Hennessy Nerstone Value Fund Market Value
| HICVX Fund | USD 22.23 0.23 1.05% |
| Symbol | Hennessy |
Hennessy Cornerstone 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Hennessy Cornerstone's mutual fund what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Hennessy Cornerstone.
| 11/28/2023 |
| 11/22/2024 |
If you would invest 0.00 in Hennessy Cornerstone on November 28, 2023 and sell it all today you would earn a total of 0.00 from holding Hennessy Nerstone Value or generate 0.0% return on investment in Hennessy Cornerstone over 360 days. Hennessy Cornerstone is related to or competes with Gmo Resources, Energy Basic, Hennessy, Franklin Natural, and World Energy. The fund invests in larger, dividend-paying common stocks by utilizing a quantitative formula known as the Cornerstone V... More
Hennessy Cornerstone Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Hennessy Cornerstone's mutual fund current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Hennessy Nerstone Value upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.4784 | |||
| Information Ratio | (0.08) | |||
| Maximum Drawdown | 2.65 | |||
| Value At Risk | (0.86) | |||
| Potential Upside | 1.03 |
Hennessy Cornerstone Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Hennessy Cornerstone's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Hennessy Cornerstone's standard deviation. In reality, there are many statistical measures that can use Hennessy Cornerstone historical prices to predict the future Hennessy Cornerstone's volatility.| Risk Adjusted Performance | 0.0818 | |||
| Jensen Alpha | (0.01) | |||
| Total Risk Alpha | (0.02) | |||
| Sortino Ratio | (0.1) | |||
| Treynor Ratio | 0.0877 |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Hennessy Cornerstone's price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
Hennessy Nerstone Value Backtested Returns
At this stage we consider Hennessy Mutual Fund to be very steady. Hennessy Nerstone Value holds Efficiency (Sharpe) Ratio of 0.0679, which attests that the entity had a 0.0679% return per unit of risk over the last 3 months. We have found twenty-seven technical indicators for Hennessy Nerstone Value, which you can use to evaluate the volatility of the entity. Please check out Hennessy Cornerstone's Market Risk Adjusted Performance of 0.0977, downside deviation of 0.4784, and Risk Adjusted Performance of 0.0818 to validate if the risk estimate we provide is consistent with the expected return of 0.037%. The fund retains a Market Volatility (i.e., Beta) of 0.6, which attests to possible diversification benefits within a given portfolio. As returns on the market increase, Hennessy Cornerstone's returns are expected to increase less than the market. However, during the bear market, the loss of holding Hennessy Cornerstone is expected to be smaller as well.
Auto-correlation | 0.82 |
Very good predictability
Hennessy Nerstone Value has very good predictability. Overlapping area represents the amount of predictability between Hennessy Cornerstone time series from 28th of November 2023 to 26th of May 2024 and 26th of May 2024 to 22nd of November 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Hennessy Nerstone Value price movement. The serial correlation of 0.82 indicates that around 82.0% of current Hennessy Cornerstone price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.82 | |
| Spearman Rank Test | 0.84 | |
| Residual Average | 0.0 | |
| Price Variance | 0.44 |
Hennessy Nerstone Value lagged returns against current returns
Autocorrelation, which is Hennessy Cornerstone mutual fund's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Hennessy Cornerstone's mutual fund expected returns. We can calculate the autocorrelation of Hennessy Cornerstone returns to help us make a trade decision. For example, suppose you find that Hennessy Cornerstone has exhibited high autocorrelation historically, and you observe that the mutual fund is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Hennessy Cornerstone regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Hennessy Cornerstone mutual fund is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Hennessy Cornerstone mutual fund is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Hennessy Cornerstone mutual fund over time.
Current vs Lagged Prices |
| Timeline |
Hennessy Cornerstone Lagged Returns
When evaluating Hennessy Cornerstone's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Hennessy Cornerstone mutual fund have on its future price. Hennessy Cornerstone autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Hennessy Cornerstone autocorrelation shows the relationship between Hennessy Cornerstone mutual fund current value and its past values and can show if there is a momentum factor associated with investing in Hennessy Nerstone Value.
Regressed Prices |
| Timeline |
Also Currently Popular
Analyzing currently trending equities could be an opportunity to develop a better portfolio based on different market momentums that they can trigger. Utilizing the top trending stocks is also useful when creating a market-neutral strategy or pair trading technique involving a short or a long position in a currently trending equity.Other Information on Investing in Hennessy Mutual Fund
Hennessy Cornerstone financial ratios help investors to determine whether Hennessy Mutual Fund is cheap or expensive when compared to a particular measure, such as profits or enterprise value. In other words, they help investors to determine the cost of investment in Hennessy with respect to the benefits of owning Hennessy Cornerstone security.
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |