Hennessy Cornerstone Correlations

HFLGX Fund

USD 11.65 0.03 0.26%

The current 90-days correlation between Hennessy Nerstone Large and Hennessy Total Return is 0.7 (i.e., Poor diversification). The correlation of Hennessy Cornerstone 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 Cornerstone Correlation With Market

Very poor diversification

The correlation between Hennessy Nerstone Large and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Nerstone Large 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 Nerstone Large. 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 price.

Moving together with Hennessy Mutual Fund

0.94	HICGX	Hennessy Nerstone Growth	Pair Corr
0.95	HICVX	Hennessy Nerstone Value	Pair Corr
0.97	HIMDX	Hennessy Nerstone Mid	Pair Corr
0.98	HILFX	Hennessy Large Cap	Pair Corr
1.0	HILGX	Hennessy Nerstone Large	Pair Corr
0.87	HISFX	Hennessy Small Cap	Pair Corr
0.83	HJPIX	Hennessy Japan	Pair Corr
0.82	HJPNX	Hennessy Japan	Pair Corr
0.92	HJPSX	Hennessy Japan Small	Pair Corr
0.92	HJSIX	Hennessy Japan Small	Pair Corr
0.98	HLFNX	Hennessy Large Cap	Pair Corr
0.89	HNRGX	Hennessy Bp Energy	Pair Corr
0.91	HNRIX	Hennessy Bp Energy	Pair Corr
0.87	HSFNX	Hennessy Small Cap	Pair Corr
0.94	HBFBX	Hennessy Balanced	Pair Corr
0.99	HTECX	Hennessy Technology	Pair Corr
0.97	HTCIX	Hennessy Technology	Pair Corr
0.89	HDOGX	Hennessy Total Return	Pair Corr
0.94	HEIFX	Hennessy Equity And	Pair Corr
0.97	HEIIX	Hennessy Equity And	Pair Corr
0.88	HFCSX	Hennessy Focus Steady Growth	Pair Corr
0.95	HFCVX	Hennessy Nerstone Value	Pair Corr
0.93	HFCGX	Hennessy Nerstone Growth	Pair Corr
0.88	HFCIX	Hennessy Focus Steady Growth	Pair Corr
0.96	HFMDX	Hennessy Nerstone Mid	Pair Corr
0.99	VMVAX	Vanguard Mid Cap	Pair Corr
0.97	JVMAX	John Hancock Disciplined	Pair Corr
0.99	JVMIX	John Hancock Disciplined	Pair Corr
0.99	VMVIX	Vanguard Mid Cap	Pair Corr
0.98	JMVZX	Jpmorgan Mid Cap	Pair Corr
0.98	JMVRX	Jpmorgan Mid Cap	Pair Corr
0.98	JMVQX	Jpmorgan Mid Cap	Pair Corr
0.98	JMVYX	Jpmorgan Mid Cap	Pair Corr
0.98	JMVPX	Jpmorgan Mid Cap	Pair Corr
0.94	VETAX	Victory Sycamore Est	Pair Corr

Moving against Hennessy Mutual Fund

0.41	XDSMX	Dreyfus Strategic	Pair Corr
0.41	XNBHX	Neuberger Berman Int	Pair Corr

Related Correlations Analysis

	HDOGX	HFCVX	HFMDX	WSEFX	HICGX	HICVX	HIMDX	HILFX	HILGX	HISFX
HDOGX		0.96	0.84	0.89	0.8	0.96	0.84	0.88	0.89	0.7	HDOGX
HFCVX	0.96		0.9	0.93	0.85	1.0	0.91	0.94	0.95	0.78	HFCVX
HFMDX	0.84	0.9		0.95	0.94	0.9	0.97	0.95	0.96	0.78	HFMDX
WSEFX	0.89	0.93	0.95		0.94	0.93	0.96	0.97	0.98	0.85	WSEFX
HICGX	0.8	0.85	0.94	0.94		0.85	0.97	0.91	0.94	0.74	HICGX
HICVX	0.96	1.0	0.9	0.93	0.85		0.91	0.94	0.95	0.78	HICVX
HIMDX	0.84	0.91	0.97	0.96	0.97	0.91		0.96	0.97	0.79	HIMDX
HILFX	0.88	0.94	0.95	0.97	0.91	0.94	0.96		0.98	0.87	HILFX
HILGX	0.89	0.95	0.96	0.98	0.94	0.95	0.97	0.98		0.87	HILGX
HISFX	0.7	0.78	0.78	0.85	0.74	0.78	0.79	0.87	0.87		HISFX
	HDOGX	HFCVX	HFMDX	WSEFX	HICGX	HICVX	HIMDX	HILFX	HILGX	HISFX

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Risk-Adjusted Indicators

There is a big difference between Hennessy Mutual Fund performing well and Hennessy Cornerstone 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 Cornerstone'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
HDOGX	0.43	(0.02)	(0.20)	0.09	0.44	(0.46)	0.90	(0.75)	2.62
HFCVX	0.47	0.05	(0.05)	0.23	0.36	(0.51)	1.29	(0.81)	2.93
HFMDX	0.90	0.25	0.08	(1.26)	0.97	(0.94)	2.11	(1.90)	5.71
WSEFX	0.64	0.01	(0.01)	0.14	0.62	(0.75)	1.44	(1.34)	4.54
HICGX	0.73	0.02	0.00	0.16	0.83	(0.78)	1.77	(1.32)	4.52
HICVX	0.47	0.05	(0.04)	0.23	0.39	(0.51)	1.29	(0.85)	2.97
HIMDX	0.90	0.08	0.06	0.21	0.98	(0.94)	2.15	(1.93)	5.73
HILFX	1.04	0.26	0.26	0.37	0.70	(1.27)	2.55	(1.69)	6.32
HILGX	0.65	0.05	0.03	0.20	0.65	(0.74)	1.47	(1.15)	4.47
HISFX	1.22	0.15	0.12	0.26	1.13	(1.34)	2.75	(1.59)	7.49

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