Hennessy Cornerstone Correlations

HILGX Fund

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The current 90-days correlation between Hennessy Nerstone Large and Jpmorgan Diversified Fund is 0.09 (i.e., Significant 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

Good diversification

The correlation between Hennessy Nerstone Large and DJI is -0.07 (i.e., Good 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

0.88	HICVX	Hennessy Nerstone Value	Pair Corr
0.87	HILFX	Hennessy Large Cap	Pair Corr
0.93	HISFX	Hennessy Small Cap	Pair Corr
0.79	HJPIX	Hennessy Japan	Pair Corr
0.79	HJPNX	Hennessy Japan	Pair Corr
0.87	HLFNX	Hennessy Large Cap	Pair Corr
0.61	HMSFX	Hennessy Bp Midstream	Pair Corr
0.61	HMSIX	Hennessy Bp Midstream	Pair Corr
0.76	HNRGX	Hennessy Bp Energy	Pair Corr
0.75	HNRIX	Hennessy Bp Energy	Pair Corr
0.88	HSFNX	Hennessy Small Cap	Pair Corr
0.61	HBFBX	Hennessy Balanced	Pair Corr
0.86	HTECX	Hennessy Technology	Pair Corr
0.78	HEIFX	Hennessy Equity And	Pair Corr
0.88	HFCSX	Hennessy Focus	Pair Corr
0.74	HFCVX	Hennessy Nerstone Value	Pair Corr
0.75	HFCGX	Hennessy Nerstone Growth	Pair Corr
0.94	HFCIX	Hennessy Focus	Pair Corr
1.0	HFLGX	Hennessy Nerstone Large	Pair Corr
0.81	HFMDX	Hennessy Nerstone Mid	Pair Corr
0.9	FLPKX	Fidelity Low Priced	Pair Corr
0.9	FLPSX	Fidelity Low Priced	Pair Corr
0.8	VMVAX	Vanguard Mid Cap	Pair Corr
0.82	JVMAX	John Hancock Disciplined	Pair Corr
0.89	JVMIX	John Hancock Disciplined	Pair Corr
0.89	VMVIX	Vanguard Mid Cap	Pair Corr
0.89	JMVZX	Jpmorgan Mid Cap	Pair Corr
0.81	JMVRX	Jpmorgan Mid Cap	Pair Corr
0.89	JMVQX	Jpmorgan Mid Cap	Pair Corr
0.89	JMVYX	Jpmorgan Mid Cap	Pair Corr
0.68	NHS	Neuberger Berman High	Pair Corr

Moving against Hennessy Mutual Fund

0.57	LSGBX	Loomis Sayles Global	Pair Corr
0.55	RILFX	American Funds Inflation	Pair Corr
0.33	JIBFX	Johnson Institutional	Pair Corr

Related Correlations Analysis

	JPDVX	FZABX	EIIMX	FARIX	ACDOX	LIGFX	ELDFX	DIFIX
JPDVX		0.55	-0.47	-0.11	0.1	0.94	0.88	0.82	JPDVX
FZABX	0.55		0.02	0.25	-0.01	0.67	0.8	0.54	FZABX
EIIMX	-0.47	0.02		0.65	0.22	-0.4	-0.32	-0.37	EIIMX
FARIX	-0.11	0.25	0.65		-0.16	-0.02	0.08	-0.31	FARIX
ACDOX	0.1	-0.01	0.22	-0.16		0.04	-0.03	0.48	ACDOX
LIGFX	0.94	0.67	-0.4	-0.02	0.04		0.97	0.74	LIGFX
ELDFX	0.88	0.8	-0.32	0.08	-0.03	0.97		0.69	ELDFX
DIFIX	0.82	0.54	-0.37	-0.31	0.48	0.74	0.69		DIFIX
	JPDVX	FZABX	EIIMX	FARIX	ACDOX	LIGFX	ELDFX	DIFIX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

ELDFX	+ 0.97	LIGFX
LIGFX	+ 0.94	JPDVX
ELDFX	+ 0.88	JPDVX
DIFIX	+ 0.82	JPDVX
ELDFX	+ 0.8	FZABX
DIFIX	+ 0.74	LIGFX

High negative correlations

EIIMX	- 0.47	JPDVX
LIGFX	- 0.4	EIIMX
DIFIX	- 0.37	EIIMX
ELDFX	- 0.32	EIIMX
DIFIX	- 0.31	FARIX
ACDOX	- 0.16	FARIX

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
JPDVX	0.71	(0.04)	0.00	0.59	0.00	0.00	1.24	(1.46)	6.70
FZABX	1.04	0.19	0.11	0.09	1.68	(0.99)	2.16	(1.93)	9.87
EIIMX	0.35	0.08	0.45	(1.35)	0.20	(0.45)	0.90	(0.62)	3.03
FARIX	0.33	0.02	0.26	0.38	0.43	(0.36)	0.63	(0.63)	2.88
ACDOX	0.30	0.01	0.34	(0.30)	0.36	(0.31)	0.55	(0.56)	1.86
LIGFX	0.40	0.01	0.00	(0.09)	0.00	0.00	0.71	(1.09)	3.17
ELDFX	0.63	0.06	0.00	(0.02)	0.00	0.00	1.14	(1.31)	6.50
DIFIX	0.34	(0.01)	0.20	0.06	0.51	(0.37)	0.59	(0.68)	2.58

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