Harding Loevner Correlations

HLCTX Fund

11.70 0.02 0.17%

The current 90-days correlation between Harding Loevner Funds and Harding Loevner Emerging is 0.78 (i.e., Poor diversification). The correlation of Harding Loevner 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.

Harding Loevner Correlation With Market

Weak diversification

The correlation between Harding Loevner Funds and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Harding Loevner Funds 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 Harding Loevner Funds. 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 estimate.

Moving together with Harding Mutual Fund

0.72	HLEMX	Harding Loevner Emerging	Pair Corr
0.73	HLEZX	Harding Loevner Inst	Pair Corr
0.85	HLFFX	Harding Loevner Frontier	Pair Corr
0.9	HLFMX	Harding Loevner Frontier	Pair Corr
0.9	HLFZX	Highland Floating Rate	Pair Corr
1.0	HLIZX	Harding Loevner Inte	Pair Corr
0.98	HLIDX	Harding Loevner Inte	Pair Corr
0.73	HLMEX	Harding Loevner Inst	Pair Corr
1.0	HLMIX	Harding Loevner Inte	Pair Corr
1.0	HLMNX	Harding Loevner Inte	Pair Corr
0.9	HLMOX	Harding Loevner Frontier	Pair Corr
0.91	HLMRX	Harding Loevner Inte	Pair Corr
0.96	HLMSX	Harding Loevner Inte	Pair Corr
0.97	HLRZX	Harding Loevner Inte	Pair Corr
0.88	HLXCX	Harding Loevner Funds	Pair Corr
0.98	VGTSX	Vanguard Total Inter	Pair Corr
0.98	VTIAX	Vanguard Total Inter	Pair Corr
0.98	VTSNX	Vanguard Total Inter	Pair Corr
0.98	VTPSX	Vanguard Total Inter	Pair Corr
0.98	VTISX	Vanguard Total Inter	Pair Corr
0.95	VTMGX	Vanguard Developed	Pair Corr
0.95	VDVIX	Vanguard Developed	Pair Corr
0.91	VTMNX	Vanguard Developed	Pair Corr
0.95	VDIPX	Vanguard Developed	Pair Corr
0.9	FSPSX	Fidelity International	Pair Corr
0.9	NHS	Neuberger Berman High	Pair Corr

Moving against Harding Mutual Fund

0.74	FRBAX	Regional Bank	Pair Corr
0.53	AXVIX	Acclivity Small Cap	Pair Corr
0.5	GSCYX	Small Cap Equity	Pair Corr
0.4	SADIX	Wells Fargo Ultra	Pair Corr
0.37	FMILX	Fidelity New Millennium	Pair Corr
0.36	QAISX	Q3 All Weather	Pair Corr
0.32	JFRNX	Janus Forty Fund	Pair Corr

Related Correlations Analysis

	HLCTX	HLEMX	HLGZX	HLFFX	HLFMX	HLFZX	HLIZX	HLIDX	HLMVX	HLMCX
HLCTX		0.72	0.23	0.85	0.9	0.9	1.0	0.98	0.29	0.23	HLCTX
HLEMX	0.72		0.61	0.58	0.54	0.55	0.74	0.58	0.64	0.79	HLEMX
HLGZX	0.23	0.61		0.19	0.1	0.11	0.26	0.14	0.87	0.67	HLGZX
HLFFX	0.85	0.58	0.19		0.88	0.88	0.85	0.84	0.12	0.14	HLFFX
HLFMX	0.9	0.54	0.1	0.88		1.0	0.89	0.91	0.15	-0.02	HLFMX
HLFZX	0.9	0.55	0.11	0.88	1.0		0.89	0.91	0.17	-0.01	HLFZX
HLIZX	1.0	0.74	0.26	0.85	0.89	0.89		0.98	0.32	0.25	HLIZX
HLIDX	0.98	0.58	0.14	0.84	0.91	0.91	0.98		0.21	0.04	HLIDX
HLMVX	0.29	0.64	0.87	0.12	0.15	0.17	0.32	0.21		0.6	HLMVX
HLMCX	0.23	0.79	0.67	0.14	-0.02	-0.01	0.25	0.04	0.6		HLMCX
	HLCTX	HLEMX	HLGZX	HLFFX	HLFMX	HLFZX	HLIZX	HLIDX	HLMVX	HLMCX

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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

HLIZX	+ 1.0	HLCTX
HLFZX	+ 1.0	HLFMX
HLIDX	+ 0.98	HLCTX
HLIDX	+ 0.98	HLIZX
HLIDX	+ 0.91	HLFMX
HLIDX	+ 0.91	HLFZX

High negative correlations

HLMCX	- 0.02	HLFMX
HLMCX	- 0.01	HLFZX

Risk-Adjusted Indicators

There is a big difference between Harding Mutual Fund performing well and Harding Loevner 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 Harding Loevner'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
HLCTX	0.63	(0.11)	0.00	(0.15)	0.00	0.00	1.25	(1.58)	4.28
HLEMX	0.68	(0.06)	0.00	(0.03)	0.00	0.00	1.39	(1.40)	4.55
HLGZX	0.60	0.05	(0.07)	2.52	0.86	(0.57)	1.25	(1.33)	4.18
HLFFX	0.32	(0.06)	0.00	(0.88)	0.00	0.00	0.71	(0.71)	2.15
HLFMX	0.33	(0.08)	0.00	(0.23)	0.00	0.00	0.62	(0.72)	1.93
HLFZX	0.34	(0.08)	0.00	(0.22)	0.00	0.00	0.71	(0.71)	2.15
HLIZX	0.62	(0.11)	0.00	(0.14)	0.00	0.00	1.28	(1.53)	4.11
HLIDX	0.63	(0.12)	0.00	(0.16)	0.00	0.00	1.46	(1.45)	4.06
HLMVX	0.60	(0.03)	(0.07)	0.07	0.86	(0.58)	1.23	(1.33)	4.19
HLMCX	1.59	0.28	0.06	(0.59)	1.65	(1.99)	4.54	(2.76)	12.42

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