Looking to diversify beyond HIMDX? The mutual funds below have historically moved differently from HIMDX, 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 HIMDX
3 mutual funds have low correlation with HIMDX (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 0.04, down from 0.52 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Hennessy Energy Transition Fund | 0.04 | 0.34 | 0.52 | 73 | Energy Equities | HIMDX vs HNRIX | |
| Federated Hermes Strategic Value Dividend Fund | 0.16 | 0.35 | 0.48 | 95 | Large Cap Value Equities | HIMDX vs SVAIX | |
| Hennessy Balanced Fund | 0.21 | 0.45 | 0.55 | 91 | Diversified Portfolio | HIMDX vs HBFBX | |
| Hennessy Cornerstone Value Fund | 0.32 | 0.52 | 0.64 | 96 | Large Cap Value Equities | HIMDX vs HFCVX | |
| Hennessy Japan Fund | 0.49 | 0.52 | 0.52 | 55 | Japan Equities, Asia Pacific Equities | HIMDX vs HJPNX |
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