Hennessy Cornerstone Correlations

HIMDX Fund

USD 29.11 0.31 1.08%

The current 90-days correlation between Hennessy Nerstone Mid and Massmutual Select T is -0.05 (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 Mid and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Nerstone Mid 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 Mid. 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 unemployment.

Moving together with Hennessy Mutual Fund

0.88	VSIIX	Vanguard Small Cap	Pair Corr
0.82	VISVX	Vanguard Small Cap	Pair Corr
0.89	DFSVX	Us Small Cap	Pair Corr
0.82	DFFVX	Us Targeted Value	Pair Corr
0.72	UBVCX	Undiscovered Managers	Pair Corr
0.73	UBVAX	Undiscovered Managers	Pair Corr
0.84	UBVSX	Undiscovered Managers	Pair Corr
0.93	AVFIX	American Beacon Small	Pair Corr
0.84	SMPIX	Semiconductor Ultrasector	Pair Corr
0.89	SMPSX	Semiconductor Ultrasector	Pair Corr
0.9	RSNRX	Victory Global Natural	Pair Corr
0.9	RSNYX	Victory Global Natural	Pair Corr
0.81	FIKGX	Fidelity Advisor Sem	Pair Corr
0.9	RMQAX	Monthly Rebalance	Pair Corr
0.9	RGNCX	Victory Global Natural	Pair Corr
0.9	RMQHX	Monthly Rebalance	Pair Corr
0.84	LSHAX	Horizon Spin Off Steady Growth	Pair Corr
0.84	LSHUX	Horizon Spin Off Steady Growth	Pair Corr
0.75	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.64	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.63	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.65	DIS	Walt Disney Aggressive Push	Pair Corr
0.82	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.85	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.66	WMT	Walmart Aggressive Push	Pair Corr
0.78	HPQ	HP Inc	Pair Corr
0.83	CSCO	Cisco Systems	Pair Corr

Moving against Hennessy Mutual Fund

0.75	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.71	KO	Coca Cola Aggressive Push	Pair Corr
0.53	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.52	PFE	Pfizer Inc Fiscal Year End 4th of February 2025	Pair Corr

Related Correlations Analysis

	MMLRX	KCGSX	QCERX	TRLGX	ILESX	JDVNX	TWQZX
MMLRX		0.94	0.99	0.99	0.95	0.94	0.92	MMLRX
KCGSX	0.94		0.94	0.93	0.99	0.95	0.94	KCGSX
QCERX	0.99	0.94		0.97	0.95	0.94	0.92	QCERX
TRLGX	0.99	0.93	0.97		0.95	0.92	0.89	TRLGX
ILESX	0.95	0.99	0.95	0.95		0.98	0.96	ILESX
JDVNX	0.94	0.95	0.94	0.92	0.98		0.98	JDVNX
TWQZX	0.92	0.94	0.92	0.89	0.96	0.98		TWQZX
	MMLRX	KCGSX	QCERX	TRLGX	ILESX	JDVNX	TWQZX

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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
MMLRX	0.53	(0.01)	(0.03)	0.09	0.65	(0.57)	1.05	(1.43)	3.88
KCGSX	0.67	0.09	(0.01)	(1.58)	0.92	(0.67)	1.36	(1.53)	4.46
QCERX	0.64	(0.01)	(0.01)	0.09	0.73	(0.70)	1.52	(1.22)	4.31
TRLGX	0.69	0.00	(0.01)	0.10	0.99	(0.63)	1.50	(1.94)	4.73
ILESX	0.66	0.11	0.01	(1.33)	0.82	(0.73)	1.42	(1.43)	4.75
JDVNX	0.58	0.10	0.00	(2.43)	0.51	(0.72)	1.19	(0.99)	5.12
TWQZX	0.49	0.08	(0.04)	(3.74)	0.35	(0.59)	1.16	(0.75)	3.48

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