Undav, 30, was only handed the armband before the campaign began, replacing Atakan Karazor as skipper, but he has yet to register a goal or an assist in the league through VfB Stuttgart's opening two matches. His only end product so far has come in the DFB-Pokal, where he provided two assists.
Speaking about his captain's form, Hoeness pointed to the scrutiny that comes with being one of the team's leading figures.
"That's the fate of a superstar, that his performance gets discussed after a 4-1 win," the head coach said. "He can certainly play better, he has shown that plenty of times before.
"I had the feeling he wasn't quite free out there. Deniz can definitely do better. But I'm not worried that he will be doing exactly that again soon."
Undav has been a mainstay of Stuttgart's attack since returning to the club from Brighton, scoring 46 goals and providing 20 assists in the Bundesliga across his time in Swabia, form that also helped fire the club to a surprise runners-up finish and a domestic cup win. He was rewarded with the captaincy over the summer after two years with Karazor wearing the armband, becoming the club's 24th permanent captain in the process.
Hoeness's comments suggest the club remain relaxed about a slow start rather than treating it as cause for alarm, banking on Undav's track record to reassert itself before too long. With Stuttgart looking to build on last season's progress under Hoeneß, having their captain firing on all cylinders again will be an important factor as the campaign develops.
Undav's early-season struggles have come even as Stuttgart picked up a 4-1 win in one of their opening fixtures, meaning the debate around his individual form has played out against a backdrop of reasonable collective results rather than a team in crisis. That context appears to have shaped Hoeness's relaxed public response, framing the scrutiny on his captain as an inevitable consequence of past success rather than a genuine concern about his current level.
Stuttgart will hope Undav can add end product to his all-round contribution before the next round of Bundesliga fixtures arrives.