Hennessy Cornerstone Correlations

HICVX Fund

USD 22.23 0.23 1.05%

The current 90-days correlation between Hennessy Nerstone Value and Alpsalerian Energy Infrastructure is -0.02 (i.e., Good diversification). The correlation of Hennessy Cornerstone 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 Cornerstone Correlation With Market

Good diversification

The correlation between Hennessy Nerstone Value and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Nerstone Value 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 Nerstone Value. 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 real.

Moving together with Hennessy Mutual Fund

0.86	AFMFX	American Mutual	Pair Corr
0.76	FFMMX	American Funds American	Pair Corr
0.76	FFFMX	American Funds American	Pair Corr
0.86	AMRMX	American Mutual	Pair Corr
0.75	AMFFX	American Mutual	Pair Corr
0.75	AMFCX	American Mutual	Pair Corr
0.87	DODGX	Dodge Stock Fund	Pair Corr
0.92	VIVAX	Vanguard Value Index	Pair Corr
0.84	VTSAX	Vanguard Total Stock	Pair Corr
0.66	VFIAX	Vanguard 500 Index	Pair Corr
0.84	VTSMX	Vanguard Total Stock	Pair Corr
0.84	VSMPX	Vanguard Total Stock	Pair Corr
0.84	VSTSX	Vanguard Total Stock	Pair Corr
0.77	VITSX	Vanguard Total Stock	Pair Corr
0.77	VFINX	Vanguard 500 Index	Pair Corr
0.84	VFFSX	Vanguard 500 Index	Pair Corr
0.69	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.7	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.63	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.67	HPQ	HP Inc	Pair Corr
0.7	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.63	CSCO	Cisco Systems	Pair Corr
0.63	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr

Moving against Hennessy Mutual Fund

0.46	KO	Coca Cola Aggressive Push	Pair Corr
0.42	PFE	Pfizer Inc Fiscal Year End 4th of February 2025	Pair Corr

Related Correlations Analysis

	ALEFX	GMOWX	SBMBX	HNRGX	FNCRX	APWEX
ALEFX		-0.31	0.32	0.78	0.55	0.92	ALEFX
GMOWX	-0.31		0.75	0.21	0.56	-0.04	GMOWX
SBMBX	0.32	0.75		0.72	0.96	0.55	SBMBX
HNRGX	0.78	0.21	0.72		0.87	0.84	HNRGX
FNCRX	0.55	0.56	0.96	0.87		0.75	FNCRX
APWEX	0.92	-0.04	0.55	0.84	0.75		APWEX
	ALEFX	GMOWX	SBMBX	HNRGX	FNCRX	APWEX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

FNCRX	+ 0.96	SBMBX
APWEX	+ 0.92	ALEFX
FNCRX	+ 0.87	HNRGX
APWEX	+ 0.84	HNRGX
HNRGX	+ 0.78	ALEFX
SBMBX	+ 0.75	GMOWX

High negative correlations

GMOWX	- 0.31	ALEFX
APWEX	- 0.04	GMOWX

Risk-Adjusted Indicators

There is a big difference between Hennessy Mutual Fund performing well and Hennessy Cornerstone 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 Cornerstone'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
ALEFX	0.63	0.24	0.31	0.62	0.00	(0.84)	1.37	(0.74)	3.08
GMOWX	1.10	(0.04)	0.00	0.52	0.00	0.00	1.88	(2.79)	7.69
SBMBX	0.75	0.03	(0.06)	(0.36)	1.08	(0.72)	1.43	(1.63)	4.41
HNRGX	0.91	0.13	0.03	3.01	1.05	(0.97)	1.84	(1.85)	5.32
FNCRX	0.77	0.06	(0.03)	(1.87)	1.03	(0.79)	1.60	(1.81)	5.15
APWEX	0.89	0.11	0.09	0.20	0.94	(0.98)	2.01	(1.67)	5.80

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