Harding Loevner Correlations

HLMRX Fund

USD 17.59 0.12 0.68%

The current 90-days correlation between Harding Loevner Inte and Blackrock Short Term Inflat Protected is 0.12 (i.e., Average 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

Modest diversification

The correlation between Harding Loevner International and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Harding Loevner International 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 International. 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 metropolitan statistical area.

Moving together with Harding Mutual Fund

0.93	HLCTX	Harding Loevner Funds	Pair Corr
0.66	HLEMX	Harding Loevner Emerging	Pair Corr
0.66	HLEZX	Harding Loevner Inst	Pair Corr
0.87	HLFFX	Harding Loevner Frontier	Pair Corr
0.91	HLFMX	Harding Loevner Frontier	Pair Corr
0.91	HLFZX	Highland Floating Rate	Pair Corr
0.93	HLIZX	Harding Loevner Inte	Pair Corr
0.95	HLIDX	Harding Loevner Inte	Pair Corr
0.66	HLMEX	Harding Loevner Inst	Pair Corr
0.97	HLMIX	Harding Loevner Inte	Pair Corr
0.97	HLMNX	Harding Loevner Inte	Pair Corr
0.91	HLMOX	Harding Loevner Frontier	Pair Corr
1.0	HLMSX	Harding Loevner Inte	Pair Corr
0.96	HLRZX	Harding Loevner Inte	Pair Corr
0.91	HLXCX	Harding Loevner Funds	Pair Corr
0.94	OSMYX	Oppenheimer Intl Small	Pair Corr
0.94	OSCIX	Oppenheimer Intl Small	Pair Corr
0.93	OSMNX	Oppenheimer Intl Small	Pair Corr
0.93	TIDDX	T Rowe Price	Pair Corr
0.93	MIDGX	Mfs International New	Pair Corr
0.96	MIDHX	Mfs International New	Pair Corr
0.93	MIDRX	Mfs International New	Pair Corr
0.65	IIF	Morgan Stanley India	Pair Corr
0.86	IFN	India Closed	Pair Corr

Moving against Harding Mutual Fund

0.61	ASG	Liberty All Star	Pair Corr
0.49	CII	Blackrock Enhanced	Pair Corr
0.82	CLM	Cornerstone Strategic	Pair Corr
0.77	CRF	Cornerstone Strategic	Pair Corr
0.76	FGRIX	Fidelity Growth Income	Pair Corr
0.71	AMGOX	Alger Mid Cap	Pair Corr
0.7	ETV	Eaton Vance Tax	Pair Corr
0.67	FIVUX	First Investors Oppo	Pair Corr
0.64	FZROX	Fidelity Zero Total	Pair Corr
0.63	USA	Liberty All Star	Pair Corr
0.63	FGB	First Trust Specialty	Pair Corr
0.61	VFINX	Vanguard 500 Index	Pair Corr

Related Correlations Analysis

	BIIPX	SUSAX	CMGUX	AOUNX	VMSSX	QLENX
BIIPX		-0.01	-0.11	0.02	0.71	-0.09	BIIPX
SUSAX	-0.01		0.96	0.97	0.25	0.78	SUSAX
CMGUX	-0.11	0.96		0.97	0.1	0.79	CMGUX
AOUNX	0.02	0.97	0.97		0.2	0.75	AOUNX
VMSSX	0.71	0.25	0.1	0.2		0.26	VMSSX
QLENX	-0.09	0.78	0.79	0.75	0.26		QLENX
	BIIPX	SUSAX	CMGUX	AOUNX	VMSSX	QLENX

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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

AOUNX	+ 0.97	SUSAX
AOUNX	+ 0.97	CMGUX
CMGUX	+ 0.96	SUSAX
QLENX	+ 0.79	CMGUX
QLENX	+ 0.78	SUSAX
QLENX	+ 0.75	AOUNX

High negative correlations

CMGUX	- 0.11	BIIPX
QLENX	- 0.09	BIIPX
SUSAX	- 0.01	BIIPX

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
BIIPX	0.10	0.00	(0.73)	(0.09)	0.07	(0.14)	0.21	(0.21)	0.62
SUSAX	0.06	0.00	(1.09)	0.11	0.00	(0.13)	0.10	(0.10)	0.50
CMGUX	0.04	0.01	0.00	5.40	0.00	0.00	0.11	0.00	0.65
AOUNX	0.05	0.00	(1.00)	1.17	0.00	(0.18)	0.10	(0.10)	0.61
VMSSX	0.06	(0.01)	(0.50)	(0.18)	0.01	(0.24)	0.22	(0.22)	0.66
QLENX	0.37	0.11	(0.02)	(7.55)	0.23	(0.45)	0.84	(0.57)	2.17

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