Hennessy Cornerstone Correlations

Mutual Funds . USA . 
Fund . Hennessy Nerstone Value
HICVX Fund  USD 22.18  0.10  0.45%   
The current 90-days correlation between Hennessy Nerstone Value and Hennessy Nerstone Growth is 0.68 (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

Poor diversification

The correlation between Hennessy Nerstone Value and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Nerstone Value 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 Value. 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 real.

Moving together with Hennessy Mutual Fund

  0.85HICGX Hennessy Nerstone GrowthPairCorr
  0.91HIMDX Hennessy Nerstone MidPairCorr
  0.94HILFX Hennessy Large CapPairCorr
  0.95HILGX Hennessy Nerstone LargePairCorr
  0.78HISFX Hennessy Small CapPairCorr
  0.76HJPIX Hennessy JapanPairCorr
  0.76HJPNX Hennessy JapanPairCorr
  0.93HJPSX Hennessy Japan SmallPairCorr
  0.93HJSIX Hennessy Japan SmallPairCorr
  0.94HLFNX Hennessy Large CapPairCorr
  0.9HNRGX Hennessy Bp EnergyPairCorr
  0.92HNRIX Hennessy Bp EnergyPairCorr
  0.78HSFNX Hennessy Small CapPairCorr
  0.99HBFBX Hennessy BalancedPairCorr
  0.93HTECX Hennessy TechnologyPairCorr
  0.93HTCIX Hennessy TechnologyPairCorr
  0.96HDOGX Hennessy Total ReturnPairCorr
  0.9HEIFX Hennessy Equity AndPairCorr
  0.93HEIIX Hennessy Equity AndPairCorr
  0.92HFCSX Hennessy Focus Steady GrowthPairCorr
  1.0HFCVX Hennessy Nerstone ValuePairCorr
  0.85HFCGX Hennessy Nerstone GrowthPairCorr
  0.91HFCIX Hennessy Focus Steady GrowthPairCorr
  0.95HFLGX Hennessy Nerstone LargePairCorr
  0.9HFMDX Hennessy Nerstone MidPairCorr
  0.97VVIAX Vanguard Value IndexPairCorr
  0.95DOXGX Dodge Cox StockPairCorr
  0.96AFMFX American MutualPairCorr
  0.96FFMMX American Funds AmericanPairCorr
  0.96FFFMX American Funds AmericanPairCorr
  0.94AMRMX American MutualPairCorr
  0.94AMFFX American MutualPairCorr
  0.94AMFCX American MutualPairCorr
  0.93DODGX Dodge Stock FundPairCorr
  0.97VIVAX Vanguard Value IndexPairCorr

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 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
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 
HJPIX  0.76  0.04 (0.01) 0.19  0.87 
(0.78)
 1.97 
(1.64)
 5.14 
HJPNX  0.76  0.04 (0.01) 0.19  0.86 
(0.78)
 1.97 
(1.64)
 5.14 
HJPSX  0.66  0.14  0.04  0.73  0.55 
(0.76)
 1.45 
(1.22)
 3.60 
HJSIX  0.66  0.14  0.05  0.73  0.55 
(0.74)
 1.48 
(1.18)
 3.54 

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