Hennessy Gas Correlations

GASFX Fund

USD 28.59 0.24 0.85%

The current 90-days correlation between Hennessy Gas Utility and Utilities Fund Investor is 0.84 (i.e., Very poor diversification). The correlation of Hennessy Gas 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 Gas Correlation With Market

Good diversification

The correlation between Hennessy Gas Utility and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Gas Utility 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 Gas Utility. 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 census.

Moving together with Hennessy Mutual Fund

0.76	ED	Consolidated Edison	Pair Corr
0.69	ES	Eversource Energy Sell-off Trend	Pair Corr
0.64	HE	Hawaiian Electric	Pair Corr
0.78	SR	Spire Inc	Pair Corr
0.7	DUKB	Duke Energy Corp	Pair Corr
0.67	CMS-PB	Consumers Energy	Pair Corr
0.66	CDZIP	Cadiz Depositary Shares Earnings Call Tomorrow	Pair Corr
0.73	ELPC	Companhia Paranaense	Pair Corr
0.8	AEE	Ameren Corp Sell-off Trend	Pair Corr
0.76	AQN	Algonquin Power Utilities	Pair Corr
0.72	CMS	CMS Energy	Pair Corr
0.67	CPK	Chesapeake Utilities	Pair Corr
0.78	DTE	DTE Energy	Pair Corr

Moving against Hennessy Mutual Fund

0.42	RNWWW	ReNew Energy Global	Pair Corr
0.36	ELLO	Ellomay Capital Earnings Call This Week	Pair Corr
0.55	XIFR	XPLR Infrastructure Symbol Change	Pair Corr
0.48	NFE	New Fortress Energy Buyout Trend	Pair Corr
0.45	EIX	Edison International	Pair Corr
0.36	BIP	Brookfield Infrastructure	Pair Corr

Related Correlations Analysis

	BULIX	YAFFX	FSCHX	FSTEX	FIUIX
BULIX		0.61	0.18	0.49	0.77	BULIX
YAFFX	0.61		0.53	0.53	0.59	YAFFX
FSCHX	0.18	0.53		0.39	0.11	FSCHX
FSTEX	0.49	0.53	0.39		0.08	FSTEX
FIUIX	0.77	0.59	0.11	0.08		FIUIX
	BULIX	YAFFX	FSCHX	FSTEX	FIUIX

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Risk-Adjusted Indicators

There is a big difference between Hennessy Mutual Fund performing well and Hennessy Gas 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 Gas' 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
BULIX	0.78	0.05	0.08	0.60	0.93	(0.85)	1.61	(2.07)	4.72
YAFFX	0.53	0.01	0.08	(0.26)	0.58	(0.58)	1.02	(0.90)	2.52
FSCHX	0.85	(0.06)	0.00	0.73	0.00	0.00	1.33	(1.52)	4.80
FSTEX	0.81	0.14	0.14	(0.58)	1.09	(0.84)	1.51	(1.93)	5.64
FIUIX	0.74	0.01	0.03	0.01	1.03	(0.74)	1.41	(1.59)	3.88

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