Highland Merger Correlations

HMECX Fund

USD 18.91 0.01 0.05%

The current 90-days correlation between Highland Merger Arbitrage and Highland Longshort Healthcare is 0.1 (i.e., Average diversification). The correlation of Highland Merger 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 Merger Correlation With Market

Average diversification

The correlation between Highland Merger Arbitrage and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highland Merger Arbitrage 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 Merger Arbitrage. 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 main economic indicators.

Moving together with Highland Mutual Fund

0.98	HMEAX	Highland Merger Arbitrage	Pair Corr
0.97	HMEZX	Highland Merger Arbitrage	Pair Corr
0.63	MERIX	Merger Fund	Pair Corr
0.62	MERFX	Merger Fund	Pair Corr
0.63	PFN	Pimco Income Strategy	Pair Corr
0.65	MSTSX	Morningstar Unconstrained	Pair Corr

Moving against Highland Mutual Fund

0.32	VARCX	First Trust Merger	Pair Corr
0.31	VARAX	Vivaldi Merger Arbitrage	Pair Corr
0.31	VARBX	Vivaldi Merger Arbitrage	Pair Corr

Related Correlations Analysis

	HHCZX	HHCAX	HHCCX	HMEAX	HMECX	HMEZX	HSZYX	HSZAX	HSZCX
HHCZX		0.97	1.0	0.46	0.38	0.5	0.85	0.85	0.85	HHCZX
HHCAX	0.97		0.97	0.44	0.38	0.48	0.86	0.86	0.86	HHCAX
HHCCX	1.0	0.97		0.45	0.38	0.49	0.84	0.84	0.84	HHCCX
HMEAX	0.46	0.44	0.45		0.98	0.99	0.56	0.55	0.55	HMEAX
HMECX	0.38	0.38	0.38	0.98		0.97	0.49	0.48	0.48	HMECX
HMEZX	0.5	0.48	0.49	0.99	0.97		0.6	0.59	0.59	HMEZX
HSZYX	0.85	0.86	0.84	0.56	0.49	0.6		1.0	1.0	HSZYX
HSZAX	0.85	0.86	0.84	0.55	0.48	0.59	1.0		1.0	HSZAX
HSZCX	0.85	0.86	0.84	0.55	0.48	0.59	1.0	1.0		HSZCX
	HHCZX	HHCAX	HHCCX	HMEAX	HMECX	HMEZX	HSZYX	HSZAX	HSZCX

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Risk-Adjusted Indicators

There is a big difference between Highland Mutual Fund performing well and Highland Merger 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 Merger'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
HHCZX	0.15	0.02	(0.29)	0.80	0.00	(0.19)	0.37	(0.24)	1.14
HHCAX	0.15	0.01	(0.34)	0.12	0.00	(0.20)	0.32	(0.26)	1.08
HHCCX	0.15	0.02	(0.31)	0.78	0.00	(0.19)	0.36	(0.28)	1.12
HMEAX	0.09	0.00	(0.30)	0.13	0.16	(0.13)	0.15	(0.15)	2.15
HMECX	0.08	0.00	(0.34)	0.01	0.12	(0.12)	0.16	(0.11)	1.85
HMEZX	0.10	0.00	(0.29)	0.12	0.17	(0.13)	0.15	(0.15)	2.26
HSZYX	0.65	0.07	0.04	0.24	0.48	(0.84)	1.62	(0.89)	5.80
HSZAX	0.65	0.07	0.04	0.24	0.49	(0.84)	1.67	(1.01)	5.82
HSZCX	0.69	0.07	0.04	0.25	0.47	(0.97)	1.71	(0.96)	5.86

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