Hennessy Equity Correlations

Mutual Funds . USA . 
Fund . Hennessy Equity And
HEIIX Fund  USD 13.19  0.06  0.45%   
The current 90-days correlation between Hennessy Equity And and Morgan Stanley Government is 0.39 (i.e., Weak diversification). The correlation of Hennessy Equity 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 Equity Correlation With Market

Poor diversification

The correlation between Hennessy Equity And and DJI is 0.72 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Equity And 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 Equity And. 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 gross domestic product.

Moving together with Hennessy Mutual Fund

  0.77HICVX Hennessy Nerstone ValuePairCorr
  0.76HBFBX Hennessy BalancedPairCorr
  0.7HDOGX Hennessy Total ReturnPairCorr
  1.0HEIFX Hennessy Equity AndPairCorr
  0.7HFCSX Hennessy FocusPairCorr
  0.77HFCVX Hennessy Nerstone ValuePairCorr
  0.71HFCIX Hennessy FocusPairCorr
  0.71FBONX American Funds AmericanPairCorr
  0.71FBAFX American Funds AmericanPairCorr
  0.69ABALX American BalancedPairCorr
  0.68BALCX American BalancedPairCorr
  0.74BALFX American BalancedPairCorr
  0.69RLBCX American BalancedPairCorr
  0.68RLBBX American BalancedPairCorr
  0.69CLBAX American BalancedPairCorr
  0.69CLBEX American BalancedPairCorr
  0.7RLBFX American BalancedPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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