Hennessy Cornerstone Correlations

HIMDX Fund

USD 23.02 0.09 0.39%

The current 90-days correlation between Hennessy Nerstone Mid and Goldman Sachs Clean is -0.17 (i.e., Good 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 good diversification

The correlation between Hennessy Nerstone Mid and DJI is -0.23 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Nerstone Mid 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 Mid. 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 unemployment.

Moving together with Hennessy Mutual Fund

0.96	HICGX	Hennessy Nerstone Growth	Pair Corr
0.77	HILGX	Hennessy Nerstone Large	Pair Corr
0.69	HJPSX	Hennessy Japan Small	Pair Corr
0.69	HJSIX	Hennessy Japan Small	Pair Corr
0.78	HLFNX	Hennessy Large Cap	Pair Corr
0.71	HNRGX	Hennessy Bp Energy	Pair Corr
0.72	HNRIX	Hennessy Bp Energy	Pair Corr
0.89	HBFBX	Hennessy Balanced	Pair Corr
0.79	HTECX	Hennessy Technology	Pair Corr
0.97	HTCIX	Hennessy Technology	Pair Corr
0.84	HDOGX	Hennessy Total Return	Pair Corr
0.75	HEIFX	Hennessy Equity And	Pair Corr
0.73	HFCSX	Hennessy Focus Steady Growth	Pair Corr
0.72	HFCVX	Hennessy Nerstone Value	Pair Corr
0.75	HFCGX	Hennessy Nerstone Growth	Pair Corr
0.73	HFCIX	Hennessy Focus Steady Growth	Pair Corr
0.77	HFLGX	Hennessy Nerstone Large	Pair Corr
0.8	HFMDX	Hennessy Nerstone Mid	Pair Corr
0.76	VSMAX	Vanguard Small Cap	Pair Corr
0.76	VSCIX	Vanguard Small Cap	Pair Corr
0.76	VSCPX	Vanguard Small Cap	Pair Corr
0.76	NAESX	Vanguard Small Cap	Pair Corr
0.76	FSSNX	Fidelity Small Cap	Pair Corr
0.76	DFSTX	Us Small Cap	Pair Corr
0.74	PASVX	T Rowe Price	Pair Corr
0.74	PRVIX	T Rowe Price	Pair Corr
0.75	TRZVX	T Rowe Price	Pair Corr
0.74	PRSVX	T Rowe Price	Pair Corr
0.67	FSMMX	Fs Multi Strategy	Pair Corr
0.69	BTMPX	Ishares Msci Eafe	Pair Corr
0.69	BTMKX	Blackrock International	Pair Corr
0.69	MDIIX	Blackrock Intern Index	Pair Corr

Moving against Hennessy Mutual Fund

0.39	GASFX	Hennessy Gas Utility	Pair Corr
0.37	HGASX	Hennessy Gas Utility	Pair Corr

Related Correlations Analysis

	GCEBX	GLDAX	XGGNX	MXKJX	IOGYX	SGDLX
GCEBX		0.56	0.78	0.91	0.6	0.64	GCEBX
GLDAX	0.56		0.85	0.31	0.97	0.97	GLDAX
XGGNX	0.78	0.85		0.65	0.88	0.91	XGGNX
MXKJX	0.91	0.31	0.65		0.43	0.46	MXKJX
IOGYX	0.6	0.97	0.88	0.43		0.99	IOGYX
SGDLX	0.64	0.97	0.91	0.46	0.99		SGDLX
	GCEBX	GLDAX	XGGNX	MXKJX	IOGYX	SGDLX

Click cells to compare fundamentals

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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
GCEBX	0.66	0.17	0.06	1.08	0.63	(0.82)	1.84	(1.31)	4.42
GLDAX	1.51	0.20	(0.03)	(0.06)	2.31	(1.38)	3.11	(3.50)	12.29
XGGNX	0.62	0.07	(0.09)	(0.34)	0.69	(0.75)	1.39	(1.35)	4.00
MXKJX	0.72	0.07	0.06	0.20	0.66	(0.89)	1.88	(1.43)	5.35
IOGYX	1.37	0.17	(0.03)	(0.07)	1.99	(1.33)	2.72	(3.66)	10.46
SGDLX	1.38	0.24	(0.01)	(0.11)	2.03	(1.35)	3.33	(2.89)	11.34

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