Hennessy Gas Correlations

Mutual Funds . USA . 
Fund . Hennessy Gas Utility
HGASX Fund  USD 28.53  0.25  0.88%   
The current 90-days correlation between Hennessy Gas Utility and Blackrock Diversified Fixed is 0.32 (i.e., Weak diversification). The correlation of Hennessy Gas 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 Gas Correlation With Market

Weak diversification

The correlation between Hennessy Gas Utility and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Gas Utility 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 Gas Utility. 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 state.

Moving together with Hennessy Mutual Fund

  0.66ED Consolidated EdisonPairCorr
  0.69SR Spire IncPairCorr
  0.68DUKB Duke Energy CorpPairCorr
  0.62CMS-PB Consumers EnergyPairCorr
  0.64ELPC Companhia ParanaensePairCorr
  0.7AEE Ameren Corp Sell-off TrendPairCorr
  0.64ALE Allete IncPairCorr
  0.69AQN Algonquin Power UtilitiesPairCorr
  0.65CMS CMS EnergyPairCorr
  0.69DTE DTE EnergyPairCorr

Moving against Hennessy Mutual Fund

  0.39RNWWW ReNew Energy GlobalPairCorr
  0.35ELLO Ellomay Capital Earnings Call This WeekPairCorr
  0.48XIFR XPLR Infrastructure Symbol ChangePairCorr
  0.45NFE New Fortress Energy Buyout TrendPairCorr
  0.35EIX Edison InternationalPairCorr

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   
DDFIX
+ 0.98
MDVSX
ACDOX
+ 0.86
BDVFX
OIDAX
+ 0.68
BDVFX
OIDAX
+ 0.61
ACDOX
OIDAX
+ 0.56
MDVSX
DDFIX
+ 0.47
OIDAX
  
High negative correlations   
ACDOX
- 0.58
SRDAX
SRDAX
- 0.44
BDVFX
OIDAX
- 0.21
SRDAX
DDFIX
- 0.0
ACDOX

Risk-Adjusted Indicators

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