Hennessy Correlations

Mutual Funds . USA . 
Fund . Hennessy Bp Energy
HNRIX Fund  USD 28.57  0.29  1.03%   
The current 90-days correlation between Hennessy Bp Energy and Dodge International Stock is -0.03 (i.e., Good diversification). The correlation of Hennessy 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 Correlation With Market

Modest diversification

The correlation between Hennessy Bp Energy and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Bp Energy 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 Bp Energy. 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

  0.82HICGX Hennessy Nerstone GrowthPairCorr
  0.9HICVX Hennessy Nerstone ValuePairCorr
  0.88HIMDX Hennessy Nerstone MidPairCorr
  0.85HILFX Hennessy Large CapPairCorr
  0.88HILGX Hennessy Nerstone LargePairCorr
  0.63HISFX Hennessy Small CapPairCorr
  0.66HJPIX Hennessy JapanPairCorr
  0.66HJPNX Hennessy JapanPairCorr
  0.81HJPSX Hennessy Japan SmallPairCorr
  0.81HJSIX Hennessy Japan SmallPairCorr
  0.85HLFNX Hennessy Large CapPairCorr
  0.96HNRGX Hennessy Bp EnergyPairCorr
  0.63HSFNX Hennessy Small CapPairCorr
  0.86HBFBX Hennessy BalancedPairCorr
  0.9HTECX Hennessy TechnologyPairCorr
  0.9HTCIX Hennessy TechnologyPairCorr
  0.8HDOGX Hennessy Total ReturnPairCorr
  0.8HEIFX Hennessy Equity AndPairCorr
  0.8HEIIX Hennessy Equity AndPairCorr
  0.82HFCSX Hennessy Focus Steady GrowthPairCorr
  0.9HFCVX Hennessy Nerstone ValuePairCorr
  0.82HFCGX Hennessy Nerstone GrowthPairCorr
  0.82HFCIX Hennessy Focus Steady GrowthPairCorr
  0.89HFLGX Hennessy Nerstone LargePairCorr
  0.88HFMDX Hennessy Nerstone MidPairCorr
  0.91VGELX Vanguard EnergyPairCorr
  0.94VGENX Vanguard EnergyPairCorr
  0.97VENAX Vanguard Energy IndexPairCorr
  0.99FSENX Fidelity Select PortPairCorr
  0.99FNRCX Fidelity Advisor EnergyPairCorr
  0.95FANAX Fidelity Advisor EnergyPairCorr
  0.95FAGNX Fidelity Advisor EnergyPairCorr
  0.99FANIX Fidelity Advisor EnergyPairCorr
  0.96FNARX Fidelity Natural ResPairCorr
  0.99IENIX Invesco EnergyPairCorr
  0.88SMPIX Semiconductor UltrasectorPairCorr

Moving against Hennessy Mutual Fund

  0.44GASFX Hennessy Gas UtilityPairCorr
  0.42HGASX Hennessy Gas UtilityPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

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