Hennessy Balanced Correlations

HBFBX Fund

USD 11.84 0.03 0.25%

The current 90-days correlation between Hennessy Balanced and Hennessy Total Return is 0.98 (i.e., Almost no diversification). The correlation of Hennessy Balanced 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 Balanced Correlation With Market

Average diversification

The correlation between Hennessy Balanced Fund and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Balanced 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 Balanced 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 bureau of labor statistics.

Moving together with Hennessy Mutual Fund

0.77	HICGX	Hennessy Nerstone Growth	Pair Corr
0.86	HICVX	Hennessy Nerstone Value	Pair Corr
0.83	HIMDX	Hennessy Nerstone Mid	Pair Corr
0.88	HILGX	Hennessy Nerstone Large	Pair Corr
0.85	HJPIX	Hennessy Japan	Pair Corr
0.85	HJPNX	Hennessy Japan	Pair Corr
1.0	HDOGX	Hennessy Total Return	Pair Corr
0.83	HEIFX	Hennessy Equity And	Pair Corr
0.83	HEIIX	Hennessy Equity And	Pair Corr
0.61	GASFX	Hennessy Gas Utility	Pair Corr
0.9	HFCSX	Hennessy Focus	Pair Corr
0.9	HFCVX	Hennessy Nerstone Value	Pair Corr
0.79	HFCGX	Hennessy Nerstone Growth	Pair Corr
0.9	HFCIX	Hennessy Focus	Pair Corr
0.88	HFLGX	Hennessy Nerstone Large	Pair Corr
0.85	HFMDX	Hennessy Nerstone Mid	Pair Corr
0.84	VWINX	Vanguard Wellesley Income	Pair Corr
0.85	VWIAX	Vanguard Wellesley Income	Pair Corr
0.72	BKMIX	Blackrock Multi Asset	Pair Corr
0.88	HBLTX	Hartford Balanced	Pair Corr
0.89	HBLRX	Hartford Balanced	Pair Corr
0.88	HBLSX	Hartford Balanced	Pair Corr
0.88	HBLVX	Hartford Balanced	Pair Corr
0.88	HBLYX	Hartford Balanced	Pair Corr
0.89	HBLCX	Hartford Balanced	Pair Corr
0.88	HBLIX	Hartford Balanced	Pair Corr

Moving against Hennessy Mutual Fund

0.42	HMSFX	Hennessy Bp Midstream	Pair Corr
0.42	HMSIX	Hennessy Bp Midstream	Pair Corr
0.83	NTG	Tortoise Mlp Closed	Pair Corr
0.79	GAEGX	Columbia Large Cap	Pair Corr
0.77	TTP	Tortoise Pipeline And	Pair Corr
0.52	IIRFX	Voya Russia Fund	Pair Corr
0.51	LETRX	Voya Russia Fund	Pair Corr
0.51	IWRFX	Voya Russia Fund	Pair Corr
0.42	CISGX	Touchstone Sands Capital	Pair Corr

Related Correlations Analysis

	HDOGX	HFCVX	HFCGX	VILLX	ICFSX
HDOGX		0.87	0.75	0.93	0.69	HDOGX
HFCVX	0.87		0.93	0.91	0.76	HFCVX
HFCGX	0.75	0.93		0.82	0.77	HFCGX
VILLX	0.93	0.91	0.82		0.75	VILLX
ICFSX	0.69	0.76	0.77	0.75		ICFSX
	HDOGX	HFCVX	HFCGX	VILLX	ICFSX

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Risk-Adjusted Indicators

There is a big difference between Hennessy Mutual Fund performing well and Hennessy Balanced 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 Balanced'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
HDOGX	0.38	(0.07)	(0.57)	0.59	(0.95)	2.86
HFCVX	0.44	(0.05)	(0.38)	0.85	(0.84)	4.06
HFCGX	1.09	(0.12)	(0.22)	1.79	(1.56)	16.03
VILLX	0.47	(0.06)	(0.31)	0.83	(1.01)	3.87
ICFSX	0.90	(0.17)	(0.37)	1.35	(2.06)	18.49

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