Hennessy Nerstone Correlations

HICVX Fund

USD 20.87 0.14 0.68%

The current 90-days correlation between Hennessy Nerstone Value and Hennessy Nerstone Growth is 0.56 (i.e., Very weak diversification). The correlation of Hennessy Nerstone 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 Nerstone Correlation With Market

Weak diversification

The correlation between Hennessy Nerstone Value and DJI is 0.33 (i.e., Weak 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

0.94	HICGX	Hennessy Nerstone Growth	Pair Corr
0.93	HIMDX	Hennessy Nerstone Mid	Pair Corr
0.98	HILGX	Hennessy Nerstone Large	Pair Corr
0.76	HISFX	Hennessy Small Cap	Pair Corr
0.82	HJPIX	Hennessy Japan	Pair Corr
0.73	HJPNX	Hennessy Japan	Pair Corr
0.76	HSFNX	Hennessy Small Cap	Pair Corr
0.86	HBFBX	Hennessy Balanced	Pair Corr
0.83	HDOGX	Hennessy Total Return	Pair Corr
0.91	HEIFX	Hennessy Equity And	Pair Corr
0.91	HEIIX	Hennessy Equity And	Pair Corr
0.87	GASFX	Hennessy Gas Utility	Pair Corr
0.89	HFCSX	Hennessy Focus	Pair Corr
0.96	HFCVX	Hennessy Nerstone Value	Pair Corr
0.91	HFCGX	Hennessy Nerstone Growth	Pair Corr
0.89	HFCIX	Hennessy Focus	Pair Corr
0.98	HFLGX	Hennessy Nerstone Large	Pair Corr
0.92	HFMDX	Hennessy Nerstone Mid	Pair Corr
0.87	HGASX	Hennessy Gas Utility	Pair Corr
0.93	VVIAX	Vanguard Value Index	Pair Corr
0.9	DOXGX	Dodge Cox Stock	Pair Corr
0.86	AFMFX	American Mutual	Pair Corr
0.92	FFMMX	American Funds American	Pair Corr
0.92	FFFMX	American Funds American	Pair Corr
0.92	AMRMX	American Mutual	Pair Corr
0.86	AMFFX	American Mutual	Pair Corr
0.92	AMFCX	American Mutual	Pair Corr
0.86	DODGX	Dodge Stock Fund	Pair Corr
0.93	VIVAX	Vanguard Value Index	Pair Corr

Related Correlations Analysis

	HICGX	HICVX	HIMDX	HILFX	HILGX	HISFX	HJPIX	HJPNX	HJPSX	HJSIX
HICGX		0.94	0.99	0.13	0.96	0.83	0.79	0.68	0.11	0.21	HICGX
HICVX	0.94		0.93	0.09	0.98	0.76	0.82	0.73	0.09	0.17	HICVX
HIMDX	0.99	0.93		-0.02	0.96	0.77	0.81	0.71	0.04	0.13	HIMDX
HILFX	0.13	0.09	-0.02		0.05	0.55	-0.03	-0.1	0.54	0.6	HILFX
HILGX	0.96	0.98	0.96	0.05		0.78	0.85	0.77	0.12	0.2	HILGX
HISFX	0.83	0.76	0.77	0.55	0.78		0.67	0.59	0.42	0.51	HISFX
HJPIX	0.79	0.82	0.81	-0.03	0.85	0.67		0.92	0.4	0.46	HJPIX
HJPNX	0.68	0.73	0.71	-0.1	0.77	0.59	0.92		0.46	0.38	HJPNX
HJPSX	0.11	0.09	0.04	0.54	0.12	0.42	0.4	0.46		0.91	HJPSX
HJSIX	0.21	0.17	0.13	0.6	0.2	0.51	0.46	0.38	0.91		HJSIX
	HICGX	HICVX	HIMDX	HILFX	HILGX	HISFX	HJPIX	HJPNX	HJPSX	HJSIX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

HIMDX	+ 0.99	HICGX
HILGX	+ 0.98	HICVX
HILGX	+ 0.96	HICGX
HILGX	+ 0.96	HIMDX
HICVX	+ 0.94	HICGX
HIMDX	+ 0.93	HICVX

High negative correlations

HJPNX	- 0.1	HILFX
HJPIX	- 0.03	HILFX
HILFX	- 0.02	HIMDX

Risk-Adjusted Indicators

There is a big difference between Hennessy Mutual Fund performing well and Hennessy Nerstone 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 Nerstone'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
HICGX	1.09	(0.12)	0.00	(0.19)	0.00	0.00	1.77	(1.52)	16.04
HICVX	0.46	(0.05)	0.00	(0.18)	0.00	0.00	0.85	(0.89)	4.11
HIMDX	1.02	(0.22)	0.00	(0.31)	0.00	0.00	2.11	(1.55)	18.34
HILFX	1.11	0.24	0.17	0.59	1.07	(1.28)	2.04	(1.83)	15.79
HILGX	0.67	(0.10)	0.00	(0.24)	0.00	0.00	1.20	(1.20)	5.91
HISFX	1.43	(0.01)	(0.01)	0.00	1.84	(1.63)	3.01	(3.49)	18.32
HJPIX	0.96	(0.17)	0.00	(0.46)	0.00	0.00	1.50	(2.75)	7.14
HJPNX	0.95	(0.17)	0.00	(2.73)	0.00	0.00	1.51	(2.76)	7.16
HJPSX	0.74	(0.04)	0.00	(1.07)	0.00	0.00	1.24	(1.68)	4.91
HJSIX	0.75	(0.04)	0.00	(0.10)	0.00	0.00	1.26	(1.71)	4.88

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC