Looking to diversify beyond HJPSX? The mutual funds below have the lowest correlation with HJPSX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from HJPSX.
Best Diversifiers for HJPSX
2 mutual funds have low correlation with HJPSX (below 0.3), 0 of which are negatively correlated. The least correlated is Hennessy Balanced Fund (HBFBX) (Diversified Portfolio) with a 1Y correlation of 0.24, down from 0.39 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Hennessy Balanced Fund | 0.24 | 0.36 | 0.39 | 66 | Diversified Portfolio | HJPSX vs HBFBX | |
| Hennessy Cornerstone Value Fund | 0.26 | 0.35 | 0.40 | 81 | Large Cap Value Equities | HJPSX vs HFCVX | |
| Delaware Emerging Markets Fund | 0.33 | 0.37 | 0.43 | 98 | Emerging Markets Diversified | HJPSX vs DEMIX | |
| Eaton Vance Emerging and Frontier Countries Equity... | 0.44 | 0.47 | 0.50 | 90 | Emerging Markets Diversified | HJPSX vs EICOX | |
| Boston Partners Long/Short Equity Fund | 0.46 | 0.47 | 0.46 | 94 | Long-Short | HJPSX vs BPLEX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from HJPSX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HJPSX and solid risk/return profiles. The least correlated is Talos Energy Inc. (TALO) (Energy) with a 1Y correlation of -0.09, down from 0.15 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Talos Energy Inc. | -0.09 | 0.06 | 0.15 | 77 | Energy | |
| Exxon Mobil Corporation | -0.05 | 0.05 | 0.13 | 72 | Energy | |
| Verizon Communications Inc. | -0.01 | 0.09 | 0.13 | 66 | Communication Services | |
| Chubb Limited | 0.01 | 0.10 | 0.17 | 69 | Financial Services | |
| Evergy, Inc. | 0.08 | 0.15 | 0.19 | 85 | Utilities |
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