Hennessy Cornerstone Correlations

HFCVX Fund

USD 21.82 0.05 0.23%

The current 90-days correlation between Hennessy Nerstone Value and Hennessy Nerstone Growth is 0.22 (i.e., Modest diversification). The correlation of Hennessy Cornerstone 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 Cornerstone Correlation With Market

Poor diversification

The correlation between Hennessy Nerstone Value and DJI is 0.61 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Nerstone Value 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 Nerstone Value. 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 real.

Moving together with Hennessy Mutual Fund

0.7	HICVX	Hennessy Nerstone Value	Pair Corr
0.75	HBFBX	Hennessy Balanced	Pair Corr
0.97	HDOGX	Hennessy Total Return	Pair Corr
0.77	HEIFX	Hennessy Equity And	Pair Corr
0.63	HEIIX	Hennessy Equity And	Pair Corr
0.78	GASFX	Hennessy Gas Utility	Pair Corr
0.64	VVIAX	Vanguard Value Index	Pair Corr
0.75	DOXGX	Dodge Cox Stock	Pair Corr
0.72	AFMFX	American Mutual	Pair Corr
0.72	FFMMX	American Funds American	Pair Corr
0.72	FFFMX	American Funds American	Pair Corr
0.72	AMRMX	American Mutual	Pair Corr
0.64	AMFFX	American Mutual	Pair Corr
0.7	AMFCX	American Mutual	Pair Corr
0.73	DODGX	Dodge Stock Fund	Pair Corr
0.63	VIVAX	Vanguard Value Index	Pair Corr

Moving against Hennessy Mutual Fund

0.34	HICGX	Hennessy Nerstone Growth	Pair Corr
0.31	HIMDX	Hennessy Nerstone Mid	Pair Corr
0.91	PQTAX	Pimco Trends Managed	Pair Corr
0.91	PQTNX	Pimco Trends Managed	Pair Corr
0.91	PQTIX	Aa Pimco Tr	Pair Corr
0.63	GPMFX	Guidepath Managed Futures	Pair Corr
0.56	HFMDX	Hennessy Nerstone Mid	Pair Corr
0.35	HFCGX	Hennessy Nerstone Growth	Pair Corr

Related Correlations Analysis

	HFCGX	HDOGX	HBFBX	HFLGX	HRTVX
HFCGX		-0.51	-0.55	0.85	0.73	HFCGX
HDOGX	-0.51		0.82	-0.24	-0.5	HDOGX
HBFBX	-0.55	0.82		-0.28	-0.23	HBFBX
HFLGX	0.85	-0.24	-0.28		0.67	HFLGX
HRTVX	0.73	-0.5	-0.23	0.67		HRTVX
	HFCGX	HDOGX	HBFBX	HFLGX	HRTVX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

HFLGX	+ 0.85	HFCGX
HBFBX	+ 0.82	HDOGX
HRTVX	+ 0.73	HFCGX
HRTVX	+ 0.67	HFLGX

High negative correlations

HBFBX	- 0.55	HFCGX
HDOGX	- 0.51	HFCGX
HRTVX	- 0.5	HDOGX
HFLGX	- 0.28	HBFBX
HFLGX	- 0.24	HDOGX
HRTVX	- 0.23	HBFBX

Risk-Adjusted Indicators

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

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HFCGX	1.16	(0.06)	0.00	(0.04)	0.00	0.00	2.29	(2.53)	6.21
HDOGX	0.43	0.07	0.11	0.30	0.47	(0.46)	0.88	(0.92)	3.17
HBFBX	0.29	0.05	0.11	0.24	0.29	(0.32)	0.51	(0.51)	2.19
HFLGX	0.71	(0.05)	0.00	(0.06)	0.00	0.00	1.26	(1.59)	3.06
HRTVX	1.01	(0.23)	0.00	(0.22)	0.00	0.00	1.53	(2.46)	6.78

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC