Horizon Spin-off Correlations

LSHUX Fund

USD 29.45 0.09 0.31%

The current 90-days correlation between Horizon Spin Off and Kinetics Global Fund is 0.77 (i.e., Poor diversification). The correlation of Horizon Spin-off 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 Spin-off Correlation With Market

Weak diversification

The correlation between Horizon Spin Off And and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Horizon Spin Off And and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Horizon Spin Off And. 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 employment.

Moving together with Horizon Mutual Fund

0.99	WWNPX	Kinetics Paradigm	Pair Corr
0.93	KMKCX	Kinetics Market Oppo	Pair Corr
0.93	KMKAX	Kinetics Market Oppo	Pair Corr
0.93	KMKNX	Kinetics Market Oppo	Pair Corr
0.93	KMKYX	Kinetics Market Oppo	Pair Corr
0.99	KNPAX	Kinetics Paradigm	Pair Corr
0.99	KNPCX	Kinetics Paradigm	Pair Corr
0.99	KNPYX	Kinetics Paradigm	Pair Corr
1.0	LSHEX	Kinetics Spin Off	Pair Corr
1.0	LSHCX	Horizon Spin Off	Pair Corr
1.0	LSHAX	Horizon Spin Off	Pair Corr
0.98	KSCYX	Kinetics Small Cap	Pair Corr
0.98	KSCOX	Kinetics Small Cap	Pair Corr
0.98	KSOAX	Kinetics Small Cap	Pair Corr
0.99	KSOCX	Kinetics Small Cap	Pair Corr
0.72	XDSMX	Dreyfus Strategic	Pair Corr
0.75	XNBHX	Neuberger Berman Int	Pair Corr

Moving against Horizon Mutual Fund

0.82	KMDNX	Kinetics Multi-disciplina	Pair Corr
0.86	GRHAX	Goehring Rozencwajg	Pair Corr
0.8	TEPFX	American Funds Tax	Pair Corr
0.79	GCEBX	Goldman Sachs Clean	Pair Corr
0.79	GCEGX	Goldman Sachs Clean	Pair Corr
0.79	GCEPX	Goldman Sachs Clean	Pair Corr
0.79	GCEDX	Goldman Sachs Clean	Pair Corr
0.79	GCEEX	Goldman Sachs Clean	Pair Corr
0.79	GCEJX	Goldman Sachs Clean	Pair Corr
0.75	RRQPX	American Funds Retirement	Pair Corr
0.74	PFN	Pimco Income Strategy	Pair Corr
0.73	FAIRX	The Fairholme	Pair Corr
0.72	RLIAX	Invesco Income Allocation	Pair Corr
0.69	MLRMX	Mainstay Winslow Large	Pair Corr
0.65	CIF	Mfs Intermediate High	Pair Corr
0.64	XPPRX	Voya Prime Rate	Pair Corr
0.59	PCF	Putnam High Income	Pair Corr
0.47	ICFAX	Icon Financial	Pair Corr
0.33	NXJ	Nuveen New Jersey	Pair Corr

Related Correlations Analysis

	KGLCX	KGLAX	WWNPX	WWWEX	KINCX	KMDNX	KMKCX	KMKAX	KMKNX
KGLCX		1.0	0.19	1.0	0.98	0.47	0.41	0.42	0.43	KGLCX
KGLAX	1.0		0.17	1.0	0.98	0.49	0.4	0.41	0.41	KGLAX
WWNPX	0.19	0.17		0.17	0.08	-0.75	0.97	0.97	0.97	WWNPX
WWWEX	1.0	1.0	0.17		0.98	0.49	0.39	0.4	0.4	WWWEX
KINCX	0.98	0.98	0.08	0.98		0.54	0.31	0.32	0.32	KINCX
KMDNX	0.47	0.49	-0.75	0.49	0.54		-0.59	-0.58	-0.58	KMDNX
KMKCX	0.41	0.4	0.97	0.39	0.31	-0.59		1.0	1.0	KMKCX
KMKAX	0.42	0.41	0.97	0.4	0.32	-0.58	1.0		1.0	KMKAX
KMKNX	0.43	0.41	0.97	0.4	0.32	-0.58	1.0	1.0		KMKNX
	KGLCX	KGLAX	WWNPX	WWWEX	KINCX	KMDNX	KMKCX	KMKAX	KMKNX

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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

KGLAX	+ 1.0	KGLCX
WWWEX	+ 1.0	KGLCX
WWWEX	+ 1.0	KGLAX
KMKAX	+ 1.0	KMKCX
KMKNX	+ 1.0	KMKCX
KMKNX	+ 1.0	KMKAX

High negative correlations

KMDNX	- 0.75	WWNPX
KMKCX	- 0.59	KMDNX
KMKNX	- 0.58	KMDNX
KMKAX	- 0.58	KMDNX

Risk-Adjusted Indicators

There is a big difference between Horizon Mutual Fund performing well and Horizon Spin-off 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 Spin-off'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
KGLCX	0.55	0.07	(0.03)	0.36	0.58	(0.59)	1.16	(1.07)	4.03
KGLAX	0.55	0.07	(0.03)	0.36	0.55	(0.59)	1.19	(1.04)	4.01
WWNPX	1.26	(0.22)	0.00	(0.22)	0.00	0.00	2.58	(2.98)	9.15
WWWEX	0.56	0.07	(0.03)	0.36	0.54	(0.60)	1.24	(1.09)	3.98
KINCX	1.05	0.16	0.07	0.53	1.08	(1.15)	2.34	(2.14)	6.81
KMDNX	0.04	0.01	0.00	(2.20)	0.00	0.00	0.10	0.00	0.20
KMKCX	0.79	(0.08)	0.00	(0.06)	0.00	0.00	1.42	(2.02)	6.00
KMKAX	0.79	(0.08)	0.00	(0.06)	0.00	0.00	1.42	(2.01)	5.99
KMKNX	0.79	(0.08)	0.00	(0.06)	0.00	0.00	1.43	(2.02)	5.99

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