Hennessy Correlations
| HMSIX Fund | USD 14.26 0.20 1.42% |
The current 90-days correlation between Hennessy Bp Midstream and Davis Financial Fund is 0.43 (i.e., Very weak diversification). The correlation of Hennessy 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 Correlation With Market
Very weak diversification
The correlation between Hennessy Bp Midstream and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Bp Midstream and DJI in the same portfolio, assuming nothing else is changed.
Hennessy |
Moving together with Hennessy Mutual Fund
| 1.0 | HMSFX | Hennessy Bp Midstream | PairCorr |
| 0.92 | HNRGX | Hennessy Bp Energy | PairCorr |
| 0.92 | HNRIX | Hennessy Bp Energy | PairCorr |
| 0.79 | GASFX | Hennessy Gas Utility | PairCorr |
| 0.79 | HGASX | Hennessy Gas Utility | PairCorr |
| 0.97 | TORCX | Tortoise Mlp Pipeline | PairCorr |
| 0.98 | MLPTX | Oppenheimer Steelpath Mlp | PairCorr |
| 0.98 | OSPSX | Oppenheimer Steelpath Mlp | PairCorr |
| 0.92 | MLPZX | Oppenheimer Steelpath Mlp | PairCorr |
| 0.92 | OSPMX | Oppenheimer Steelpath Mlp | PairCorr |
| 0.92 | MLPDX | Oppenheimer Steelpath Mlp | PairCorr |
| 0.92 | MLPRX | Oppenheimer Steelpath Mlp | PairCorr |
| 0.96 | GMLPX | Goldman Sachs Mlp | PairCorr |
| 0.96 | GLPIX | Goldman Sachs Mlp | PairCorr |
| 0.96 | GLPRX | Goldman Sachs Mlp | PairCorr |
Moving against Hennessy Mutual Fund
| 0.52 | TDKTX | Cleartrack 2015 Class | PairCorr |
| 0.52 | TCTJX | Transamerica Cleartrack | PairCorr |
| 0.51 | TCTGX | Transamerica Cleartrack | PairCorr |
| 0.43 | TCSUX | Cleartrack 2020 Class | PairCorr |
Related Correlations Analysis
| 0.79 | 0.0 | 0.78 | 0.59 | 0.0 | DVFYX | ||
| 0.79 | 0.0 | 1.0 | 0.64 | 0.0 | FIKBX | ||
| 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | HUCXX | ||
| 0.78 | 1.0 | 0.0 | 0.63 | 0.0 | FAFSX | ||
| 0.59 | 0.64 | 0.0 | 0.63 | 0.0 | XFINX | ||
| 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | JRSXX | ||
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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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Hennessy Mutual Fund performing well and Hennessy 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'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| DVFYX | 0.85 | 0.07 | 0.05 | 0.03 | 1.27 | 1.65 | 6.47 | |||
| FIKBX | 0.91 | (0.03) | 0.00 | (0.07) | 0.00 | 1.73 | 6.29 | |||
| HUCXX | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| FAFSX | 0.91 | (0.04) | 0.00 | (0.07) | 0.00 | 1.71 | 6.26 | |||
| XFINX | 0.14 | (0.02) | 0.00 | 0.36 | 0.00 | 0.28 | 1.27 | |||
| JRSXX | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |