Hodges Small Correlations

Mutual Funds . USA . 
Fund . Hodges Small Intrinsic
HSVIX Fund   18.03  0.27  1.48%   
The current 90-days correlation between Hodges Small Intrinsic and Hodges Small Cap is 0.92 (i.e., Almost no diversification). The correlation of Hodges Small 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.

Hodges Small Correlation With Market

Very poor diversification

The correlation between Hodges Small Intrinsic and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hodges Small Intrinsic 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 Hodges Small Intrinsic. 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 gross domestic product.

Moving together with Hodges Mutual Fund

  0.99HDPSX Hodges Small CapPairCorr
  0.9HDPBX Hodges Blue ChipPairCorr
  0.96HDPMX Hodges Fund RetailPairCorr
  0.99HDSIX Hodges Small CapPairCorr
  1.0HDSVX Hodges Small IntrinsicPairCorr
  0.99VSIIX Vanguard Small CapPairCorr
  0.99VISVX Vanguard Small CapPairCorr
  0.98DFSVX Us Small CapPairCorr
  0.98DFFVX Us Targeted ValuePairCorr
  0.99UBVCX Undiscovered ManagersPairCorr
  0.95UBVAX Undiscovered ManagersPairCorr
  0.95UBVSX Undiscovered ManagersPairCorr
  0.95AVFIX American Beacon SmallPairCorr
  0.91PFN Pimco Income StrategyPairCorr
  0.9CIF Mfs Intermediate HighPairCorr
  0.86PCF Putnam High IncomePairCorr
  0.79CFSMX Clarkston PartnersPairCorr
  0.91MBCYX Massmutual Select BluePairCorr
  0.94PFPPX Midcap GrowthPairCorr
  0.95HULIX Huber Capital EquityPairCorr
  0.67OIBYX Oppenheimer InternationalPairCorr
  0.85MSEQX Growth Portfolio ClassPairCorr
  0.82EMKCX Ashmore Emerging MarketsPairCorr
  0.92GMVAX Goldman Sachs SmallmidPairCorr
  0.86RPSIX Spectrum IncomePairCorr
  0.95AICGX Income GrowthPairCorr
  0.9PPLSX Deutsche Multi AssetPairCorr
  0.92JGINX Janus Growth AndPairCorr
  0.86UGMVX Global Managed VolatilityPairCorr
  0.9HCAIX Harbor Capital ApprePairCorr
  0.9QLMAGX Legg Mason PartnersPairCorr
  0.89FNITX Fidelity Advisor NewPairCorr
  0.82HBIOX Hartford InternationalPairCorr

Moving against Hodges Mutual Fund

  0.5XDSMX Dreyfus StrategicPairCorr
  0.57XNBHX Neuberger Berman IntPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Hodges Mutual Fund performing well and Hodges Small 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 Hodges Small'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.

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