Hennessy Total Correlations

HDOGX Fund

USD 13.63 0.17 1.26%

The current 90-days correlation between Hennessy Total Return and Hennessy Balanced Fund is 0.97 (i.e., Almost no diversification). The correlation of Hennessy Total 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 Total Correlation With Market

Modest diversification

The correlation between Hennessy Total Return and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Total Return 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 Total Return. 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 price.

Moving together with Hennessy Mutual Fund

0.78	HICGX	Hennessy Nerstone Growth	Pair Corr
0.96	HICVX	Hennessy Nerstone Value	Pair Corr
0.8	HIMDX	Hennessy Nerstone Mid	Pair Corr
0.87	HILGX	Hennessy Nerstone Large	Pair Corr
0.72	HISFX	Hennessy Small Cap	Pair Corr
0.73	HJPIX	Hennessy Japan	Pair Corr
0.73	HJPNX	Hennessy Japan	Pair Corr
0.72	HSFNX	Hennessy Small Cap	Pair Corr
0.98	HBFBX	Hennessy Balanced	Pair Corr
0.78	HEIFX	Hennessy Equity And	Pair Corr
0.78	HEIIX	Hennessy Equity And	Pair Corr
0.74	GASFX	Hennessy Gas Utility	Pair Corr
0.77	HFCSX	Hennessy Focus	Pair Corr
0.96	HFCVX	Hennessy Nerstone Value	Pair Corr
0.81	HFCGX	Hennessy Nerstone Growth	Pair Corr
0.77	HFCIX	Hennessy Focus	Pair Corr
0.9	HFLGX	Hennessy Nerstone Large	Pair Corr
0.8	HFMDX	Hennessy Nerstone Mid	Pair Corr
0.74	HGASX	Hennessy Gas Utility	Pair Corr
0.8	FBONX	American Funds American	Pair Corr
0.8	FBAFX	American Funds American	Pair Corr
0.8	ABALX	American Balanced	Pair Corr
0.8	BALCX	American Balanced	Pair Corr
0.8	BALFX	American Balanced	Pair Corr
0.8	RLBCX	American Balanced	Pair Corr
0.8	RLBBX	American Balanced	Pair Corr
0.8	CLBAX	American Balanced	Pair Corr
0.8	CLBEX	American Balanced	Pair Corr
0.8	RLBFX	American Balanced	Pair Corr

Moving against Hennessy Mutual Fund

0.68

UIPIX

Ultrashort Mid Cap

Pair Corr

Related Correlations Analysis

	HBFBX	HFCVX	HFCGX	HILVX	CHDEX
HBFBX		0.96	0.89	0.83	0.88	HBFBX
HFCVX	0.96		0.86	0.77	0.88	HFCVX
HFCGX	0.89	0.86		0.85	0.79	HFCGX
HILVX	0.83	0.77	0.85		0.83	HILVX
CHDEX	0.88	0.88	0.79	0.83		CHDEX
	HBFBX	HFCVX	HFCGX	HILVX	CHDEX

Click cells to compare fundamentals

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Risk-Adjusted Indicators

There is a big difference between Hennessy Mutual Fund performing well and Hennessy Total 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 Total'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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HBFBX	0.29	(0.03)	0.00	(0.10)	0.00	0.00	0.58	(0.67)	1.94
HFCVX	0.50	(0.02)	(0.13)	0.00	0.61	(0.58)	1.04	(0.89)	4.06
HFCGX	1.14	(0.13)	0.00	(0.17)	0.00	0.00	2.09	(1.89)	16.03
HILVX	0.66	(0.13)	0.00	(0.23)	0.00	0.00	1.12	(1.16)	7.95
CHDEX	0.54	(0.03)	0.00	2.12	0.00	0.00	0.92	(0.89)	4.27

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