Hennessy Gas Correlations

HGASX Fund

USD 27.55 0.29 1.04%

The current 90-days correlation between Hennessy Gas Utility and Fabwx 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

Significant diversification

The correlation between Hennessy Gas Utility and DJI is 0.08 (i.e., Significant 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

0.78	D	Dominion Energy	Pair Corr
0.76	ED	Consolidated Edison	Pair Corr
0.72	ES	Eversource Energy	Pair Corr
0.72	FE	FirstEnergy	Pair Corr
0.65	SO	Southern	Pair Corr
0.67	AQN	Algonquin Power Utilities	Pair Corr
0.66	ATO	Atmos Energy	Pair Corr
0.75	AVA	Avista	Pair Corr
0.73	BIP	Brookfield Infrastructure	Pair Corr
0.68	BKH	Black Hills	Pair Corr
0.72	CPK	Chesapeake Utilities	Pair Corr

Moving against Hennessy Mutual Fund

0.47

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Pair Corr

Related Correlations Analysis

	FABWX	FFCDAX	FKHEMX	FLAKQX	IAADX	OPTCX
FABWX		0.31	0.78	0.39	0.33	0.4	FABWX
FFCDAX	0.31		0.36	0.51	0.48	-0.1	FFCDAX
FKHEMX	0.78	0.36		0.67	0.48	0.35	FKHEMX
FLAKQX	0.39	0.51	0.67		0.79	0.06	FLAKQX
IAADX	0.33	0.48	0.48	0.79		0.45	IAADX
OPTCX	0.4	-0.1	0.35	0.06	0.45		OPTCX
	FABWX	FFCDAX	FKHEMX	FLAKQX	IAADX	OPTCX

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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

IAADX	+ 0.79	FLAKQX
FKHEMX	+ 0.78	FABWX
FLAKQX	+ 0.67	FKHEMX
FLAKQX	+ 0.51	FFCDAX
IAADX	+ 0.48	FFCDAX
IAADX	+ 0.48	FKHEMX

High negative correlations

OPTCX

- 0.1

FFCDAX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FABWX	0.84	0.00	0.00	0.14	1.47	(0.79)	1.52	(2.13)	6.74
FFCDAX	0.14	0.00	(0.02)	0.07	0.21	(0.16)	0.21	(0.41)	1.03
FKHEMX	0.64	0.03	0.02	0.07	0.88	(0.72)	1.38	(2.00)	3.83
FLAKQX	0.65	0.07	0.07	0.31	0.79	(0.80)	1.20	(1.23)	3.60
IAADX	0.18	0.02	0.06	0.65	0.07	(0.25)	0.44	(0.33)	0.88
OPTCX	0.09	0.01	0.02	(1.93)	0.00	(0.17)	0.21	(0.21)	0.93

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