Highland Small-cap Correlations

Mutual Funds . USA . 
Fund . Highland Small Cap Equity
HSZYX Fund  USD 6.73  0.01  0.15%   
The current 90-days correlation between Highland Small Cap and World Precious Minerals is -0.18 (i.e., Good diversification). The correlation of Highland Small-cap 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 Small-cap Correlation With Market

Good diversification

The correlation between Highland Small Cap Equity and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highland Small Cap Equity 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 Small Cap Equity. 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 manufacturing.

Moving together with Highland Mutual Fund

  0.75HHCZX Highland Long/shortPairCorr
  0.73HHCAX Highland LongshortPairCorr
  0.85HHCCX Highland LongshortPairCorr
  0.75HMEZX Highland Merger ArbitragePairCorr
  0.76HSZAX Highland Small CapPairCorr
  0.89HSZCX Highland Small CapPairCorr
  0.7VSMAX Vanguard Small CapPairCorr
  0.7VSCIX Vanguard Small CapPairCorr
  0.7VSCPX Vanguard Small CapPairCorr
  0.69NAESX Vanguard Small CapPairCorr
  0.72FSSNX Fidelity Small CapPairCorr
  0.69DFSTX Us Small CapPairCorr
  0.68PASVX T Rowe PricePairCorr
  0.68PRVIX T Rowe PricePairCorr
  0.69TRZVX T Rowe PricePairCorr
  0.68PRSVX T Rowe PricePairCorr
  0.7ERH Allspring Utilities AndPairCorr
  0.73WHIYX Ivy High IncomePairCorr
  0.74IVHIX Ivy High IncomePairCorr
  0.75IHIFX Ivy High IncomePairCorr
  0.74WRHIX Ivy High IncomePairCorr
  0.75WHIAX Ivy High IncomePairCorr
  0.7SEPCX Energy Basic MaterialsPairCorr
  0.73UINQX Usaa Nasdaq 100PairCorr
  0.71FYTKX Fidelity Freedom IncomePairCorr
  0.61RPNIX Riverpark/next CenturyPairCorr
  0.62MGQAX Global Quality PortfolioPairCorr
  0.74VFINX Vanguard 500 IndexPairCorr
  0.73RPIDX T Rowe PricePairCorr
  0.78FMUUX Federated MunicipalPairCorr
  0.64QLEIX Aqr Long ShortPairCorr
  0.71HBADX Hartford ModeratePairCorr
  0.74RYTAX Technology Fund ClassPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Highland Mutual Fund performing well and Highland Small-cap 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 Small-cap'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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