Looking to diversify beyond HJPSX? The mutual funds below have historically moved differently from HJPSX, 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 HJPSX
4 mutual funds have low correlation with HJPSX (below 0.3), 1 of which are negatively correlated. The least correlated is Hennessy Energy Transition Fund (HNRIX) (Energy Equities) with a 1Y correlation of -0.02, down from 0.22 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Hennessy Energy Transition Fund | -0.02 | 0.12 | 0.22 | 73 | Energy Equities | HJPSX vs HNRIX | |
| Hennessy Total Return Fund | 0.15 | 0.32 | 0.36 | 68 | Diversified Portfolio | HJPSX vs HDOGX | |
| Hennessy Balanced Fund | 0.17 | 0.33 | 0.37 | 89 | Diversified Portfolio | HJPSX vs HBFBX | |
| Hennessy Cornerstone Value Fund | 0.18 | 0.32 | 0.38 | 96 | Large Cap Value Equities | HJPSX vs HFCVX | |
| Hennessy Cornerstone Large Cap Growth Fund | 0.32 | 0.42 | 0.49 | 65 | Large Cap Value Equities | HJPSX vs HFLGX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for HJPSX, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is Talos Energy Inc. (TALO) (Energy) with a 1Y correlation of -0.14, down from 0.14 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Talos Energy Inc. | -0.14 | 0.04 | 0.14 | 85 | Energy | |
| Exxon Mobil Corporation | -0.11 | 0.03 | 0.12 | 85 | Energy | |
| Verizon Communications Inc. | -0.07 | 0.07 | 0.12 | 63 | Communication Services | |
| Chubb Limited | -0.07 | 0.08 | 0.15 | 86 | Financial Services | |
| Evergy, Inc. | 0.04 | 0.14 | 0.19 | 77 | Utilities |
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