Highland Longshort Healthcare Fund Market Value
| HHCAX Fund | USD 15.19 0.03 0.20% |
| Symbol | Highland |
Highland Long/short 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Highland Long/short's mutual fund what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Highland Long/short.
| 03/24/2024 |
| 04/23/2024 |
If you would invest 0.00 in Highland Long/short on March 24, 2024 and sell it all today you would earn a total of 0.00 from holding Highland Longshort Healthcare or generate 0.0% return on investment in Highland Long/short over 30 days. Highland Long/short is related to or competes with Highland Small-cap, and Highland Small-cap. The fund seeks to achieve its investment objective by primarily investing in equity, debt, andor derivative securities o... More
Highland Long/short Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Highland Long/short's mutual fund current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Highland Longshort Healthcare upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.1452 | |||
| Information Ratio | (0.18) | |||
| Maximum Drawdown | 1.14 | |||
| Value At Risk | (0.20) | |||
| Potential Upside | 0.2714 |
Highland Long/short Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Highland Long/short's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Highland Long/short's standard deviation. In reality, there are many statistical measures that can use Highland Long/short historical prices to predict the future Highland Long/short's volatility.| Risk Adjusted Performance | 0.1714 | |||
| Jensen Alpha | 0.0341 | |||
| Total Risk Alpha | 0.024 | |||
| Sortino Ratio | (0.21) | |||
| Treynor Ratio | 0.3075 |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Highland Long/short's price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
Highland Long/short Backtested Returns
We consider Highland Long/short very steady. Highland Long/short holds Efficiency (Sharpe) Ratio of 0.31, which attests that the entity had a 0.31% return per unit of risk over the last 3 months. We have found twenty-six technical indicators for Highland Long/short, which you can use to evaluate the volatility of the entity. Please check out Highland Long/short's Market Risk Adjusted Performance of 0.3175, risk adjusted performance of 0.1714, and Coefficient Of Variation of 310.32 to validate if the risk estimate we provide is consistent with the expected return of 0.0542%. The fund retains a Market Volatility (i.e., Beta) of 0.15, which attests to not very significant fluctuations relative to the market. As returns on the market increase, Highland Long/short's returns are expected to increase less than the market. However, during the bear market, the loss of holding Highland Long/short is expected to be smaller as well.
Auto-correlation | -0.74 |
Almost perfect reverse predictability
Highland Longshort Healthcare has almost perfect reverse predictability. Overlapping area represents the amount of predictability between Highland Long/short time series from 24th of March 2024 to 8th of April 2024 and 8th of April 2024 to 23rd of April 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Highland Long/short price movement. The serial correlation of -0.74 indicates that around 74.0% of current Highland Long/short price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.74 | |
| Spearman Rank Test | -0.52 | |
| Residual Average | 0.0 | |
| Price Variance | 0.0 |
Highland Long/short lagged returns against current returns
Autocorrelation, which is Highland Long/short mutual fund's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Highland Long/short's mutual fund expected returns. We can calculate the autocorrelation of Highland Long/short returns to help us make a trade decision. For example, suppose you find that Highland Long/short has exhibited high autocorrelation historically, and you observe that the mutual fund is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Highland Long/short regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Highland Long/short mutual fund is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Highland Long/short mutual fund is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Highland Long/short mutual fund over time.
Current vs Lagged Prices |
| Timeline |
Highland Long/short Lagged Returns
When evaluating Highland Long/short's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Highland Long/short mutual fund have on its future price. Highland Long/short autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Highland Long/short autocorrelation shows the relationship between Highland Long/short mutual fund current value and its past values and can show if there is a momentum factor associated with investing in Highland Longshort Healthcare.
Regressed Prices |
| Timeline |
Some investors attempt to determine whether the market's mood is bullish or bearish by monitoring changes in market sentiment. Unlike more traditional methods such as technical analysis, investor sentiment usually refers to the aggregate attitude towards Highland Long/short in the overall investment community. So, suppose investors can accurately measure the market's sentiment. In that case, they can use it for their benefit. For example, some tools to gauge market sentiment could be utilized using contrarian indexes, Highland Long/short's short interest history, or implied volatility extrapolated from Highland Long/short options trading.
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Try AI Portfolio ArchitectCheck out Highland Long/short Correlation, Highland Long/short Volatility and Highland Long/short Alpha and Beta module to complement your research on Highland Long/short. Note that the Highland Long/short information on this page should be used as a complementary analysis to other Highland Long/short's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Highland Long/short technical mutual fund analysis exercises models and trading practices based on price and volume transformations, such as the moving averages, relative strength index, regressions, price and return correlations, business cycles, fund market cycles, or different charting patterns.