Hennessy Correlations

Mutual Funds . USA . 
Fund . Hennessy Bp Energy
HNRGX Fund  USD 28.38  0.25  0.87%   
The current 90-days correlation between Hennessy Bp Energy and World Energy Fund is 0.68 (i.e., Poor 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 Energy 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 Energy 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 Bp Energy. 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

  0.63HILGX Hennessy Nerstone LargePairCorr
  0.61HMSFX Hennessy Bp MidstreamPairCorr
  0.69HMSIX Hennessy Bp MidstreamPairCorr
  0.74HNRIX Hennessy Bp EnergyPairCorr
  0.63HFLGX Hennessy Nerstone LargePairCorr
  0.99VENAX Vanguard Energy IndexPairCorr
  0.73FSENX Fidelity Select PortPairCorr
  0.95FNRCX Fidelity Advisor EnergyPairCorr
  0.73FANAX Fidelity Advisor EnergyPairCorr
  0.73FAGNX Fidelity Advisor EnergyPairCorr
  0.73FANIX Fidelity Advisor EnergyPairCorr
  0.67IENIX Invesco EnergyPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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.

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