Hennessy Correlations

HNNA Stock

USD 12.90 0.15 1.18%

The current 90-days correlation between Hennessy Ad and MFS Investment Grade is 0.17 (i.e., Average diversification). The correlation of Hennessy is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Hennessy Correlation With Market

Average diversification

The correlation between Hennessy Ad and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Ad and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Hennessy Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Hennessy Ad. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Hennessy Stock

0.92	GS	Goldman Sachs Group	Pair Corr
0.83	AXP	American Express	Pair Corr
0.9	COF	Capital One Financial Earnings Call Tomorrow	Pair Corr
0.89	SCM	Stellus Capital Inve	Pair Corr
0.61	GAIN	Gladstone Investment	Pair Corr
0.81	GLAD	Gladstone Capital	Pair Corr
0.86	HTGC	Hercules Capital	Pair Corr
0.88	MAIN	Main Street Capital	Pair Corr
0.66	OPFI	OppFi Inc	Pair Corr
0.85	PFLT	PennantPark Floating Rate	Pair Corr
0.73	PYPL	PayPal Holdings Aggressive Push	Pair Corr
0.89	ALLY	Ally Financial	Pair Corr
0.84	ARCC	Ares Capital Earnings Call This Week	Pair Corr
0.81	TPVG	Triplepoint Venture	Pair Corr
0.86	TSLX	Sixth Street Specialty	Pair Corr
0.91	CSWC	Capital Southwest	Pair Corr
0.91	C	Citigroup Aggressive Push	Pair Corr
0.85	L	Loews Corp Earnings Call This Week	Pair Corr
0.8	DHIL	Diamond Hill Investment	Pair Corr
0.64	AB	AllianceBernstein Earnings Call This Week	Pair Corr
0.88	AX	Axos Financial Earnings Call This Week	Pair Corr
0.77	BK	Bank of New York	Pair Corr
0.85	BN	Brookfield Corp	Pair Corr
0.79	BX	Blackstone Group Normal Trading	Pair Corr
0.69	BY	Byline Bancorp Earnings Call This Week	Pair Corr
0.87	CG	Carlyle Group Earnings Call This Week	Pair Corr
0.89	CM	Canadian Imperial Bank	Pair Corr
0.84	DB	Deutsche Bank AG Earnings Call This Week	Pair Corr
0.91	IX	Orix Corp Ads	Pair Corr

Moving against Hennessy Stock

0.46	PSEC	Prospect Capital	Pair Corr
0.51	EG	Everest Group	Pair Corr
0.48	LX	Lexinfintech Holdings	Pair Corr
0.44	FG	FG Annuities Life	Pair Corr
0.37	CB	Chubb Earnings Call Today	Pair Corr

Related Correlations Analysis

	CXH	EOT	FMN	HBCP	SAMG	HWBK	HFBL	BWFG
CXH		0.76	0.77	0.24	0.2	0.17	-0.05	0.3	CXH
EOT	0.76		0.69	0.37	0.15	0.36	-0.09	0.34	EOT
FMN	0.77	0.69		0.64	0.28	0.2	0.08	0.75	FMN
HBCP	0.24	0.37	0.64		0.62	0.28	0.46	0.92	HBCP
SAMG	0.2	0.15	0.28	0.62		-0.08	0.56	0.48	SAMG
HWBK	0.17	0.36	0.2	0.28	-0.08		0.02	0.17	HWBK
HFBL	-0.05	-0.09	0.08	0.46	0.56	0.02		0.4	HFBL
BWFG	0.3	0.34	0.75	0.92	0.48	0.17	0.4		BWFG
	CXH	EOT	FMN	HBCP	SAMG	HWBK	HFBL	BWFG

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

BWFG	+ 0.92	HBCP
FMN	+ 0.77	CXH
EOT	+ 0.76	CXH
BWFG	+ 0.75	FMN
FMN	+ 0.69	EOT
HBCP	+ 0.64	FMN

High negative correlations

HFBL	- 0.09	EOT
HWBK	- 0.08	SAMG
HFBL	- 0.05	CXH

Risk-Adjusted Indicators

There is a big difference between Hennessy Stock performing well and Hennessy Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Hennessy's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CXH	0.32	(0.05)	0.00	(0.18)	0.00	0.00	0.53	(0.93)	1.86
EOT	0.42	(0.03)	(0.24)	0.00	0.51	(0.50)	0.97	(0.69)	3.44
FMN	0.38	0.00	(0.20)	0.13	0.43	(0.40)	0.66	(0.75)	2.26
HBCP	1.35	0.28	0.23	0.34	0.85	(1.47)	3.01	(1.62)	14.27
SAMG	1.27	0.02	0.00	0.16	2.12	(1.30)	3.53	(2.18)	13.86
HWBK	1.52	0.07	(0.01)	0.42	1.80	(1.55)	3.29	(2.69)	8.29
HFBL	1.51	0.00	(0.05)	0.10	1.80	(2.09)	3.12	(3.16)	11.15
BWFG	1.27	0.29	0.21	0.37	1.10	(1.44)	2.82	(1.96)	8.78

Hennessy Corporate Management

CPA CPA	CFO VP	Profile
Jennifer Cheskiewicz	General Counsel	Profile
Jill Carley	Marketing Associate	Profile
Alan Hennessy	Vice Operations	Profile

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