Hennessy Cornerstone Correlations

HILGX Fund

USD 11.26 0.03 0.27%

The current 90-days correlation between Hennessy Nerstone Large and Federated Municipal Ultrashort is -0.32 (i.e., Very good 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 Large and DJI is 0.7 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Nerstone Large 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 Large. 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 price.

Moving together with Hennessy Mutual Fund

0.85	HICGX	Hennessy Nerstone Growth	Pair Corr
0.83	HIMDX	Hennessy Nerstone Mid	Pair Corr
0.88	HILFX	Hennessy Large Cap	Pair Corr
0.76	HISFX	Hennessy Small Cap	Pair Corr
0.88	HLFNX	Hennessy Large Cap	Pair Corr
0.76	HSFNX	Hennessy Small Cap	Pair Corr
0.83	HTECX	Hennessy Technology	Pair Corr
0.83	HTCIX	Hennessy Technology	Pair Corr
0.81	HFCGX	Hennessy Nerstone Growth	Pair Corr
1.0	HFLGX	Hennessy Nerstone Large	Pair Corr
0.76	HFMDX	Hennessy Nerstone Mid	Pair Corr
0.9	FLPKX	Fidelity Low Priced	Pair Corr
0.81	FLPSX	Fidelity Low Priced	Pair Corr
0.91	VMVAX	Vanguard Mid Cap	Pair Corr
0.65	JVMIX	John Hancock Disciplined	Pair Corr
0.91	VMVIX	Vanguard Mid Cap	Pair Corr
0.94	JMVZX	Jpmorgan Mid Cap	Pair Corr
0.94	JMVRX	Jpmorgan Mid Cap	Pair Corr
0.94	JMVQX	Jpmorgan Mid Cap	Pair Corr
0.94	JMVYX	Jpmorgan Mid Cap	Pair Corr

Moving against Hennessy Mutual Fund

0.44	HJPSX	Hennessy Japan Small	Pair Corr
0.44	HJSIX	Hennessy Japan Small	Pair Corr
0.37	IVFAX	Federated International	Pair Corr

Related Correlations Analysis

	FMUUX	CDICX	BIIPX	BDMKX	AOUNX	RSDIX	FUEMX
FMUUX		0.96	0.97	0.94	0.98	0.97	0.99	FMUUX
CDICX	0.96		0.97	0.93	0.96	0.97	0.94	CDICX
BIIPX	0.97	0.97		0.95	0.98	0.98	0.97	BIIPX
BDMKX	0.94	0.93	0.95		0.92	0.9	0.95	BDMKX
AOUNX	0.98	0.96	0.98	0.92		0.99	0.98	AOUNX
RSDIX	0.97	0.97	0.98	0.9	0.99		0.95	RSDIX
FUEMX	0.99	0.94	0.97	0.95	0.98	0.95		FUEMX
	FMUUX	CDICX	BIIPX	BDMKX	AOUNX	RSDIX	FUEMX

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
FMUUX	0.03	0.00	0.00	(0.05)	0.00	0.10	0.00	0.40
CDICX	0.09	0.01	0.06	0.89	(0.12)	0.26	(0.19)	0.64
BIIPX	0.10	0.02	0.11	(0.74)	(0.14)	0.21	(0.10)	0.72
BDMKX	0.08	0.01	0.06	(0.50)	(0.12)	0.11	(0.11)	0.66
AOUNX	0.05	0.01	0.08	(0.47)	(0.19)	0.10	(0.10)	0.52
RSDIX	0.09	0.01	0.06	(0.29)	(0.16)	0.21	(0.10)	0.62
FUEMX	0.04	0.00	0.00	(0.23)	0.00	0.10	(0.10)	0.40

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