Hennessy Gas Correlations

GASFX Fund

USD 27.86 0.12 0.43%

The current 90-days correlation between Hennessy Gas Utility and Wilmington Diversified Income is 0.07 (i.e., Significant diversification). The correlation of Hennessy Gas 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.

Hennessy Gas Correlation With Market

Poor diversification

The correlation between Hennessy Gas Utility and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Gas Utility 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 Hennessy Gas Utility. 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 census.

Moving together with Hennessy Mutual Fund

0.68	FE	FirstEnergy	Pair Corr
0.75	NI	NiSource	Pair Corr
0.71	ATO	Atmos Energy	Pair Corr
0.66	AWR	American States Water	Pair Corr

Moving against Hennessy Mutual Fund

0.57

CMS-PB

Consumers Energy

Pair Corr

Related Correlations Analysis

	WDIAX	GRINX	ELDFX	EKBCX	JPDVX	FZABX	QDARX
WDIAX		0.92	0.93	0.98	0.98	0.87	0.91	WDIAX
GRINX	0.92		0.99	0.96	0.95	0.96	0.95	GRINX
ELDFX	0.93	0.99		0.96	0.96	0.97	0.96	ELDFX
EKBCX	0.98	0.96	0.96		0.99	0.91	0.95	EKBCX
JPDVX	0.98	0.95	0.96	0.99		0.92	0.95	JPDVX
FZABX	0.87	0.96	0.97	0.91	0.92		0.95	FZABX
QDARX	0.91	0.95	0.96	0.95	0.95	0.95		QDARX
	WDIAX	GRINX	ELDFX	EKBCX	JPDVX	FZABX	QDARX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Hennessy Mutual Fund performing well and Hennessy Gas 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 Hennessy Gas' 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
WDIAX	0.89	0.08	0.00	(2.11)	1.68	(0.81)	1.64	(1.71)	9.11
GRINX	1.07	0.11	0.06	0.17	1.64	(1.06)	2.18	(2.57)	12.76
ELDFX	0.55	0.05	0.01	0.16	0.88	(0.55)	1.19	(1.29)	6.50
EKBCX	1.02	0.21	0.05	(6.07)	1.80	(0.98)	2.08	(2.20)	12.92
JPDVX	0.63	0.07	0.00	(1.76)	1.06	(0.59)	1.39	(1.23)	6.70
FZABX	0.86	0.11	0.05	0.20	1.42	(0.86)	1.48	(1.75)	9.56
QDARX	0.08	0.00	(0.31)	0.00	0.00	(0.12)	0.16	(0.08)	0.56

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