Hennessy Focus Correlations

Mutual Funds . USA . 
Fund . Hennessy Focus Fund
HFCSX Fund  USD 51.33  0.70  1.38%   
The current 90-days correlation between Hennessy Focus and Hennessy Nerstone Mid is -0.27 (i.e., Very good diversification). The correlation of Hennessy Focus 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 Focus Correlation With Market

Poor diversification

The correlation between Hennessy Focus Fund and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Focus Fund 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 Focus Fund. 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 state.

Moving together with Hennessy Mutual Fund

  0.79HICGX Hennessy Nerstone GrowthPairCorr
  0.93HICVX Hennessy Nerstone ValuePairCorr
  0.86HIMDX Hennessy Nerstone Mid Potential GrowthPairCorr
  0.92HILFX Hennessy Large CapPairCorr
  0.89HILGX Hennessy Nerstone LargePairCorr
  0.75HISFX Hennessy Small CapPairCorr
  0.67HJPIX Hennessy JapanPairCorr
  0.67HJPNX Hennessy Japan Potential GrowthPairCorr
  0.83HJPSX Hennessy Japan SmallPairCorr
  0.84HJSIX Hennessy Japan SmallPairCorr
  0.92HLFNX Hennessy Large CapPairCorr
  0.89HNRGX Hennessy Bp EnergyPairCorr
  0.88HNRIX Hennessy Bp EnergyPairCorr
  0.75HSFNX Hennessy Small CapPairCorr
  0.91HBFBX Hennessy BalancedPairCorr
  0.9HTECX Hennessy TechnologyPairCorr
  0.9HTCIX Hennessy TechnologyPairCorr
  0.85HDOGX Hennessy Total ReturnPairCorr
  0.86HEIFX Hennessy Equity AndPairCorr
  0.86HEIIX Hennessy Equity AndPairCorr
  0.93HFCVX Hennessy Nerstone ValuePairCorr
  0.8HFCGX Hennessy Nerstone GrowthPairCorr
  1.0HFCIX Hennessy Focus Steady GrowthPairCorr
  0.89HFLGX Hennessy Nerstone LargePairCorr
  0.85HFMDX Hennessy Nerstone MidPairCorr
  0.86VIMAX Vanguard Mid CapPairCorr
  0.88VIMSX Vanguard Mid CapPairCorr
  0.88VMCPX Vanguard Mid CapPairCorr
  0.88VMCIX Vanguard Mid CapPairCorr
  0.87VEXAX Vanguard Extended MarketPairCorr
  0.89VEMPX Vanguard Extended MarketPairCorr
  0.87VIEIX Vanguard Extended MarketPairCorr
  0.87VSEMX Vanguard Extended MarketPairCorr
  0.89VEXMX Vanguard Extended MarketPairCorr
  0.89FSMAX Fidelity Extended MarketPairCorr
  0.89FTYPX Fidelity Freedom IndexPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Hennessy Mutual Fund performing well and Hennessy Focus 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 Focus' 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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