Highland Small-cap Correlations

Mutual Funds . USA . 
Fund . Highland Small Cap Equity
HSZAX Fund  USD 5.84  0.04  0.69%   
The current 90-days correlation between Highland Small Cap and Highland Longshort Healthcare is 0.65 (i.e., Poor diversification). The correlation of Highland Small-cap 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 Small-cap Correlation With Market

Very weak diversification

The correlation between Highland Small Cap Equity and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highland Small Cap Equity 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 Small Cap Equity. 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

  0.97HHCZX Highland Long/shortPairCorr
  0.97HHCAX Highland LongshortPairCorr
  0.97HHCCX Highland LongshortPairCorr
  0.98HMEZX Highland Merger ArbitragePairCorr
  1.0HSZYX Highland Small CapPairCorr
  1.0HSZCX Highland Small CapPairCorr
  0.96VSMAX Vanguard Small CapPairCorr
  0.96VSCIX Vanguard Small CapPairCorr
  0.96VSCPX Vanguard Small CapPairCorr
  0.96NAESX Vanguard Small CapPairCorr
  0.98FSSNX Fidelity Small CapPairCorr
  0.96DFSTX Us Small CapPairCorr
  0.96PASVX T Rowe PricePairCorr
  0.96PRVIX T Rowe PricePairCorr
  0.96TRZVX T Rowe PricePairCorr
  0.96PRSVX T Rowe PricePairCorr
  0.95ERH Allspring Utilities AndPairCorr
  0.97WHIYX Ivy High IncomePairCorr
  0.98IVHIX Ivy High IncomePairCorr
  0.97IHIFX Ivy High IncomePairCorr
  0.97WRHIX Ivy High IncomePairCorr
  0.97WHIAX Ivy High IncomePairCorr
  0.83CSJZX Cohen Steers RealtyPairCorr
  0.82CSRSX Cohen Steers RealtyPairCorr
  0.95SEPCX Energy Basic MaterialsPairCorr
  0.97UINQX Usaa Nasdaq 100PairCorr
  0.96FYTKX Fidelity Freedom IncomePairCorr
  0.86RPNIX Riverpark/next CenturyPairCorr
  0.89MGQAX Global Quality PortfolioPairCorr
  0.98VFINX Vanguard 500 IndexPairCorr
  0.98RPIDX T Rowe PricePairCorr
  0.96FMUUX Federated MunicipalPairCorr
  0.67TBIPX Tiaa Cref BondPairCorr
  0.89QLEIX Aqr Long ShortPairCorr
  0.89NILTX Neuberger Berman IntPairCorr
  0.97HBADX Hartford ModeratePairCorr
  0.98RYTAX Technology Fund ClassPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Highland Mutual Fund performing well and Highland Small-cap 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 Small-cap'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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