Highland Merger Correlations

HMEZX Fund

USD 20.17 0.01 0.05%

The current 90-days correlation between Highland Merger Arbitrage and Lyrical Value Equity is 0.42 (i.e., Very weak 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

Good diversification

The correlation between Highland Merger Arbitrage and DJI is -0.18 (i.e., Good 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

0.61	BCLPX	Blckrk Lc Cr	Pair Corr
0.73	BALPX	Blckrk Lc Cr	Pair Corr
0.75	BILPX	Blkrk Lc Cr	Pair Corr
0.97	MERIX	Merger Fund	Pair Corr
0.97	MERFX	Merger Fund	Pair Corr
1.0	HMECX	Highland Merger Arbitrage	Pair Corr
0.86	RYGTX	Emerging Markets Bond	Pair Corr
0.7	PXNIX	Pax Msci Eafe	Pair Corr
0.68	AMHYX	Invesco High Yield	Pair Corr
0.77	CDDYX	Columbia Dividend Income	Pair Corr
0.9	GBMIX	Gmo Benchmark Free	Pair Corr
0.75	NEAMX	Neiman Large Cap	Pair Corr
0.66	AIEAX	American Beacon Inte	Pair Corr
0.86	OIBIX	Oppenheimer Intl	Pair Corr
0.86	FHCOX	Federated Hermes Con	Pair Corr

Related Correlations Analysis

	LYRBX	AVEGX	WWNPX	ARSIX	TIQIX	HSPCX	GASFX	GSSQX	MFOCX
LYRBX		0.38	0.61	0.44	-0.06	-0.31	0.16	-0.19	0.45	LYRBX
AVEGX	0.38		0.15	0.83	0.34	0.22	-0.34	0.32	0.67	AVEGX
WWNPX	0.61	0.15		-0.04	0.11	-0.28	0.16	-0.14	0.29	WWNPX
ARSIX	0.44	0.83	-0.04		-0.04	-0.07	-0.27	-0.03	0.48	ARSIX
TIQIX	-0.06	0.34	0.11	-0.04		0.84	0.05	0.89	0.44	TIQIX
HSPCX	-0.31	0.22	-0.28	-0.07	0.84		-0.12	0.92	0.33	HSPCX
GASFX	0.16	-0.34	0.16	-0.27	0.05	-0.12		-0.1	-0.19	GASFX
GSSQX	-0.19	0.32	-0.14	-0.03	0.89	0.92	-0.1		0.45	GSSQX
MFOCX	0.45	0.67	0.29	0.48	0.44	0.33	-0.19	0.45		MFOCX
	LYRBX	AVEGX	WWNPX	ARSIX	TIQIX	HSPCX	GASFX	GSSQX	MFOCX

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

GSSQX	+ 0.92	HSPCX
GSSQX	+ 0.89	TIQIX
HSPCX	+ 0.84	TIQIX
ARSIX	+ 0.83	AVEGX
MFOCX	+ 0.67	AVEGX
WWNPX	+ 0.61	LYRBX

High negative correlations

GASFX	- 0.34	AVEGX
HSPCX	- 0.31	LYRBX
HSPCX	- 0.28	WWNPX
GASFX	- 0.27	ARSIX
MFOCX	- 0.19	GASFX
GSSQX	- 0.19	LYRBX

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
LYRBX	0.79	(0.06)	0.00	0.82	0.00	0.00	1.49	(2.01)	6.78
AVEGX	0.66	0.01	(0.07)	(0.20)	0.87	(0.69)	1.45	(1.39)	4.44
WWNPX	1.39	(0.10)	0.00	(0.04)	0.00	0.00	3.07	(2.57)	11.67
ARSIX	0.66	(0.02)	0.00	0.18	0.00	0.00	1.51	(1.43)	4.24
TIQIX	0.61	0.06	0.00	1.00	0.77	(0.64)	1.33	(1.26)	4.15
HSPCX	1.30	0.21	0.08	(1.77)	1.65	(1.39)	2.91	(2.35)	8.86
GASFX	0.67	(0.07)	0.00	0.85	0.00	0.00	1.09	(1.27)	10.18
GSSQX	0.54	0.07	0.01	1.77	0.74	(0.55)	1.18	(1.34)	3.50
MFOCX	0.77	0.00	(0.05)	0.11	1.18	(0.73)	1.69	(2.01)	4.84

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2025 Macroaxis LLC