Hotchkis Wiley Correlations

HWSCX Fund

USD 54.64 0.32 0.59%

The current 90-days correlation between Hotchkis Wiley Small and Nuveen Winslow Large Cap is 0.83 (i.e., Very poor diversification). The correlation of Hotchkis Wiley 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.

Hotchkis Wiley Correlation With Market

Almost no diversification

The correlation between Hotchkis Wiley Small and DJI is 0.9 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hotchkis Wiley Small 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 Hotchkis Wiley Small. 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 main economic indicators.

Moving together with Hotchkis Mutual Fund

0.98	HOMPX	Hw Opportunities	Pair Corr
0.97	HWAAX	Hotchkis Wiley Value	Pair Corr
0.97	HWACX	Hotchkis Wiley Value	Pair Corr
0.97	HWAIX	Hotchkis Wiley Value	Pair Corr
0.97	HWAZX	Hotchkis Wiley Value	Pair Corr
0.99	HWCAX	Hotchkis Wiley Diver	Pair Corr
0.99	HWCIX	Hotchkis Wiley Diver	Pair Corr
0.95	HWGIX	Hotchkis Wiley Global	Pair Corr
0.94	HWHAX	Hotchkis Wiley High	Pair Corr
0.95	HWGAX	Hotchkis Wiley Global	Pair Corr
0.94	HWHIX	Hotchkis Wiley High	Pair Corr
0.94	HWHZX	Hotchkis Wiley High	Pair Corr
0.99	HWLAX	Hotchkis Wiley Large	Pair Corr
0.99	HWLIX	Hotchkis Wiley Large	Pair Corr
1.0	HWMZX	Hotchkis Wiley Mid	Pair Corr
0.89	HWNIX	Hotchkis And Wiley	Pair Corr
0.99	HWLZX	Hotchkis Wiley Large	Pair Corr
1.0	HWMAX	Hotchkis Wiley Mid	Pair Corr
1.0	HWMIX	Hotchkis Wiley Mid	Pair Corr
1.0	HWSAX	Hotchkis And Wiley	Pair Corr
1.0	HWSIX	Hotchkis Wiley Small	Pair Corr
1.0	HWSZX	Hotchkis Wiley Small	Pair Corr
0.99	HWVIX	Hotchkis Wiley Small Steady Growth	Pair Corr
0.99	HWVZX	Hotchkis Wiley Small Steady Growth	Pair Corr
0.99	HWVAX	Hotchkis Wiley Small Steady Growth	Pair Corr
0.98	VSIIX	Vanguard Small Cap	Pair Corr
0.98	VISVX	Vanguard Small Cap	Pair Corr
0.99	DFSVX	Us Small Cap	Pair Corr
0.99	DFFVX	Us Targeted Value	Pair Corr
0.98	UBVCX	Undiscovered Managers	Pair Corr
0.98	UBVAX	Undiscovered Managers	Pair Corr
0.98	UBVSX	Undiscovered Managers	Pair Corr
1.0	AVFIX	American Beacon Small	Pair Corr
0.9	SMPIX	Semiconductor Ultrasector	Pair Corr
0.9	SMPSX	Semiconductor Ultrasector	Pair Corr
0.91	TTEEX	T Rowe Price	Pair Corr
0.91	TREMX	T Rowe Price	Pair Corr
0.9	CISGX	Touchstone Sands Capital	Pair Corr
0.89	ONERX	One Rock Fund	Pair Corr

Related Correlations Analysis

	NWCAX	MSTSX	LSAAX	TSAGX	GPAFX	TAAKX	FLRAX
NWCAX		0.98	-0.09	1.0	0.94	0.99	0.99	NWCAX
MSTSX	0.98		-0.13	0.98	0.97	1.0	0.98	MSTSX
LSAAX	-0.09	-0.13		-0.09	-0.07	-0.13	-0.03	LSAAX
TSAGX	1.0	0.98	-0.09		0.93	0.99	0.99	TSAGX
GPAFX	0.94	0.97	-0.07	0.93		0.96	0.96	GPAFX
TAAKX	0.99	1.0	-0.13	0.99	0.96		0.99	TAAKX
FLRAX	0.99	0.98	-0.03	0.99	0.96	0.99		FLRAX
	NWCAX	MSTSX	LSAAX	TSAGX	GPAFX	TAAKX	FLRAX

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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

TSAGX	+ 1.0	NWCAX
TAAKX	+ 1.0	MSTSX
TAAKX	+ 0.99	NWCAX
FLRAX	+ 0.99	NWCAX
TAAKX	+ 0.99	TSAGX
FLRAX	+ 0.99	TSAGX

High negative correlations

TAAKX	- 0.13	LSAAX
LSAAX	- 0.13	MSTSX
TSAGX	- 0.09	LSAAX
LSAAX	- 0.09	NWCAX
GPAFX	- 0.07	LSAAX
FLRAX	- 0.03	LSAAX

Risk-Adjusted Indicators

There is a big difference between Hotchkis Mutual Fund performing well and Hotchkis Wiley 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 Hotchkis Wiley'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
NWCAX	1.22	0.17	0.08	0.24	1.82	(1.23)	2.77	(2.66)	14.23
MSTSX	0.81	0.07	0.03	0.18	1.32	(0.83)	1.87	(1.54)	10.06
LSAAX	0.32	0.13	0.08	2.02	0.00	(0.43)	1.01	(0.63)	2.49
TSAGX	1.35	0.21	0.11	0.27	1.80	(1.46)	2.62	(2.80)	15.23
GPAFX	0.84	0.00	(0.01)	0.10	1.39	(0.84)	1.74	(1.77)	7.38
TAAKX	0.95	0.09	0.04	0.19	1.60	(0.97)	2.05	(1.73)	11.56
FLRAX	1.00	0.09	0.05	0.20	1.51	(1.09)	2.23	(1.95)	11.56

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