Hennessy Technology Correlations

Mutual Funds . USA . 
Fund . Hennessy Technology Fund
HTCIX Fund  USD 25.27  0.36  1.40%   
The current 90-days correlation between Hennessy Technology and Icon Natural Resources is -0.29 (i.e., Very 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

Very poor diversification

The correlation between Hennessy Technology Fund and DJI is 0.89 (i.e., Very 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

  0.65VVPR VivoPower International Upward RallyPairCorr
  0.96DBD Diebold Nixdorf,PairCorr
  0.65OUSTZ Ouster, WarrantsPairCorr
  0.74CYCUW Cycurion, Warrant Symbol ChangePairCorr
  0.63BULLW Webull WarrantsPairCorr
  0.62JNPR Juniper NetworksPairCorr
  0.79MIND Mind TechnologyPairCorr
  0.95HPE-PC Hewlett Packard EntePairCorr
  0.91CORZZ Core Scientific, TranchePairCorr
  0.82RZLVW Rezolve AI LimitedPairCorr
  0.82SATX SatixFy CommunicationsPairCorr
  0.88STRF MicroStrategy IncorporatedPairCorr
  0.93HICGX Hennessy Nerstone GrowthPairCorr
  0.95HICVX Hennessy Nerstone ValuePairCorr
  0.99HIMDX Hennessy Nerstone MidPairCorr
  0.99HILFX Hennessy Large CapPairCorr

Moving against Hennessy Mutual Fund

  0.83VSTE Vast RenewablesPairCorr
  0.76VISL Vislink TechnologiesPairCorr
  0.63EXOD Exodus Movement,PairCorr
  0.6APCXW AppTech Payments CorpPairCorr
  0.42VBIX Viewbix Common StockPairCorr
  0.87NOVA Sunnova Energy InterPairCorr
  0.84HPAIW Helport AI LimitedPairCorr
  0.74SLNHP Soluna Holdings Preferred Upward RallyPairCorr
  0.7APCX Apptech CorpPairCorr
  0.58ODYS Odysightai Common StockPairCorr
  0.88SMTK SmartKem, Common StockPairCorr

Related Correlations Analysis

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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.

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