Hodges Small Correlations

HDSVX Fund

USD 19.05 0.37 1.98%

The current 90-days correlation between Hodges Small Intrinsic and Balanced Allocation Fund is -0.01 (i.e., Good diversification). The correlation of Hodges Small 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.

Hodges Small Correlation With Market

Significant diversification

The correlation between Hodges Small Intrinsic and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hodges Small Intrinsic 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 Hodges Small Intrinsic. 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 unemployment.

Moving together with Hodges Mutual Fund

0.9	HSVIX	Hodges Small Intrinsic	Pair Corr
0.93	HDSIX	Hodges Small Cap	Pair Corr
0.61	VSIIX	Vanguard Small Cap	Pair Corr
0.62	VISVX	Vanguard Small Cap	Pair Corr
0.62	DFSVX	Us Small Cap	Pair Corr
0.69	DFFVX	Us Targeted Value	Pair Corr
0.88	UBVCX	Undiscovered Managers	Pair Corr
0.96	UBVAX	Undiscovered Managers	Pair Corr
0.88	UBVSX	Undiscovered Managers	Pair Corr
0.72	AVFIX	American Beacon Small	Pair Corr
0.61	CIF	Mfs Intermediate High	Pair Corr

Moving against Hodges Mutual Fund

0.66	NXJ	Nuveen New Jersey	Pair Corr
0.49	XDSMX	Dreyfus Strategic	Pair Corr
0.39	XNXJX	Nuveen New Jersey	Pair Corr
0.73	DCMDX	Dunham Monthly Distr	Pair Corr
0.65	TRYIX	New York Tax	Pair Corr
0.63	EMOAX	Eaton Vance Municipal	Pair Corr
0.61	GWMZX	Amg Gwk Municipal	Pair Corr
0.52	VGPMX	Vanguard Global Capital	Pair Corr
0.48	GCMDX	Goldman Sachs Local	Pair Corr
0.43	WELNX	William Blair Emerging	Pair Corr
0.4	APBDX	Bond Fund Investor	Pair Corr
0.37	FXNAX	Fidelity Bond Index	Pair Corr
0.36	XNBHX	Neuberger Berman Int	Pair Corr
0.36	XGGNX	Gamco Global Gold	Pair Corr
0.35	ITTSX	Hartford Balanced	Pair Corr
0.76	BHCHX	Baron Health Care	Pair Corr
0.68	HICOX	Colorado Bondshares	Pair Corr
0.64	WISEX	Azzad Wise Capital	Pair Corr
0.6	BEMIX	Brandes Emerging Markets	Pair Corr
0.52	FLRRX	Franklin Low Duration	Pair Corr
0.5	TGWNX	Tcw Emerging Markets	Pair Corr

Related Correlations Analysis

	GBAYX	GWOAX	MAMOX	FSBKX	PBLIX	CBSYX	LMUSX	JAAIX
GBAYX		0.77	0.98	0.95	0.87	0.96	0.92	0.84	GBAYX
GWOAX	0.77		0.83	0.87	0.9	0.79	0.84	0.89	GWOAX
MAMOX	0.98	0.83		0.98	0.87	0.95	0.96	0.84	MAMOX
FSBKX	0.95	0.87	0.98		0.89	0.93	0.99	0.85	FSBKX
PBLIX	0.87	0.9	0.87	0.89		0.88	0.87	0.93	PBLIX
CBSYX	0.96	0.79	0.95	0.93	0.88		0.88	0.9	CBSYX
LMUSX	0.92	0.84	0.96	0.99	0.87	0.88		0.81	LMUSX
JAAIX	0.84	0.89	0.84	0.85	0.93	0.9	0.81		JAAIX
	GBAYX	GWOAX	MAMOX	FSBKX	PBLIX	CBSYX	LMUSX	JAAIX

Risk-Adjusted Indicators

There is a big difference between Hodges Mutual Fund performing well and Hodges Small 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 Hodges Small'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
GBAYX	0.28	0.01	(0.06)	0.11	0.32	(0.30)	0.63	(0.55)	1.72
GWOAX	0.57	0.08	0.02	0.93	0.65	(0.61)	1.22	(1.12)	3.52
MAMOX	0.34	0.02	(0.03)	0.10	0.40	(0.34)	0.74	(0.74)	2.17
FSBKX	0.36	0.02	(0.01)	0.11	0.47	(0.35)	0.81	(0.88)	2.25
PBLIX	0.50	0.06	(0.01)	0.65	0.69	(0.49)	1.02	(1.11)	3.26
CBSYX	0.35	0.03	(0.02)	0.14	0.33	(0.37)	0.71	(0.71)	2.04
LMUSX	0.56	0.03	0.03	0.11	0.76	(0.52)	1.25	(1.38)	3.59
JAAIX	0.15	0.02	(0.23)	0.55	0.04	(0.19)	0.30	(0.36)	0.84

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