Hodges Small Correlations

HSVIX Fund

18.03 0.27 1.48%

The current 90-days correlation between Hodges Small Intrinsic and Deutsche Multi Asset Moderate is -0.05 (i.e., Good 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

Good diversification

The correlation between Hodges Small Intrinsic and DJI is -0.19 (i.e., Good 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

0.98	VSIIX	Vanguard Small Cap	Pair Corr
0.98	DFSVX	Us Small Cap	Pair Corr
0.98	DFFVX	Us Targeted Value	Pair Corr
0.99	UBVCX	Undiscovered Managers	Pair Corr
0.83	UBVAX	Undiscovered Managers	Pair Corr
0.84	UBVSX	Undiscovered Managers	Pair Corr
0.84	AVFIX	American Beacon Small	Pair Corr
0.76	MAUKX	Pioneer Multi Asset	Pair Corr
0.62	CVX	Chevron Corp Earnings Call This Week	Pair Corr
0.67	INTC	Intel	Pair Corr

Moving against Hodges Mutual Fund

0.5	TRV	The Travelers Companies	Pair Corr
0.45	MCD	McDonalds	Pair Corr
0.38	PG	Procter Gamble Earnings Call This Week	Pair Corr

Related Correlations Analysis

	PPLSX	TSIMX	BIMPX	URFRX	LLAIX	RRPPX
PPLSX		1.0	1.0	1.0	0.98	0.99	PPLSX
TSIMX	1.0		1.0	1.0	0.98	0.99	TSIMX
BIMPX	1.0	1.0		1.0	0.98	0.99	BIMPX
URFRX	1.0	1.0	1.0		0.98	0.99	URFRX
LLAIX	0.98	0.98	0.98	0.98		0.97	LLAIX
RRPPX	0.99	0.99	0.99	0.99	0.97		RRPPX
	PPLSX	TSIMX	BIMPX	URFRX	LLAIX	RRPPX

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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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PPLSX	0.34	0.18	(0.13)	(1.65)	(0.43)	1.11	(0.66)	2.58
TSIMX	0.35	0.19	(0.13)	(2.01)	(0.45)	1.21	(0.64)	2.35
BIMPX	0.30	0.14	(0.23)	(2.10)	(0.38)	1.00	(0.37)	2.03
URFRX	0.37	0.20	(0.10)	(1.53)	(0.46)	1.22	(0.71)	2.39
LLAIX	0.42	0.07	(0.02)	0.34	(0.55)	1.45	(0.65)	3.42
RRPPX	0.28	0.14	(0.24)	(1.83)	(0.33)	0.79	(0.52)	1.83

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