Hennessy Japan Correlations

Mutual Funds . USA . 
Fund . Hennessy Japan Fund
HJPNX Fund  USD 44.41  0.77  1.76%   
The current 90-days correlation between Hennessy Japan and Hennessy Japan Small is 0.15 (i.e., Average diversification). 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 poor diversification

The correlation between Hennessy Japan Fund and DJI is 0.8 (i.e., Very poor 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 board of governors.

Moving together with Hennessy Mutual Fund

  0.92HICGX Hennessy Nerstone GrowthPairCorr
  0.76HICVX Hennessy Nerstone ValuePairCorr
  0.85HIMDX Hennessy Nerstone MidPairCorr
  0.84HILFX Hennessy Large CapPairCorr
  0.88HILGX Hennessy Nerstone LargePairCorr
  0.79HISFX Hennessy Small CapPairCorr
  0.9HJPIX Hennessy JapanPairCorr
  0.86HJPSX Hennessy Japan SmallPairCorr
  0.96HJSIX Hennessy Japan SmallPairCorr
  0.84HLFNX Hennessy Large CapPairCorr
  0.71HNRIX Hennessy Bp EnergyPairCorr
  0.79HSFNX Hennessy Small CapPairCorr
  0.75HBFBX Hennessy BalancedPairCorr
  0.84HTECX Hennessy TechnologyPairCorr
  0.85HTCIX Hennessy TechnologyPairCorr
  0.68HDOGX Hennessy Total ReturnPairCorr
  0.85HEIFX Hennessy Equity AndPairCorr
  0.85HEIIX Hennessy Equity AndPairCorr
  0.62GASFX Hennessy Gas UtilityPairCorr
  0.67HFCSX Hennessy FocusPairCorr
  0.8HFCVX Hennessy Nerstone ValuePairCorr
  0.87HFCGX Hennessy Nerstone GrowthPairCorr
  0.7HFCIX Hennessy FocusPairCorr
  0.88HFLGX Hennessy Nerstone LargePairCorr
  0.78HFMDX Hennessy Nerstone MidPairCorr
  0.63HGASX Hennessy Gas UtilityPairCorr
  0.91RJAIX T Rowe PricePairCorr
  0.96FJPNX Fidelity JapanPairCorr
  0.96DFJSX Japanese Small PanyPairCorr
  0.8BAFJX Brown AdvisoryPairCorr
  0.88FIQLX Fidelity JapanPairCorr
  0.9MJFOX Matthews JapanPairCorr
  0.9MIJFX Matthews JapanPairCorr
  0.99PRJPX T Rowe PricePairCorr
  0.94FJSCX Fidelity Japan SmallerPairCorr
  0.99FSJPX Fidelity Sai JapanPairCorr

Moving against Hennessy Mutual Fund

  0.89UIPIX Ultrashort Mid CapPairCorr
  0.82USPSX Profunds UltrashortPairCorr
  0.78USPIX Profunds UltrashortPairCorr
  0.62TCTGX Transamerica CleartrackPairCorr
  0.62TCTJX Transamerica CleartrackPairCorr
  0.61TDKTX Cleartrack 2015 ClassPairCorr
  0.61TCSUX Cleartrack 2020 ClassPairCorr

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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