Highland Global Correlations

HGLB Fund

USD 7.71 0.01 0.13%

The current 90-days correlation between Highland Global Allo and Clough Global Ef is 0.15 (i.e., Average diversification). The correlation of Highland Global 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.

Highland Global Correlation With Market

Weak diversification

The correlation between Highland Global Allocation and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highland Global Allocation 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 Global Allocation. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with Highland Fund

0.77	RIRAX	Capital Income Builder	Pair Corr
0.76	RIREX	Capital Income Builder	Pair Corr
0.76	RIRCX	Capital Income Builder	Pair Corr
0.76	RIRFX	Capital Income Builder	Pair Corr
0.76	CIRCX	Capital Income Builder	Pair Corr
0.76	CIREX	Capital Income Builder	Pair Corr
0.76	RIRBX	Capital Income Builder	Pair Corr
0.76	CAIFX	Capital Income Builder	Pair Corr
0.76	CIRFX	Capital Income Builder	Pair Corr
0.76	CIRAX	Capital Income Builder	Pair Corr
0.65	FFTWX	Fidelity Freedom 2025	Pair Corr
0.62	RA	Brookfield Real Assets	Pair Corr

Moving against Highland Fund

0.41

FCWRX

Templeton China World

Pair Corr

Related Correlations Analysis

	NBXG	DLY	DSL	GLQ	NCV	CXH	EVF	PCF	OPP	CRF
NBXG		0.13	0.03	0.88	0.83	0.16	0.74	0.87	-0.51	0.87	NBXG
DLY	0.13		0.88	0.14	0.36	0.66	-0.02	0.24	0.26	0.05	DLY
DSL	0.03	0.88		0.12	0.19	0.59	-0.21	0.12	0.42	-0.14	DSL
GLQ	0.88	0.14	0.12		0.72	0.2	0.56	0.79	-0.17	0.64	GLQ
NCV	0.83	0.36	0.19	0.72		0.36	0.73	0.81	-0.47	0.84	NCV
CXH	0.16	0.66	0.59	0.2	0.36		0.0	0.36	0.34	0.06	CXH
EVF	0.74	-0.02	-0.21	0.56	0.73	0.0		0.75	-0.69	0.9	EVF
PCF	0.87	0.24	0.12	0.79	0.81	0.36	0.75		-0.4	0.84	PCF
OPP	-0.51	0.26	0.42	-0.17	-0.47	0.34	-0.69	-0.4		-0.74	OPP
CRF	0.87	0.05	-0.14	0.64	0.84	0.06	0.9	0.84	-0.74		CRF
	NBXG	DLY	DSL	GLQ	NCV	CXH	EVF	PCF	OPP	CRF

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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

CRF	+ 0.9	EVF
GLQ	+ 0.88	NBXG
DSL	+ 0.88	DLY
PCF	+ 0.87	NBXG
CRF	+ 0.87	NBXG
CRF	+ 0.84	NCV

High negative correlations

CRF	- 0.74	OPP
OPP	- 0.69	EVF
OPP	- 0.51	NBXG
OPP	- 0.47	NCV
OPP	- 0.4	PCF
EVF	- 0.21	DSL

Risk-Adjusted Indicators

There is a big difference between Highland Fund performing well and Highland Global 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 Global'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
NBXG	0.72	0.07	0.02	0.23	0.83	(0.75)	1.78	(1.58)	3.91
DLY	0.50	0.02	(0.12)	0.20	0.59	(0.54)	0.94	(1.07)	3.46
DSL	0.46	0.00	(0.20)	0.13	0.46	(0.58)	1.11	(0.87)	2.90
GLQ	0.55	(0.01)	(0.09)	0.11	0.64	(0.58)	1.07	(1.32)	3.07
NCV	0.78	0.10	0.05	0.30	0.68	(1.02)	1.74	(1.42)	3.88
CXH	0.34	0.05	(0.17)	(0.24)	0.40	(0.38)	0.86	(0.74)	2.10
EVF	0.31	0.04	(0.19)	0.86	0.28	(0.37)	0.66	(0.65)	2.24
PCF	0.39	0.05	(0.11)	0.51	0.34	(0.47)	0.90	(0.89)	2.10
OPP	0.46	(0.05)	0.00	(0.10)	0.00	0.00	0.82	(0.90)	3.58
CRF	0.64	0.26	0.25	0.59	0.00	(0.85)	1.81	(0.99)	3.89

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