Diamond Hill Correlations

DHEIX Fund

USD 10.08 0.01 0.1%

The current 90-days correlation between Diamond Hill Short and Us Government Plus is 0.36 (i.e., Weak diversification). The correlation of Diamond Hill 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.

Diamond Hill Correlation With Market

Good diversification

The correlation between Diamond Hill Short 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 Diamond Hill Short and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Diamond Hill Short. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Diamond Mutual Fund

0.89	VBIRX	Vanguard Short Term	Pair Corr
0.91	VFSUX	Vanguard Short Term	Pair Corr
0.97	VFSIX	Vanguard Short Term	Pair Corr
0.97	VFSTX	Vanguard Short Term	Pair Corr
0.97	VBITX	Vanguard Short Term	Pair Corr
0.96	VBISX	Vanguard Short Term	Pair Corr
0.94	LALDX	Lord Abbett Short	Pair Corr
0.99	VSCSX	Vanguard Short Term	Pair Corr
0.97	LDLAX	Lord Abbett Short	Pair Corr
0.96	LDLRX	Lord Abbett Short	Pair Corr
0.75	SMPSX	Semiconductor Ultrasector	Pair Corr
0.65	SMPIX	Semiconductor Ultrasector	Pair Corr
0.87	FELIX	Fidelity Advisor Sem	Pair Corr
0.87	ONERX	One Rock Fund	Pair Corr
0.84	RYVYX	Nasdaq 100 2x	Pair Corr
0.84	RYVLX	Nasdaq 100 2x	Pair Corr
0.86	FSELX	Fidelity Select Semi	Pair Corr
0.86	RNCCX	American Funds Income	Pair Corr
0.71	CAT	Caterpillar Earnings Call This Week	Pair Corr
0.79	DD	Dupont De Nemours	Pair Corr
0.72	IBM	International Business	Pair Corr
0.78	JNJ	Johnson Johnson	Pair Corr
0.75	BAC	Bank of America Aggressive Push	Pair Corr
0.62	XOM	Exxon Mobil Corp Earnings Call Next Week	Pair Corr

Moving against Diamond Mutual Fund

0.38	CEE	Central Europe Russia	Pair Corr
0.33	TREMX	T Rowe Price	Pair Corr
0.32	TTEEX	T Rowe Price	Pair Corr
0.39	VZ	Verizon Communications Earnings Call This Week	Pair Corr
0.33	T	ATT Inc	Pair Corr

Related Correlations Analysis

	GVPIX	HCUSX	RGVAX	CGTCX	UGSFX	RGVJX	BBSXX
GVPIX		0.95	0.92	0.9	0.92	0.92	0.0	GVPIX
HCUSX	0.95		0.97	0.94	0.97	0.97	0.0	HCUSX
RGVAX	0.92	0.97		0.97	1.0	1.0	0.0	RGVAX
CGTCX	0.9	0.94	0.97		0.97	0.97	0.0	CGTCX
UGSFX	0.92	0.97	1.0	0.97		1.0	0.0	UGSFX
RGVJX	0.92	0.97	1.0	0.97	1.0		0.0	RGVJX
BBSXX	0.0	0.0	0.0	0.0	0.0	0.0		BBSXX
	GVPIX	HCUSX	RGVAX	CGTCX	UGSFX	RGVJX	BBSXX

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

UGSFX	+ 1.0	RGVAX
RGVJX	+ 1.0	RGVAX
RGVJX	+ 1.0	UGSFX
RGVAX	+ 0.97	HCUSX
UGSFX	+ 0.97	HCUSX
RGVJX	+ 0.97	HCUSX

High negative correlations

BBSXX	- 0.0	RGVJX
BBSXX	- 0.0	UGSFX
BBSXX	- 0.0	CGTCX
BBSXX	- 0.0	RGVAX
BBSXX	- 0.0	HCUSX
BBSXX	- 0.0	GVPIX

Risk-Adjusted Indicators

There is a big difference between Diamond Mutual Fund performing well and Diamond Hill 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 Diamond Hill'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
GVPIX	0.61	0.12	0.11	(1.01)	0.42	(0.73)	1.66	(0.86)	3.28
HCUSX	0.21	0.03	(0.09)	(0.88)	0.00	(0.28)	0.47	(0.23)	1.40
RGVAX	0.18	0.04	(0.06)	(1.53)	0.00	(0.24)	0.43	(0.25)	1.44
CGTCX	0.18	0.03	(0.08)	0.48	0.00	(0.23)	0.42	(0.25)	1.44
UGSFX	0.19	0.04	(0.05)	(1.24)	0.00	(0.25)	0.49	(0.25)	1.52
RGVJX	0.19	0.04	(0.04)	(1.53)	0.00	(0.25)	0.50	(0.25)	1.43
BBSXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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