Hennessy Focus Correlations

HFCIX Fund

USD 47.19 0.54 1.16%

The current 90-days correlation between Hennessy Focus and Gmo Global Equity is 0.23 (i.e., Modest 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

Weak diversification

The correlation between Hennessy Focus Fund and DJI is 0.33 (i.e., Weak 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

0.91	HICGX	Hennessy Nerstone Growth	Pair Corr
0.9	HIMDX	Hennessy Nerstone Mid	Pair Corr
0.89	HILGX	Hennessy Nerstone Large	Pair Corr
0.89	HISFX	Hennessy Small Cap	Pair Corr
0.81	HJPIX	Hennessy Japan	Pair Corr
0.81	HJPNX	Hennessy Japan	Pair Corr
0.63	HJPSX	Hennessy Japan Small	Pair Corr
0.63	HJSIX	Hennessy Japan Small	Pair Corr
0.89	HSFNX	Hennessy Small Cap	Pair Corr
0.61	HBFBX	Hennessy Balanced	Pair Corr
0.63	HTECX	Hennessy Technology	Pair Corr
0.63	HTCIX	Hennessy Technology	Pair Corr
0.97	HEIFX	Hennessy Equity And	Pair Corr
0.97	HEIIX	Hennessy Equity And	Pair Corr
0.92	GASFX	Hennessy Gas Utility	Pair Corr
1.0	HFCSX	Hennessy Focus	Pair Corr
0.91	HFCGX	Hennessy Nerstone Growth	Pair Corr
0.89	HFLGX	Hennessy Nerstone Large	Pair Corr
0.9	HFMDX	Hennessy Nerstone Mid	Pair Corr
0.92	HGASX	Hennessy Gas Utility	Pair Corr
0.77	VIMAX	Vanguard Mid Cap	Pair Corr
0.77	VIMSX	Vanguard Mid Cap	Pair Corr
0.77	VMCPX	Vanguard Mid Cap	Pair Corr
0.77	VMCIX	Vanguard Mid Cap	Pair Corr
0.65	VEXAX	Vanguard Extended Market	Pair Corr
0.65	VEMPX	Vanguard Extended Market	Pair Corr
0.65	VIEIX	Vanguard Extended Market	Pair Corr
0.65	VSEMX	Vanguard Extended Market	Pair Corr
0.65	VEXMX	Vanguard Extended Market	Pair Corr
0.65	FSMAX	Fidelity Extended Market	Pair Corr

Related Correlations Analysis

	GMADX	DLENX	SMNIX	LGFEX	FITSX	SWSFX	PAEIX	RTIUX
GMADX		0.82	-0.1	0.76	0.55	0.66	0.9	0.89	GMADX
DLENX	0.82		0.1	0.78	0.65	0.75	0.95	0.93	DLENX
SMNIX	-0.1	0.1		0.02	0.28	0.07	0.03	0.01	SMNIX
LGFEX	0.76	0.78	0.02		0.85	0.33	0.84	0.91	LGFEX
FITSX	0.55	0.65	0.28	0.85		0.22	0.66	0.73	FITSX
SWSFX	0.66	0.75	0.07	0.33	0.22		0.73	0.61	SWSFX
PAEIX	0.9	0.95	0.03	0.84	0.66	0.73		0.98	PAEIX
RTIUX	0.89	0.93	0.01	0.91	0.73	0.61	0.98		RTIUX
	GMADX	DLENX	SMNIX	LGFEX	FITSX	SWSFX	PAEIX	RTIUX

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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

RTIUX	+ 0.98	PAEIX
PAEIX	+ 0.95	DLENX
RTIUX	+ 0.93	DLENX
RTIUX	+ 0.91	LGFEX
PAEIX	+ 0.9	GMADX
RTIUX	+ 0.89	GMADX

High negative correlations

SMNIX

- 0.1

GMADX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
GMADX	0.62	0.05	0.05	0.08	1.26	(0.60)	1.00	(1.19)	11.02
DLENX	0.12	0.02	0.24	1.17	0.00	(0.16)	0.22	(0.11)	0.67
SMNIX	0.39	0.02	0.10	(0.36)	0.34	(0.56)	0.96	(0.73)	1.98
LGFEX	0.62	0.07	0.07	0.07	1.02	(0.60)	1.16	(0.99)	5.71
FITSX	0.27	0.03	0.15	0.30	0.24	(0.32)	0.57	(0.46)	1.60
SWSFX	0.05	0.01	0.00	0.44	0.00	0.00	0.10	0.00	0.69
PAEIX	0.57	0.09	0.12	0.18	0.71	(0.62)	1.18	(1.22)	3.59
RTIUX	0.53	0.06	0.09	0.14	0.70	(0.55)	1.17	(1.41)	3.05

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