Hennessy Total Correlations

Mutual Funds . USA . 
Fund . Hennessy Total Return
HDOGX Fund  USD 14.00  0.03  0.21%   
The current 90-days correlation between Hennessy Total Return and Hennessy Balanced Fund is 0.03 (i.e., Significant diversification). The correlation of Hennessy Total 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 Total Correlation With Market

Weak diversification

The correlation between Hennessy Total Return and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Total Return 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 Total Return. 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

  0.76HICVX Hennessy Nerstone ValuePairCorr
  0.74HJPSX Hennessy Japan SmallPairCorr
  0.75HJSIX Hennessy Japan SmallPairCorr
  0.83HBFBX Hennessy BalancedPairCorr
  0.61HEIFX Hennessy Equity AndPairCorr
  0.62HEIIX Hennessy Equity AndPairCorr
  0.79HFCVX Hennessy Nerstone ValuePairCorr

Moving against Hennessy Mutual Fund

  0.51HIMDX Hennessy Nerstone MidPairCorr
  0.49HICGX Hennessy Nerstone GrowthPairCorr
  0.36HSFNX Hennessy Small CapPairCorr
  0.36HTECX Hennessy TechnologyPairCorr
  0.68HFMDX Hennessy Nerstone MidPairCorr
  0.49HFCGX Hennessy Nerstone GrowthPairCorr

Related Correlations Analysis

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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   
HFCVX
+ 0.99
HBFBX
CHDEX
+ 0.72
HFCVX
CHDEX
+ 0.71
HBFBX
HILVX
+ 0.42
HFCVX
HILVX
+ 0.37
HBFBX
CHDEX
+ 0.26
HILVX
  
High negative correlations   
HFCGX
- 0.54
HBFBX
HFCGX
- 0.46
HFCVX
CHDEX
- 0.14
HFCGX

Risk-Adjusted Indicators

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