Hennessy Large Correlations

Mutual Funds USA . 
Fund . Hennessy Large Cap
HILFX Fund  USD 31.83  0.50  1.60%   
The current 90-days correlation between Hennessy Large Cap and Hennessy Large Cap is 1.0 (i.e., No risk reduction). The correlation of Hennessy Large 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 Large Correlation With Market

Very poor diversification

The correlation between Hennessy Large Cap and DJI is 0.82 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Large Cap 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 Large Cap. 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 census.

Moving together with Hennessy Mutual Fund

  0.87HICGX Hennessy Nerstone GrowthPairCorr
  0.73HICVX Hennessy Nerstone ValuePairCorr
  0.85HIMDX Hennessy Nerstone MidPairCorr
  0.64HILGX Hennessy Nerstone LargePairCorr
  0.96HISFX Hennessy Small CapPairCorr
  1.0HLFNX Hennessy Large CapPairCorr
  0.94HMSFX Hennessy Bp MidstreamPairCorr
  0.94HMSIX Hennessy Bp MidstreamPairCorr
  0.78HNRGX Hennessy Bp EnergyPairCorr
  0.78HNRIX Hennessy Bp EnergyPairCorr
  0.96HSFNX Hennessy Small CapPairCorr
  0.79HTECX Hennessy TechnologyPairCorr
  0.79HTCIX Hennessy TechnologyPairCorr
  0.96HEIFX Hennessy Equity AndPairCorr
  0.96HEIIX Hennessy Equity AndPairCorr
  0.91GASFX Hennessy Gas UtilityPairCorr
  0.73HFCVX Hennessy Nerstone ValuePairCorr
  0.87HFCGX Hennessy Nerstone GrowthPairCorr
  0.63HFLGX Hennessy Nerstone LargePairCorr
  0.85HFMDX Hennessy Nerstone MidPairCorr
  0.91HGASX Hennessy Gas UtilityPairCorr
  0.99VFAIX Vanguard Financials IndexPairCorr
  0.98FRBCX Regional BankPairCorr
  0.98JRGRX Regional BankPairCorr
  0.98PRISX T Rowe PricePairCorr
  0.99FIDCX Financial IndustriesPairCorr
  0.99JFDRX Financial IndustriesPairCorr
  0.98TFIFX T Rowe PricePairCorr
  0.98DVFYX Davis FinancialPairCorr
  0.98RPFGX Davis FinancialPairCorr
  0.98DFFCX Davis FinancialPairCorr

Moving against Hennessy Mutual Fund

  0.49HJPNX Hennessy JapanPairCorr
  0.48HJPIX Hennessy JapanPairCorr
  0.48HJPSX Hennessy Japan SmallPairCorr
  0.47HJSIX Hennessy Japan SmallPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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