Looking to diversify beyond HFCGX? The mutual funds below have historically moved differently from HFCGX, which may reduce portfolio volatility when combined in a suitable allocation. The stock ideas table highlights individual companies with the same low-correlation characteristics. Correlation can change and does not guarantee that one asset will rise when another falls.
Best Diversifiers for HFCGX
4 mutual funds have low correlation with HFCGX (below 0.3), 0 of which are negatively correlated. The least correlated is Hennessy Energy Transition Fund (HNRIX) (Energy Equities) with a 1Y correlation of 0.17, down from 0.59 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Hennessy Energy Transition Fund | 0.17 | 0.38 | 0.59 | 73 | Energy Equities | HFCGX vs HNRIX | |
| Hennessy Total Return Fund | 0.24 | 0.43 | 0.53 | 73 | Diversified Portfolio | HFCGX vs HDOGX | |
| Federated Hermes MDT Small Cap Core Fund | 0.27 | 0.56 | 0.68 | 62 | Small Cap Blend Equities | HFCGX vs QISCX | |
| Hennessy Balanced Fund | 0.30 | 0.47 | 0.54 | 91 | Diversified Portfolio | HFCGX vs HBFBX | |
| Hennessy Japan Fund | 0.41 | 0.52 | 0.50 | 55 | Japan Equities, Asia Pacific Equities | HFCGX vs HJPNX |
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