0.97	0.66	DVFYX
FIDAX	-0.48	0.94	0.3	0.97		0.73	FIDAX
MCBXX	-0.35	0.6	0.52	0.66	0.73		MCBXX
	XFINX	BTO	FTIXX	DVFYX	FIDAX	MCBXX

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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

FIDAX	+ 0.97	DVFYX
FIDAX	+ 0.94	BTO
DVFYX	+ 0.93	BTO
MCBXX	+ 0.73	FIDAX
MCBXX	+ 0.66	DVFYX
MCBXX	+ 0.6	BTO

High negative correlations

DVFYX	- 0.54	XFINX
FIDAX	- 0.48	XFINX
MCBXX	- 0.35	XFINX
BTO	- 0.34	XFINX
FTIXX	- 0.06	XFINX

Risk-Adjusted Indicators

There is a big difference between Horizon Mutual Fund performing well and Horizon Active 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 Horizon Active'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
XFINX	0.40	(0.09)	0.00	(0.74)	0.00	0.00	0.49	(1.41)	4.44
BTO	0.89	0.20	0.13	0.38	0.89	(0.96)	2.27	(1.81)	6.26
FTIXX	0.03	0.01	0.00	(1.35)	0.00	0.00	0.00	0.00	1.01
DVFYX	0.71	0.19	0.18	0.37	0.47	(0.84)	1.80	(1.08)	5.14
FIDAX	0.70	0.15	0.12	0.33	0.56	(0.78)	1.86	(0.99)	5.18
MCBXX	0.03	0.02	0.00	(0.09)	0.00	0.00	0.00	0.00	1.01

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