Hennessy Small Correlations

Mutual Funds . USA . 
Fund . Hennessy Small Cap
HISFX Fund  USD 15.52  0.01  0.06%   
The current 90-days correlation between Hennessy Small Cap and Rationalpier 88 Convertible is 0.68 (i.e., Poor diversification). The correlation of Hennessy Small 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 Small Correlation With Market

Poor diversification

The correlation between Hennessy Small Cap and DJI is 0.72 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Small Cap 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 Small Cap. 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 census.

Moving together with Hennessy Mutual Fund

  0.74HICGX Hennessy Nerstone GrowthPairCorr
  0.78HICVX Hennessy Nerstone ValuePairCorr
  0.79HIMDX Hennessy Nerstone MidPairCorr
  0.87HILFX Hennessy Large CapPairCorr
  0.87HILGX Hennessy Nerstone LargePairCorr
  0.66HJPIX Hennessy JapanPairCorr
  0.66HJPNX Hennessy JapanPairCorr
  0.76HJPSX Hennessy Japan SmallPairCorr
  0.76HJSIX Hennessy Japan SmallPairCorr
  0.87HLFNX Hennessy Large CapPairCorr
  0.66HNRGX Hennessy Bp EnergyPairCorr
  0.68HNRIX Hennessy Bp EnergyPairCorr
  1.0HSFNX Hennessy Small CapPairCorr
  0.78HBFBX Hennessy BalancedPairCorr
  0.83HTECX Hennessy TechnologyPairCorr
  0.81HTCIX Hennessy TechnologyPairCorr
  0.7HDOGX Hennessy Total ReturnPairCorr
  0.84HEIFX Hennessy Equity AndPairCorr
  0.89HEIIX Hennessy Equity AndPairCorr
  0.76HFCSX Hennessy Focus Steady GrowthPairCorr
  0.78HFCVX Hennessy Nerstone ValuePairCorr
  0.74HFCGX Hennessy Nerstone GrowthPairCorr
  0.76HFCIX Hennessy Focus Steady GrowthPairCorr
  0.87HFLGX Hennessy Nerstone LargePairCorr
  0.78HFMDX Hennessy Nerstone MidPairCorr
  0.89VFAIX Vanguard Financials IndexPairCorr
  0.95FRBCX Regional BankPairCorr
  0.98JRGRX Regional BankPairCorr
  0.85PRISX T Rowe PricePairCorr
  0.84FIDCX Financial IndustriesPairCorr
  0.87JFDRX Financial IndustriesPairCorr
  0.85TFIFX T Rowe PricePairCorr
  0.87DVFYX Davis FinancialPairCorr
  0.89RPFGX Davis FinancialPairCorr
  0.89DFFCX Davis FinancialPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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

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