Hennessy Large Correlations

Mutual Funds . USA . 
Fund . Hennessy Large Cap
HLFNX Fund  USD 28.62  0.18  0.63%   
The current 90-days correlation between Hennessy Large Cap and Hennessy Small Cap is 0.89 (i.e., Very poor diversification). The correlation of Hennessy Large 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 Large Correlation With Market

Almost no diversification

The correlation between Hennessy Large Cap and DJI is 0.92 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Large Cap 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 Large Cap. 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

  0.92HICGX Hennessy Nerstone GrowthPairCorr
  0.68HICVX Hennessy Nerstone ValuePairCorr
  0.96HIMDX Hennessy Nerstone MidPairCorr
  0.91HILFX Hennessy Large CapPairCorr
  0.88HILGX Hennessy Nerstone LargePairCorr
  0.9HISFX Hennessy Small CapPairCorr
  0.75HJPIX Hennessy JapanPairCorr
  0.75HJPNX Hennessy JapanPairCorr
  0.7HMSFX Hennessy Bp MidstreamPairCorr
  0.67HMSIX Hennessy Bp MidstreamPairCorr
  0.64HNRGX Hennessy Bp EnergyPairCorr
  0.7HNRIX Hennessy Bp EnergyPairCorr
  0.98HSFNX Hennessy Small CapPairCorr
  0.9HTECX Hennessy TechnologyPairCorr
  0.98HTCIX Hennessy TechnologyPairCorr
  0.67HEIFX Hennessy Equity AndPairCorr
  0.85HEIIX Hennessy Equity AndPairCorr
  0.95HFCSX Hennessy FocusPairCorr
  0.69HFCVX Hennessy Nerstone ValuePairCorr
  0.96HFCGX Hennessy Nerstone GrowthPairCorr
  0.95HFCIX Hennessy FocusPairCorr
  0.92HFLGX Hennessy Nerstone LargePairCorr
  0.96HFMDX Hennessy Nerstone MidPairCorr
  0.92VFAIX Vanguard Financials IndexPairCorr
  0.95FRBCX Regional BankPairCorr
  0.94JRGRX Regional BankPairCorr
  0.95PRISX T Rowe PricePairCorr
  0.9FIDCX Financial IndustriesPairCorr
  0.9JFDRX Financial IndustriesPairCorr
  0.95TFIFX T Rowe PricePairCorr
  0.91DVFYX Davis FinancialPairCorr
  0.94RPFGX Davis FinancialPairCorr
  0.87DFFCX Davis FinancialPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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