Highland Merger Correlations

HMEAX Fund

USD 19.73 0.02 0.10%

The current 90-days correlation between Highland Merger Arbitrage and Vanguard High Yield Tax Exempt is -0.04 (i.e., Good diversification). The correlation of Highland Merger 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.

Highland Merger Correlation With Market

Average diversification

The correlation between Highland Merger Arbitrage and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highland Merger Arbitrage 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 Highland Merger Arbitrage. 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 nation.

Moving together with Highland Mutual Fund

1.0	HMECX	Highland Merger Arbitrage	Pair Corr
0.99	HMEZX	Highland Merger Arbitrage	Pair Corr
0.61	BALPX	Blckrk Lc Cr	Pair Corr
0.67	BILPX	Blkrk Lc Cr	Pair Corr
0.97	MERFX	Merger Fund	Pair Corr
0.97	MERIX	Merger Fund	Pair Corr
0.93	VARCX	First Trust Merger	Pair Corr
0.94	VARBX	Vivaldi Merger Arbitrage	Pair Corr
0.93	VARAX	Vivaldi Merger Arbitrage	Pair Corr
0.77	TCWHX	Tiaa Cref Lifecycle	Pair Corr
0.7	OTPIX	Nasdaq 100 Profund	Pair Corr
0.82	PZIEX	Pzena Emerging Markets	Pair Corr
0.62	AMRMX	American Mutual	Pair Corr
0.8	GWMNX	Amg Gwk Municipal	Pair Corr
0.82	PTRRX	Total Return	Pair Corr
0.79	BPGLX	Ubs Global Allocation	Pair Corr
0.71	PGCAX	Investment Grade Porate	Pair Corr
0.73	JDEUX	Jpmorgan Disciplined	Pair Corr
0.75	ADRVX	Diversified Bond	Pair Corr
0.8	IKSTX	American Independence	Pair Corr
0.71	RYHOX	Nasdaq 100 Fund	Pair Corr
0.75	MSPIX	Mainstay Sp 500	Pair Corr

Moving against Highland Mutual Fund

0.52	MGHRX	Morgan Stanley Insti Steady Growth	Pair Corr
0.52	MGRPX	Growth Portfolio Class Steady Growth	Pair Corr
0.52	MCRTX	Morgan Stanley Multi Steady Growth	Pair Corr
0.51	MBIRX	Morgan Stanley Insight	Pair Corr
0.49	MSGUX	Growth Portfolio Class Steady Growth	Pair Corr
0.48	MSCMX	Morgan Stanley Multi	Pair Corr
0.31	FIXIX	Fidelity International	Pair Corr

Related Correlations Analysis

	VWAHX	GHVIX	DMHIX	FHTFX	TAHFX	BDHIX
VWAHX		0.71	1.0	0.98	0.64	0.65	VWAHX
GHVIX	0.71		0.71	0.73	0.78	0.82	GHVIX
DMHIX	1.0	0.71		0.98	0.62	0.64	DMHIX
FHTFX	0.98	0.73	0.98		0.61	0.62	FHTFX
TAHFX	0.64	0.78	0.62	0.61		0.88	TAHFX
BDHIX	0.65	0.82	0.64	0.62	0.88		BDHIX
	VWAHX	GHVIX	DMHIX	FHTFX	TAHFX	BDHIX

Risk-Adjusted Indicators

There is a big difference between Highland Mutual Fund performing well and Highland Merger 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 Merger'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
VWAHX	0.14	0.06	(0.10)	3.98	0.00	(0.24)	0.48	(0.19)	1.07
GHVIX	0.14	0.01	(0.33)	0.45	0.00	(0.17)	0.28	(0.22)	0.78
DMHIX	0.17	0.00	(0.02)	0.00	0.00	(0.27)	0.52	(0.20)	1.26
FHTFX	0.14	0.05	(0.11)	1.55	0.00	(0.24)	0.39	(0.25)	1.16
TAHFX	0.12	0.00	(0.29)	0.11	0.00	(0.17)	0.24	(0.24)	0.97
BDHIX	0.29	0.00	(0.09)	0.08	0.29	(0.34)	0.57	(0.56)	2.16

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