Hennessy Cornerstone Correlations

HICVX Fund

USD 21.86 0.05 0.23%

The current 90-days correlation between Hennessy Nerstone Value and Alpine Ultra Short is 0.06 (i.e., Significant 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

Good diversification

The correlation between Hennessy Nerstone Value and DJI is -0.13 (i.e., Good 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

0.65	HJPSX	Hennessy Japan Small	Pair Corr
0.65	HJSIX	Hennessy Japan Small	Pair Corr
0.74	HBFBX	Hennessy Balanced	Pair Corr
0.74	HDOGX	Hennessy Total Return	Pair Corr
0.61	HEIIX	Hennessy Equity And	Pair Corr
0.7	HFCVX	Hennessy Nerstone Value	Pair Corr

Moving against Hennessy Mutual Fund

0.56	HIMDX	Hennessy Nerstone Mid	Pair Corr
0.43	HICGX	Hennessy Nerstone Growth	Pair Corr
0.7	PQTAX	Pimco Trends Managed	Pair Corr
0.7	PQTNX	Pimco Trends Managed	Pair Corr
0.7	PQTIX	Aa Pimco Tr	Pair Corr
0.57	GPMFX	Guidepath Managed Futures	Pair Corr
0.45	HFMDX	Hennessy Nerstone Mid	Pair Corr
0.39	HFCGX	Hennessy Nerstone Growth	Pair Corr

Related Correlations Analysis

	ATOAX	BIIPX	FSHAX	BDMKX	TAAQX	FUEMX	BXDCX
ATOAX		0.95	0.92	0.91	0.94	0.98	0.95	ATOAX
BIIPX	0.95		0.96	0.95	0.97	0.97	0.98	BIIPX
FSHAX	0.92	0.96		0.95	0.94	0.96	0.94	FSHAX
BDMKX	0.91	0.95	0.95		0.92	0.95	0.9	BDMKX
TAAQX	0.94	0.97	0.94	0.92		0.94	0.98	TAAQX
FUEMX	0.98	0.97	0.96	0.95	0.94		0.95	FUEMX
BXDCX	0.95	0.98	0.94	0.9	0.98	0.95		BXDCX
	ATOAX	BIIPX	FSHAX	BDMKX	TAAQX	FUEMX	BXDCX

Click cells to compare fundamentals

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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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ATOAX	0.02	0.00	0.00	(0.06)	0.00	0.00	0.00	0.30
BIIPX	0.10	0.02	0.11	(0.74)	(0.14)	0.21	(0.10)	0.72
FSHAX	0.05	0.00	(0.01)	(0.33)	(0.13)	0.10	(0.10)	0.51
BDMKX	0.08	0.01	0.06	(0.50)	(0.12)	0.11	(0.11)	0.66
TAAQX	0.09	0.01	0.08	4.45	(0.15)	0.21	(0.10)	0.62
FUEMX	0.04	0.00	0.00	(0.23)	0.00	0.10	(0.10)	0.40
BXDCX	0.08	0.01	0.07	(0.32)	(0.15)	0.22	(0.11)	0.54

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