Hennessy Correlations

HNRGX Fund

USD 28.54 0.32 1.13%

The current 90-days correlation between Hennessy Bp Energy and Vanguard Energy Fund is 0.11 (i.e., Average diversification). The correlation of Hennessy 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 Correlation With Market

Significant diversification

The correlation between Hennessy Bp Energy and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Bp Energy 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 Bp Energy. 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 price.

Moving together with Hennessy Mutual Fund

0.71	HICGX	Hennessy Nerstone Growth	Pair Corr
0.75	HICVX	Hennessy Nerstone Value	Pair Corr
0.74	HIMDX	Hennessy Nerstone Mid	Pair Corr
0.72	HILFX	Hennessy Large Cap	Pair Corr
0.78	HILGX	Hennessy Nerstone Large	Pair Corr
0.64	HISFX	Hennessy Small Cap	Pair Corr
0.72	HLFNX	Hennessy Large Cap	Pair Corr
0.64	HSFNX	Hennessy Small Cap	Pair Corr
0.73	HTECX	Hennessy Technology	Pair Corr
0.7	GASFX	Hennessy Gas Utility	Pair Corr
0.75	HFCVX	Hennessy Nerstone Value	Pair Corr
0.71	HFCGX	Hennessy Nerstone Growth	Pair Corr
0.74	HFMDX	Hennessy Nerstone Mid	Pair Corr
0.7	HGASX	Hennessy Gas Utility	Pair Corr
0.79	VGELX	Vanguard Energy	Pair Corr
0.66	VGENX	Vanguard Energy	Pair Corr
0.93	VENAX	Vanguard Energy Index	Pair Corr
0.93	FSENX	Fidelity Select Port	Pair Corr
0.82	FNRCX	Fidelity Advisor Energy	Pair Corr
0.93	FANAX	Fidelity Advisor Energy	Pair Corr
0.88	FAGNX	Fidelity Advisor Energy	Pair Corr
0.89	FANIX	Fidelity Advisor Energy	Pair Corr
0.62	FNARX	Fidelity Natural Res	Pair Corr
0.79	IENIX	Invesco Energy	Pair Corr
0.64	SMPIX	Semiconductor Ultrasector	Pair Corr
0.63	SMPSX	Semiconductor Ultrasector	Pair Corr
0.62	RSNRX	Victory Global Natural	Pair Corr
0.62	RSNYX	Victory Global Natural	Pair Corr
0.73	RMQAX	Monthly Rebalance	Pair Corr
0.62	RGNCX	Victory Global Natural	Pair Corr

Moving against Hennessy Mutual Fund

0.75	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.67	PFE	Pfizer Inc Fiscal Year End 4th of February 2025	Pair Corr
0.63	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.59	KO	Coca Cola Aggressive Push	Pair Corr
0.5	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr

Related Correlations Analysis

	VGELX	VENAX	FSENX	FNRCX	FANAX	FAGNX	FANIX	FNARX
VGELX		0.84	0.71	0.7	0.7	0.81	0.82	0.7	VGELX
VENAX	0.84		0.82	0.84	0.82	0.91	0.92	0.65	VENAX
FSENX	0.71	0.82		0.87	1.0	0.9	0.9	0.75	FSENX
FNRCX	0.7	0.84	0.87		0.87	0.97	0.96	0.85	FNRCX
FANAX	0.7	0.82	1.0	0.87		0.9	0.9	0.75	FANAX
FAGNX	0.81	0.91	0.9	0.97	0.9		1.0	0.84	FAGNX
FANIX	0.82	0.92	0.9	0.96	0.9	1.0		0.84	FANIX
FNARX	0.7	0.65	0.75	0.85	0.75	0.84	0.84		FNARX
	VGELX	VENAX	FSENX	FNRCX	FANAX	FAGNX	FANIX	FNARX

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Risk-Adjusted Indicators

There is a big difference between Hennessy Mutual Fund performing well and Hennessy 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'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
VGELX	0.51	0.03	(0.04)	0.19	0.63	(0.49)	1.04	(1.07)	2.72
VENAX	0.94	0.07	0.04	0.18	1.15	(0.93)	1.82	(2.09)	5.16
FSENX	0.94	0.06	(0.02)	2.29	1.26	(0.89)	2.07	(2.13)	5.82
FNRCX	0.94	(0.06)	(0.06)	0.02	1.33	(0.90)	2.04	(2.12)	5.83
FANAX	0.94	0.06	(0.02)	2.47	1.29	(0.89)	2.06	(2.13)	5.83
FAGNX	0.96	0.00	(0.01)	0.11	1.28	(0.92)	2.05	(2.12)	5.82
FANIX	0.96	0.01	(0.01)	0.11	1.28	(0.92)	2.07	(2.13)	5.83
FNARX	0.86	(0.10)	0.00	(0.08)	0.00	0.00	1.68	(1.60)	4.71

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