Highland Longshort Correlations
HHCAX Fund | USD 15.05 0.01 0.07% |
The correlation of Highland Longshort is a statistical measure of how it moves in relation to other equities. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Highland Longshort moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Highland Longshort Healthcare moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Good diversification
The correlation between HIGHLAND LONGSHORT HEALTHCARE and NYA 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 LONGSHORT HEALTHCARE and NYA in the same portfolio, assuming nothing else is changed.
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The ability to find closely correlated positions to Highland Longshort could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Highland Longshort when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Highland Longshort - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Highland Longshort Healthcare to buy it.
Moving together with Highland Mutual Fund
1.0 | HHCZX | Highland Longshort | PairCorr |
1.0 | HHCCX | Highland Longshort | PairCorr |
0.95 | HMEAX | Highland Merger Arbitrage | PairCorr |
0.95 | HMEZX | Highland Merger Arbitrage | PairCorr |
0.67 | BALPX | Blckrk Lc Cr | PairCorr |
0.69 | BILPX | Blkrk Lc Cr | PairCorr |
0.75 | VARAX | Vivaldi Merger Arbitrage | PairCorr |
0.72 | VARBX | Vivaldi Merger Arbitrage | PairCorr |
Moving against Highland Mutual Fund
0.68 | HSZCX | Highland Small-cap Equity | PairCorr |
0.67 | HSZYX | Highland Small-cap Equity | PairCorr |
0.67 | HSZAX | Highland Small-cap Equity | PairCorr |
Related Correlations Analysis
USG | HHCCX | HMEZX | HSZYX | HSZAX | HSZCX | ||
USG | 0.57 | 0.64 | -0.08 | -0.08 | -0.09 | USG | |
HHCCX | 0.57 | 0.95 | -0.65 | -0.66 | -0.67 | HHCCX | |
HMEZX | 0.64 | 0.95 | -0.66 | -0.66 | -0.67 | HMEZX | |
HSZYX | -0.08 | -0.65 | -0.66 | 1.0 | 1.0 | HSZYX | |
HSZAX | -0.08 | -0.66 | -0.66 | 1.0 | 1.0 | HSZAX | |
HSZCX | -0.09 | -0.67 | -0.67 | 1.0 | 1.0 | HSZCX | |
USG | HHCCX | HMEZX | HSZYX | HSZAX | HSZCX |
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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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Highland Mutual Fund performing well and Highland Longshort 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 Longshort'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 | ||
---|---|---|---|---|---|---|---|---|---|---|
USG | 0.48 | (0.02) | (0.10) | 0.10 | 0.66 | 0.92 | 4.48 | |||
HHCCX | 0.13 | 0.03 | (0.68) | (4.05) | 0.00 | 0.30 | 1.04 | |||
HMEZX | 0.06 | 0.01 | (1.39) | 0.34 | 0.00 | 0.15 | 0.51 | |||
HSZYX | 0.72 | 0.01 | 0.00 | 0.10 | 0.00 | 1.53 | 5.35 | |||
HSZAX | 0.70 | 0.01 | 0.00 | 0.10 | 0.00 | 1.59 | 5.43 | |||
HSZCX | 0.71 | 0.01 | 0.00 | 0.11 | 0.00 | 1.62 | 5.62 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Highland Longshort without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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Already Invested in Highland Longshort Healthcare?
The danger of trading Highland Longshort Healthcare is mainly related to its market volatility and Mutual Fund specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Highland Longshort is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Highland Longshort. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Highland Longshort is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Highland Longshort Healthcare. Also, note that the market value of any Mutual Fund could be tightly coupled with the direction of predictive economic indicators such as signals in nation. Note that the Highland Longshort information on this page should be used as a complementary analysis to other Highland Longshort'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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Complementary Tools for Highland Mutual Fund analysis
When running Highland Longshort's price analysis, check to measure Highland Longshort's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Highland Longshort is operating at the current time. Most of Highland Longshort's value examination focuses on studying past and present price action to predict the probability of Highland Longshort's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Highland Longshort's price. Additionally, you may evaluate how the addition of Highland Longshort to your portfolios can decrease your overall portfolio volatility.
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