Hennessy Japan Correlations

HJSIX Fund

USD 21.99 0.18 0.83%

The current 90-days correlation between Hennessy Japan Small and Internet Ultrasector Profund is 0.16 (i.e., Average diversification). The correlation of Hennessy Japan 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 Japan Correlation With Market

Almost no diversification

The correlation between Hennessy Japan Small and DJI is 0.9 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Japan Small 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 Japan Small. 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 gross domestic product.

Moving together with Hennessy Mutual Fund

0.9	HICGX	Hennessy Nerstone Growth	Pair Corr
0.95	HICVX	Hennessy Nerstone Value	Pair Corr
0.89	HIMDX	Hennessy Nerstone Mid	Pair Corr
0.8	HILFX	Hennessy Large Cap	Pair Corr
0.97	HILGX	Hennessy Nerstone Large	Pair Corr
0.92	HISFX	Hennessy Small Cap	Pair Corr
0.9	HJPIX	Hennessy Japan Steady Growth	Pair Corr
0.88	HJPNX	Hennessy Japan Steady Growth	Pair Corr
0.98	HJPSX	Hennessy Japan Small Steady Growth	Pair Corr
0.8	HLFNX	Hennessy Large Cap	Pair Corr
0.69	HMSFX	Hennessy Bp Midstream	Pair Corr
0.71	HMSIX	Hennessy Bp Midstream	Pair Corr
0.75	HNRGX	Hennessy Bp Energy	Pair Corr
0.75	HNRIX	Hennessy Bp Energy	Pair Corr
0.92	HSFNX	Hennessy Small Cap	Pair Corr
0.74	HBFBX	Hennessy Balanced	Pair Corr
0.9	HTECX	Hennessy Technology	Pair Corr
0.87	HTCIX	Hennessy Technology	Pair Corr
0.71	HDOGX	Hennessy Total Return	Pair Corr
0.94	HEIFX	Hennessy Equity And	Pair Corr
0.94	HEIIX	Hennessy Equity And	Pair Corr
0.94	GASFX	Hennessy Gas Utility	Pair Corr
0.95	HFCVX	Hennessy Nerstone Value	Pair Corr
0.9	HFCGX	Hennessy Nerstone Growth	Pair Corr
0.95	HFLGX	Hennessy Nerstone Large	Pair Corr
0.89	HFMDX	Hennessy Nerstone Mid	Pair Corr
0.94	HGASX	Hennessy Gas Utility	Pair Corr
0.92	FJPNX	Fidelity Japan Steady Growth	Pair Corr
0.94	RJAIX	T Rowe Price Steady Growth	Pair Corr
0.82	MJFOX	Matthews Japan Steady Growth	Pair Corr
0.82	MIJFX	Matthews Japan Steady Growth	Pair Corr
0.88	DFJSX	Japanese Small Pany Steady Growth	Pair Corr
0.95	BAFJX	Brown Advisory	Pair Corr
0.92	FIQLX	Fidelity Japan Steady Growth	Pair Corr
0.83	FSJPX	Fidelity Sai Japan Steady Growth	Pair Corr
0.92	FJPIX	Fidelity Japan Steady Growth	Pair Corr
0.92	FJPCX	Fidelity Japan Steady Growth	Pair Corr

Moving against Hennessy Mutual Fund

0.78	HFCSX	Hennessy Focus	Pair Corr
0.78	HFCIX	Hennessy Focus	Pair Corr
0.59	XNBHX	Neuberger Berman Int	Pair Corr
0.39	NXJ	Nuveen New Jersey	Pair Corr
0.38	XNXJX	Nuveen New Jersey	Pair Corr
0.33	XDSMX	Dreyfus Strategic	Pair Corr

Related Correlations Analysis

	AVEWX	BUFMX	PFJDX	HADUX	FLOWX	WHOSX	MSD	CAMYX	POGSX	INPSX
AVEWX		0.43	0.89	0.85	0.82	-0.17	0.71	0.86	0.71	-0.25	AVEWX
BUFMX	0.43		0.61	0.56	0.36	-0.68	0.42	0.59	0.41	0.08	BUFMX
PFJDX	0.89	0.61		0.97	0.88	-0.39	0.87	0.96	0.87	-0.38	PFJDX
HADUX	0.85	0.56	0.97		0.89	-0.42	0.89	0.94	0.87	-0.45	HADUX
FLOWX	0.82	0.36	0.88	0.89		-0.33	0.94	0.9	0.89	-0.69	FLOWX
WHOSX	-0.17	-0.68	-0.39	-0.42	-0.33		-0.41	-0.44	-0.44	0.17	WHOSX
MSD	0.71	0.42	0.87	0.89	0.94	-0.41		0.89	0.94	-0.72	MSD
CAMYX	0.86	0.59	0.96	0.94	0.9	-0.44	0.89		0.89	-0.44	CAMYX
POGSX	0.71	0.41	0.87	0.87	0.89	-0.44	0.94	0.89		-0.66	POGSX
INPSX	-0.25	0.08	-0.38	-0.45	-0.69	0.17	-0.72	-0.44	-0.66		INPSX
	AVEWX	BUFMX	PFJDX	HADUX	FLOWX	WHOSX	MSD	CAMYX	POGSX	INPSX

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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

HADUX	+ 0.97	PFJDX
CAMYX	+ 0.96	PFJDX
CAMYX	+ 0.94	HADUX
MSD	+ 0.94	FLOWX
POGSX	+ 0.94	MSD
CAMYX	+ 0.9	FLOWX

High negative correlations

INPSX	- 0.72	MSD
INPSX	- 0.69	FLOWX
WHOSX	- 0.68	BUFMX
INPSX	- 0.66	POGSX
INPSX	- 0.45	HADUX
INPSX	- 0.44	CAMYX

Risk-Adjusted Indicators

There is a big difference between Hennessy Mutual Fund performing well and Hennessy Japan 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 Japan'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
AVEWX	0.82	(0.04)	(0.03)	0.04	1.07	(0.84)	1.36	(1.76)	3.87
BUFMX	0.86	(0.02)	(0.02)	0.05	1.07	(1.07)	1.38	(1.50)	14.98
PFJDX	0.38	0.01	(0.04)	0.10	0.43	(0.43)	0.75	(0.76)	2.34
HADUX	0.49	0.01	(0.02)	0.08	0.64	(0.48)	1.02	(1.19)	3.11
FLOWX	0.62	0.14	0.11	2.63	0.52	(0.70)	1.46	(0.87)	4.04
WHOSX	0.54	(0.01)	(0.09)	(0.01)	0.73	(0.52)	1.09	(1.07)	2.85
MSD	0.35	0.13	0.18	0.70	0.00	(0.47)	1.07	(0.54)	2.21
CAMYX	0.65	0.03	0.02	0.12	0.76	(0.68)	1.35	(1.21)	3.75
POGSX	0.98	0.26	0.26	0.49	0.58	(1.24)	1.51	(1.53)	11.36
INPSX	1.38	(0.45)	0.00	(0.28)	0.00	0.00	2.56	(3.50)	8.33

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