Hennessy Technology Correlations

Mutual Funds . USA . 
Fund . Hennessy Technology Fund
HTCIX Fund  USD 26.00  0.35  1.36%   
The current 90-days correlation between Hennessy Technology and Western Asset High is 0.54 (i.e., Very weak 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

Almost no diversification

The correlation between Hennessy Technology Fund and DJI is 0.91 (i.e., Almost no 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 Tech BoostPairCorr
  0.97DBD Diebold Nixdorf,PairCorr
  0.71OUSTZ Ouster, WarrantsPairCorr
  0.61CYCUW Cycurion, Warrant Symbol ChangePairCorr
  0.71JNPR Juniper NetworksPairCorr
  0.77MIND Mind TechnologyPairCorr
  0.95HPE-PC Hewlett Packard EntePairCorr
  0.91CORZZ Core Scientific, TranchePairCorr
  0.82RZLVW Rezolve AI LimitedPairCorr
  0.73SATX SatixFy CommunicationsPairCorr
  0.92STRF MicroStrategy IncorporatedPairCorr
  0.96HICGX Hennessy Nerstone GrowthPairCorr
  0.85HICVX Hennessy Nerstone ValuePairCorr
  0.98HIMDX Hennessy Nerstone MidPairCorr
  0.99HILFX Hennessy Large CapPairCorr

Moving against Hennessy Mutual Fund

  0.8VSTE Vast RenewablesPairCorr
  0.73VISL Vislink TechnologiesPairCorr
  0.64EXOD Exodus Movement, Upward RallyPairCorr
  0.63APCXW AppTech Payments CorpPairCorr
  0.4VBIX Viewbix Common Stock TrendingPairCorr
  0.82SLNHP Soluna Holdings Preferred TrendingPairCorr
  0.81HPAIW Helport AI LimitedPairCorr
  0.78NOVA Sunnova Energy InterPairCorr
  0.69APCX Apptech CorpPairCorr
  0.51ODYS Odysightai Common StockPairCorr
  0.87SMTK SmartKem, Common StockPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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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