Horizon Defensive Correlations

Mutual Funds . USA . 
Fund . Horizon Defensive Smmd
HSMNX Fund   37.33  0.04  0.11%   
The current 90-days correlation between Horizon Defensive Smmd and Horizon Active Risk is 0.89 (i.e., Very poor diversification). The correlation of Horizon Defensive 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 Defensive Correlation With Market

Very poor diversification

The correlation between Horizon Defensive Smmd and DJI is 0.88 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Horizon Defensive Smmd 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 Defensive Smmd. 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 board of governors.

Moving together with Horizon Mutual Fund

  0.98ARANX Horizon Active RiskPairCorr
  0.98ARAAX Horizon Active RiskPairCorr
  0.98AAANX Horizon Active AssetPairCorr
  0.96HNDDX Horizon Active DividendPairCorr
  0.97HNDRX Horizon Defined RiskPairCorr
  0.98ACRIX Horizon Active RiskPairCorr
  0.98USRAX Horizon Defensive EquityPairCorr
  0.98USRTX Horizon Defensive EquityPairCorr
  0.97HADRX Horizon Defined RiskPairCorr
  0.96HADUX Horizon Active DividendPairCorr
  0.98HASAX Horizon Active AssetPairCorr
  0.98HASIX Horizon Active AssetPairCorr
  1.0HSMBX Hartford Small CapPairCorr
  0.89HTFNX Horizon FundsPairCorr
  0.89HTFAX Horizon FundsPairCorr
  0.96HESAX Horizon Esg DefensivePairCorr
  0.96HESGX Horizon Esg DefensivePairCorr
  0.99VSMAX Vanguard Small CapPairCorr
  0.99VSCIX Vanguard Small CapPairCorr
  0.99VSCPX Vanguard Small CapPairCorr
  0.99NAESX Vanguard Small CapPairCorr
  0.97FSSNX Fidelity Small CapPairCorr
  0.99DFSTX Us Small CapPairCorr
  0.98PASVX T Rowe PricePairCorr
  0.98PRVIX T Rowe PricePairCorr
  0.98TRZVX T Rowe PricePairCorr
  0.98PRSVX T Rowe PricePairCorr
  0.98VTSAX Vanguard Total StockPairCorr
  0.98VFIAX Vanguard 500 IndexPairCorr
  0.98VTSMX Vanguard Total StockPairCorr
  0.98VSMPX Vanguard Total StockPairCorr
  0.98VSTSX Vanguard Total StockPairCorr
  0.98VITSX Vanguard Total StockPairCorr
  0.98VFINX Vanguard 500 IndexPairCorr
  0.98VFFSX Vanguard 500 IndexPairCorr
  0.96VGTSX Vanguard Total InterPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Horizon Mutual Fund performing well and Horizon Defensive 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 Defensive'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
ARANX  0.50  0.10  0.09  0.29  0.32 
(0.59)
 1.46 
(1.02)
 3.40 
ARAAX  0.50  0.10  0.08  0.29  0.31 
(0.58)
 1.42 
(0.98)
 3.41 
AAANX  0.53  0.12  0.11  0.29  0.33 
(0.62)
 1.70 
(1.24)
 3.65 
HNDDX  0.54  0.10  0.09  0.26  0.48 
(0.62)
 1.52 
(0.94)
 4.05 
HNDRX  0.30  0.05 (0.05) 0.26  0.19 
(0.35)
 1.02 
(0.45)
 2.23 
ACRIX  0.50  0.10  0.09  0.29  0.32 
(0.58)
 1.42 
(0.98)
 3.43 
USRAX  0.57  0.08  0.06  0.24  0.47 
(0.72)
 1.45 
(1.00)
 3.53 
USRTX  0.59  0.07  0.06  0.23  0.48 
(0.73)
 1.45 
(1.00)
 3.52 
HADRX  0.30  0.05 (0.05) 0.25  0.20 
(0.35)
 1.04 
(0.45)
 2.24 
HADUX  0.54  0.10  0.09  0.26  0.48 
(0.62)
 1.54 
(0.94)
 4.05 

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