Hennessy Focus Correlations

Mutual Funds . USA . 
Fund . Hennessy Focus Fund
HFCIX Fund  USD 44.56  0.14  0.32%   
The current 90-days correlation between Hennessy Focus and Us Government Securities is 0.17 (i.e., Average diversification). The correlation of Hennessy Focus 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 Focus Correlation With Market

Poor diversification

The correlation between Hennessy Focus Fund and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Focus Fund 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 Focus Fund. 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

  0.8HILFX Hennessy Large CapPairCorr
  0.75HISFX Hennessy Small CapPairCorr
  0.79HLFNX Hennessy Large CapPairCorr
  0.75HSFNX Hennessy Small CapPairCorr
  0.79HTECX Hennessy TechnologyPairCorr
  0.8HTCIX Hennessy TechnologyPairCorr
  0.72HEIFX Hennessy Equity AndPairCorr
  0.71HEIIX Hennessy Equity AndPairCorr
  1.0HFCSX Hennessy FocusPairCorr
  0.82VIMAX Vanguard Mid CapPairCorr
  0.82VIMSX Vanguard Mid CapPairCorr
  0.82VMCPX Vanguard Mid CapPairCorr
  0.82VMCIX Vanguard Mid CapPairCorr
  0.67VEXAX Vanguard Extended MarketPairCorr
  0.67VEMPX Vanguard Extended MarketPairCorr
  0.67VIEIX Vanguard Extended MarketPairCorr
  0.67VSEMX Vanguard Extended MarketPairCorr
  0.67VEXMX Vanguard Extended MarketPairCorr
  0.67FSMAX Fidelity Extended MarketPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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