Looking to diversify beyond HMSFX? The mutual funds below have the lowest correlation with HMSFX — 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 HMSFX.
Best Diversifiers for HMSFX
1 mutual funds have low correlation with HMSFX (below 0.3), 0 of which are negatively correlated. The least correlated is Hennessy Balanced Fund (HBFBX) (Diversified Portfolio) with a 1Y correlation of 0.22, down from 0.51 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Hennessy Balanced Fund | 0.22 | 0.38 | 0.51 | 65 | Diversified Portfolio | HMSFX vs HBFBX | |
| Hennessy Cornerstone Value Fund | 0.42 | 0.54 | 0.66 | 88 | Large Cap Value Equities | HMSFX vs HFCVX | |
| Hennessy Energy Transition Fund | 0.60 | 0.70 | 0.78 | 66 | Energy Equities | HMSFX vs HNRIX | |
| Invesco SteelPath MLP Income Fund Class A | 0.88 | 0.90 | 0.93 | 56 | MLPs | HMSFX vs MLPDX | |
| Invesco SteelPath MLP Select 40 Fund Class A | 0.90 | 0.92 | 0.95 | 58 | MLPs | HMSFX vs MLPFX |
Diversification Analysis
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