Hennessy Correlations

HNRGX Fund

USD 28.49 0.10 0.35%

The current 90-days correlation between Hennessy Bp Energy and World Energy Fund is 0.22 (i.e., Modest 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

Significant diversification

The correlation between Hennessy Bp Energy and DJI is 0.05 (i.e., Significant 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

0.79	HICGX	Hennessy Nerstone Growth	Pair Corr
0.85	HICVX	Hennessy Nerstone Value	Pair Corr
0.8	HIMDX	Hennessy Nerstone Mid Steady Growth	Pair Corr
0.8	HILFX	Hennessy Large Cap	Pair Corr
0.79	HILGX	Hennessy Nerstone Large	Pair Corr
0.74	HISFX	Hennessy Small Cap	Pair Corr
0.8	HLFNX	Hennessy Large Cap	Pair Corr
0.85	HMSFX	Hennessy Bp Midstream	Pair Corr
0.85	HMSIX	Hennessy Bp Midstream	Pair Corr
0.95	HNRIX	Hennessy Bp Energy	Pair Corr
0.74	HSFNX	Hennessy Small Cap	Pair Corr
0.77	HTECX	Hennessy Technology	Pair Corr
0.78	HTCIX	Hennessy Technology	Pair Corr
0.77	HEIFX	Hennessy Equity And	Pair Corr
0.77	HEIIX	Hennessy Equity And	Pair Corr
0.81	GASFX	Hennessy Gas Utility	Pair Corr
0.86	HFCVX	Hennessy Nerstone Value	Pair Corr
0.79	HFCGX	Hennessy Nerstone Growth	Pair Corr
0.79	HFLGX	Hennessy Nerstone Large	Pair Corr
0.8	HFMDX	Hennessy Nerstone Mid Steady Growth	Pair Corr
0.81	HGASX	Hennessy Gas Utility	Pair Corr
0.84	VGELX	Vanguard Energy	Pair Corr
0.84	VGENX	Vanguard Energy	Pair Corr
0.94	VENAX	Vanguard Energy Index	Pair Corr
0.91	FSENX	Fidelity Select Port	Pair Corr
0.9	FNRCX	Fidelity Advisor Energy	Pair Corr
0.9	FANAX	Fidelity Advisor Energy	Pair Corr
0.9	FAGNX	Fidelity Advisor Energy	Pair Corr
0.9	FANIX	Fidelity Advisor Energy	Pair Corr
0.63	FNARX	Fidelity Natural Res	Pair Corr
0.93	IENIX	Invesco Energy	Pair Corr

Related Correlations Analysis

	AAWEX	IEYAX	BACAX	RYENX	FANAX
AAWEX		-0.26	0.85	0.78	0.8	AAWEX
IEYAX	-0.26		-0.06	-0.01	0.05	IEYAX
BACAX	0.85	-0.06		0.9	0.98	BACAX
RYENX	0.78	-0.01	0.9		0.92	RYENX
FANAX	0.8	0.05	0.98	0.92		FANAX
	AAWEX	IEYAX	BACAX	RYENX	FANAX

Click cells to compare fundamentals

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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

FANAX	+ 0.98	BACAX
FANAX	+ 0.92	RYENX
RYENX	+ 0.9	BACAX
BACAX	+ 0.85	AAWEX
FANAX	+ 0.8	AAWEX
RYENX	+ 0.78	AAWEX

High negative correlations

IEYAX	- 0.26	AAWEX
BACAX	- 0.06	IEYAX
RYENX	- 0.01	IEYAX

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
AAWEX	0.89	0.06	0.04	0.18	1.00	(0.99)	1.84	(1.79)	5.87
IEYAX	0.69	(0.05)	0.00	(0.48)	0.00	0.00	1.21	(1.78)	4.98
BACAX	0.83	(0.04)	(0.08)	0.02	1.25	(0.78)	1.43	(2.17)	5.09
RYENX	0.94	0.02	(0.06)	0.62	1.32	(0.90)	1.77	(2.01)	5.16
FANAX	0.94	(0.06)	(0.06)	0.03	1.35	(0.90)	2.06	(2.13)	5.83

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