Hennessy Equity Correlations

Mutual Funds USA . 
Fund . Hennessy Equity And
HEIIX Fund  USD 13.37  0.03  0.22%   
The current 90-days correlation between Hennessy Equity And and Harbor Diversified International is 0.7 (i.e., Poor diversification). The correlation of Hennessy Equity 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 Equity Correlation With Market

Almost no diversification

The correlation between Hennessy Equity And and DJI is 0.9 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Equity And 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 Equity And. 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 gross domestic product.

Moving together with Hennessy Mutual Fund

  0.91HICGX Hennessy Nerstone GrowthPairCorr
  0.93HICVX Hennessy Nerstone ValuePairCorr
  0.93HIMDX Hennessy Nerstone MidPairCorr
  0.96HILFX Hennessy Large CapPairCorr
  0.97HILGX Hennessy Nerstone LargePairCorr
  0.89HISFX Hennessy Small CapPairCorr
  0.83HJPIX Hennessy JapanPairCorr
  0.82HJPNX Hennessy JapanPairCorr
  0.91HJPSX Hennessy Japan SmallPairCorr
  0.91HJSIX Hennessy Japan SmallPairCorr
  0.96HLFNX Hennessy Large CapPairCorr
  0.81HNRGX Hennessy Bp EnergyPairCorr
  0.83HNRIX Hennessy Bp EnergyPairCorr
  0.89HSFNX Hennessy Small CapPairCorr
  0.94HBFBX Hennessy BalancedPairCorr
  0.96HTECX Hennessy TechnologyPairCorr
  0.94HTCIX Hennessy TechnologyPairCorr
  0.9HDOGX Hennessy Total ReturnPairCorr
  0.94HEIFX Hennessy Equity AndPairCorr
  0.86HFCSX Hennessy Focus Steady GrowthPairCorr
  0.93HFCVX Hennessy Nerstone ValuePairCorr
  0.91HFCGX Hennessy Nerstone GrowthPairCorr
  0.85HFCIX Hennessy Focus Steady GrowthPairCorr
  0.97HFLGX Hennessy Nerstone LargePairCorr
  0.92HFMDX Hennessy Nerstone MidPairCorr
  0.96FBONX American Funds AmericanPairCorr
  0.96FBAFX American Funds AmericanPairCorr
  0.94ABALX American BalancedPairCorr
  0.93BALCX American BalancedPairCorr
  0.96BALFX American BalancedPairCorr
  0.96RLBCX American BalancedPairCorr
  0.96RLBBX American BalancedPairCorr
  0.96CLBAX American BalancedPairCorr
  0.96CLBEX American BalancedPairCorr
  0.96RLBFX American BalancedPairCorr

Related Correlations Analysis

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 Equity 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 Equity'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.

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