Hennessy Japan Correlations

HJPSX Fund

USD 18.80 0.71 0.48%

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.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Hennessy Mutual Fund

0.87	MJFOX	Matthews Japan	Pair Corr
0.95	PRJPX	T Rowe Price	Pair Corr
0.67	ONERX	One Rock Fund	Pair Corr
0.61	RYVYX	Nasdaq 100 2x	Pair Corr
0.61	RYVLX	Nasdaq 100 2x	Pair Corr
0.7	HPQ	HP Inc	Pair Corr
0.87	HD	Home Depot	Pair Corr
0.67	BAC	Bank of America	Pair Corr
0.62	CVX	Chevron Corp	Pair Corr
0.73	TRV	The Travelers Companies	Pair Corr
0.65	AXP	American Express	Pair Corr

Moving against Hennessy Mutual Fund

0.51	KO	Coca Cola Earnings Call This Week	Pair Corr
0.41	BA	Boeing	Pair Corr

Related Correlations Analysis

	OCMAX	PRIHX	RYDVX	MRLTX	NBREX	GRX	CLFFX	ASMOX	BCV	ICPAX
OCMAX		0.96	0.11	0.82	0.89	0.24	0.64	0.97	0.96	0.89	OCMAX
PRIHX	0.96		0.07	0.86	0.86	0.14	0.61	0.94	0.93	0.87	PRIHX
RYDVX	0.11	0.07		0.31	0.4	0.62	0.78	0.18	-0.01	0.16	RYDVX
MRLTX	0.82	0.86	0.31		0.93	0.21	0.71	0.86	0.76	0.88	MRLTX
NBREX	0.89	0.86	0.4	0.93		0.44	0.77	0.92	0.84	0.91	NBREX
GRX	0.24	0.14	0.62	0.21	0.44		0.47	0.28	0.25	0.2	GRX
CLFFX	0.64	0.61	0.78	0.71	0.77	0.47		0.67	0.53	0.65	CLFFX
ASMOX	0.97	0.94	0.18	0.86	0.92	0.28	0.67		0.96	0.91	ASMOX
BCV	0.96	0.93	-0.01	0.76	0.84	0.25	0.53	0.96		0.87	BCV
ICPAX	0.89	0.87	0.16	0.88	0.91	0.2	0.65	0.91	0.87		ICPAX
	OCMAX	PRIHX	RYDVX	MRLTX	NBREX	GRX	CLFFX	ASMOX	BCV	ICPAX

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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

ASMOX	+ 0.97	OCMAX
PRIHX	+ 0.96	OCMAX
BCV	+ 0.96	OCMAX
BCV	+ 0.96	ASMOX
ASMOX	+ 0.94	PRIHX
BCV	+ 0.93	PRIHX

High negative correlations

BCV

- 0.01

RYDVX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
OCMAX	1.43	0.53	0.26	2.54	1.30	(1.64)	3.48	(2.63)	9.43
PRIHX	0.10	0.05	(0.01)	(8.05)	0.00	(0.17)	0.31	(0.10)	0.62
RYDVX	0.79	(0.01)	0.00	0.10	0.00	0.00	2.11	(1.70)	6.58
MRLTX	0.54	0.06	0.00	(0.14)	0.63	(0.59)	1.15	(0.85)	4.06
NBREX	0.69	0.10	0.04	(0.47)	0.78	(0.75)	1.71	(1.05)	6.63
GRX	0.53	(0.01)	(0.06)	0.00	0.74	(0.58)	1.23	(1.34)	4.31
CLFFX	0.67	0.06	0.00	(0.21)	0.73	(0.76)	1.70	(1.23)	5.11
ASMOX	0.93	0.22	0.13	(0.62)	0.99	(1.04)	2.91	(1.69)	6.63
BCV	0.63	0.28	0.24	14.84	0.39	(0.73)	1.80	(1.30)	4.07
ICPAX	0.68	0.13	0.07	(2.58)	0.85	(0.78)	1.71	(1.15)	5.92

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