Hennessy Technology Correlations

HTCIX Fund

USD 26.64 1.00 3.62%

The current 90-days correlation between Hennessy Technology and Hennessy Nerstone Growth is -0.17 (i.e., Good diversification). The correlation of Hennessy Technology 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Hennessy Technology Correlation With Market

Poor diversification

The correlation between Hennessy Technology Fund and DJI is 0.73 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Technology Fund and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Hennessy Technology Fund. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Hennessy Mutual Fund

0.7	HICVX	Hennessy Nerstone Value	Pair Corr
0.71	HIMDX	Hennessy Nerstone Mid	Pair Corr
0.81	HILFX	Hennessy Large Cap	Pair Corr
0.65	HISFX	Hennessy Small Cap	Pair Corr
0.73	HJPIX	Hennessy Japan Downward Rally	Pair Corr
0.73	HJPNX	Hennessy Japan Downward Rally	Pair Corr
0.67	HJPSX	Hennessy Japan Small	Pair Corr
0.67	HJSIX	Hennessy Japan Small	Pair Corr
0.81	HLFNX	Hennessy Large Cap	Pair Corr
0.78	HNRGX	Hennessy Bp Energy	Pair Corr
0.76	HNRIX	Hennessy Bp Energy	Pair Corr
0.65	HSFNX	Hennessy Small Cap	Pair Corr
0.66	HBFBX	Hennessy Balanced	Pair Corr
1.0	HTECX	Hennessy Technology	Pair Corr
0.77	HEIFX	Hennessy Equity And	Pair Corr
0.84	HEIIX	Hennessy Equity And	Pair Corr
0.66	GASFX	Hennessy Gas Utility	Pair Corr
0.76	HFCVX	Hennessy Nerstone Value	Pair Corr
0.66	HFCGX	Hennessy Nerstone Growth	Pair Corr
0.7	HFMDX	Hennessy Nerstone Mid	Pair Corr
0.62	HGASX	Hennessy Gas Utility	Pair Corr
0.92	VITAX	Vanguard Information	Pair Corr
0.88	CCIFX	Columbia Seligman	Pair Corr
0.88	FSPTX	Technology Portfolio	Pair Corr
0.91	FSELX	Fidelity Select Semi	Pair Corr
0.66	FSCSX	Software And It	Pair Corr
0.92	SLMCX	Columbia Seligman	Pair Corr
0.94	SCICX	Columbia Seligman	Pair Corr
0.95	WSTRX	Ivy Science And	Pair Corr
0.91	DXQLX	Direxion Monthly Nasdaq	Pair Corr
0.86	RYVLX	Nasdaq 100 2x	Pair Corr
0.91	RYVYX	Nasdaq 100 2x	Pair Corr
0.91	UOPIX	Ultra Nasdaq 100	Pair Corr

Related Correlations Analysis

	HICGX	HICVX	HIMDX	HILFX	HILGX	HISFX	HJPSX	HJSIX	HBFBX
HICGX		0.87	0.79	0.48	0.87	0.82	0.76	0.76	0.5	HICGX
HICVX	0.87		0.86	0.62	0.9	0.81	0.81	0.81	0.77	HICVX
HIMDX	0.79	0.86		0.71	0.82	0.91	0.76	0.76	0.64	HIMDX
HILFX	0.48	0.62	0.71		0.44	0.7	0.46	0.46	0.53	HILFX
HILGX	0.87	0.9	0.82	0.44		0.75	0.77	0.77	0.67	HILGX
HISFX	0.82	0.81	0.91	0.7	0.75		0.66	0.66	0.53	HISFX
HJPSX	0.76	0.81	0.76	0.46	0.77	0.66		1.0	0.46	HJPSX
HJSIX	0.76	0.81	0.76	0.46	0.77	0.66	1.0		0.46	HJSIX
HBFBX	0.5	0.77	0.64	0.53	0.67	0.53	0.46	0.46		HBFBX
	HICGX	HICVX	HIMDX	HILFX	HILGX	HISFX	HJPSX	HJSIX	HBFBX

Risk-Adjusted Indicators

There is a big difference between Hennessy Mutual Fund performing well and Hennessy Technology Mutual Fund 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 Technology'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
HICGX	0.59	(0.02)	0.00	0.08	0.00	0.00	1.25	(1.28)	2.97
HICVX	0.43	0.00	(0.04)	0.05	0.55	(0.43)	0.79	(0.86)	2.19
HIMDX	0.94	(0.05)	0.00	(0.01)	0.00	0.00	2.31	(2.08)	6.20
HILFX	0.83	(0.05)	0.00	(0.01)	0.00	0.00	1.54	(1.63)	4.75
HILGX	0.53	(0.01)	(0.04)	0.08	0.69	(0.58)	1.27	(1.02)	3.66
HISFX	1.03	(0.06)	0.00	(0.02)	0.00	0.00	2.07	(1.96)	7.02
HJPSX	0.72	0.05	0.05	0.09	0.94	(0.74)	1.69	(1.37)	3.69
HJSIX	0.71	0.06	0.05	0.09	0.96	(0.73)	1.71	(1.39)	3.70
HBFBX	0.25	0.01	(0.04)	(0.04)	0.29	(0.28)	0.50	(0.57)	1.55

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Hennessy Technology Correlations

Hennessy Technology Correlation With Market

Poor diversification

Moving together with Hennessy Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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