Hennessy Japan Correlations

Mutual Funds . USA . 
Fund . Hennessy Japan Fund
HJPNX Fund  USD 43.17  0.82  1.86%   
The current 90-days correlation between Hennessy Japan and Hennessy Japan Small is 0.85 (i.e., Very poor diversification). The correlation of Hennessy Japan 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 Japan Correlation With Market

Significant diversification

The correlation between Hennessy Japan Fund 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 Japan Fund 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 Japan Fund. 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 board of governors.

Moving together with Hennessy Mutual Fund

  0.73HJPIX Hennessy JapanPairCorr
  0.73HJPSX Hennessy Japan SmallPairCorr
  0.65HBFBX Hennessy BalancedPairCorr
  0.67HDOGX Hennessy Total ReturnPairCorr
  0.65RJAIX T Rowe PricePairCorr
  0.79FJPNX Fidelity JapanPairCorr
  0.86DFJSX Japanese Small PanyPairCorr
  0.79FIQLX Fidelity JapanPairCorr
  0.73MJFOX Matthews JapanPairCorr
  0.74MIJFX Matthews JapanPairCorr
  0.66PRJPX T Rowe PricePairCorr
  0.89FJSCX Fidelity Japan SmallerPairCorr
  0.76FSJPX Fidelity Sai JapanPairCorr
  0.79FJPIX Fidelity JapanPairCorr

Moving against Hennessy Mutual Fund

  0.45HILFX Hennessy Large CapPairCorr
  0.45HLFNX Hennessy Large CapPairCorr
  0.44HISFX Hennessy Small CapPairCorr
  0.37HSFNX Hennessy Small CapPairCorr
  0.36HMSFX Hennessy Bp MidstreamPairCorr
  0.36HMSIX Hennessy Bp MidstreamPairCorr

Related Correlations Analysis

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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   
MIJFX
+ 0.99
MJFOX
MJFOX
+ 0.97
HJPIX
MIJFX
+ 0.96
HJPIX
HJPIX
+ 0.8
HJPSX
MJFOX
+ 0.79
HJPSX
MIJFX
+ 0.78
HJPSX
  
High negative correlations   
MCDFX
- 0.06
HJPSX

Risk-Adjusted Indicators

There is a big difference between Hennessy Mutual Fund performing well and Hennessy Japan 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 Japan'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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