Hennessy Small Correlations

Mutual Funds USA . 
Fund . Hennessy Small Cap
HSFNX Fund  USD 25.31  0.03  0.12%   
The current 90-days correlation between Hennessy Small Cap and Hennessy Large Cap is 0.15 (i.e., Average diversification). The correlation of Hennessy Small 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 Small Correlation With Market

HennessyDowDiversified AwayHennessyDowDiversified Away100%

Poor diversification

The correlation between Hennessy Small Cap and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Small 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 Small 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 board of governors.

Moving together with Hennessy Mutual Fund

  0.81VFAIX Vanguard Financials IndexPairCorr
  0.88FIDCX Financial IndustriesPairCorr
  0.88JFDRX Financial IndustriesPairCorr
  0.61TFIFX T Rowe PricePairCorr
  0.67RPFGX Davis FinancialPairCorr
  0.68DFFCX Davis FinancialPairCorr
  0.64LBSAX Columbia Dividend IncomePairCorr

Moving against Hennessy Mutual Fund

  0.39SNGYX Sit Government SecuritiesPairCorr
  0.34IIBAX Voya Intermediate BondPairCorr
  0.31MSPHX Massmutual Select TotalPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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