Hennessy Japan Correlations

Mutual Funds USA . 
Fund . Hennessy Japan Fund
HJPIX Fund  USD 44.22  0.02  0.05%   
The current 90-days correlation between Hennessy Japan and Hennessy Japan Fund is 1.0 (i.e., No risk reduction). The correlation of Hennessy Japan 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 Japan Correlation With Market

Very weak diversification

The correlation between Hennessy Japan Fund and DJI is 0.57 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Japan Fund 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 Japan Fund. 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 gross domestic product.

Moving together with Hennessy Mutual Fund

  0.9HICGX Hennessy Nerstone GrowthPairCorr
  0.76HICVX Hennessy Nerstone ValuePairCorr
  0.88HIMDX Hennessy Nerstone MidPairCorr
  0.8HILFX Hennessy Large CapPairCorr
  0.83HILGX Hennessy Nerstone LargePairCorr
  0.66HISFX Hennessy Small CapPairCorr
  1.0HJPNX Hennessy JapanPairCorr
  0.86HJPSX Hennessy Japan SmallPairCorr
  0.86HJSIX Hennessy Japan SmallPairCorr
  0.8HLFNX Hennessy Large CapPairCorr
  0.68HNRGX Hennessy Bp EnergyPairCorr
  0.71HNRIX Hennessy Bp EnergyPairCorr
  0.66HSFNX Hennessy Small CapPairCorr
  0.73HBFBX Hennessy BalancedPairCorr
  0.85HTECX Hennessy TechnologyPairCorr
  0.82HTCIX Hennessy TechnologyPairCorr
  0.7HDOGX Hennessy Total ReturnPairCorr
  0.77HEIFX Hennessy Equity AndPairCorr
  0.83HEIIX Hennessy Equity AndPairCorr
  0.61HFCSX Hennessy Focus Steady GrowthPairCorr
  0.76HFCVX Hennessy Nerstone ValuePairCorr
  0.9HFCGX Hennessy Nerstone GrowthPairCorr
  0.61HFCIX Hennessy Focus Steady GrowthPairCorr
  0.83HFLGX Hennessy Nerstone LargePairCorr
  0.84HFMDX Hennessy Nerstone MidPairCorr
  0.92RJAIX T Rowe PricePairCorr
  0.92FJPNX Fidelity JapanPairCorr
  0.87DFJSX Japanese Small PanyPairCorr
  0.91BAFJX Brown AdvisoryPairCorr
  0.92FIQLX Fidelity JapanPairCorr
  0.98MJFOX Matthews JapanPairCorr
  0.98MIJFX Matthews JapanPairCorr
  0.92PRJPX T Rowe PricePairCorr
  0.86FJSCX Fidelity Japan SmallerPairCorr
  0.94FSJPX Fidelity Sai JapanPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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