Hennessy Technology Correlations

Mutual Funds . USA . 
Fund . Hennessy Technology Fund
HTECX Fund  USD 25.17  0.34  1.37%   
The current 90-days correlation between Hennessy Technology and Siit Large Cap is 0.96 (i.e., Almost no 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 0.9 (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 main economic indicators.

Moving together with Hennessy Mutual Fund

  0.66VVPR VivoPower International Tech BoostPairCorr
  0.97FFIV F5 NetworksPairCorr
  0.83FIVN Five9 IncPairCorr
  0.89FLYW Flywire CorpPairCorr
  0.66ACN Accenture plcPairCorr
  0.94AIP ArterisPairCorr
  0.97APH AmphenolPairCorr
  0.89AVT Avnet IncPairCorr
  0.71BHE Benchmark ElectronicsPairCorr
  0.91BMI Badger MeterPairCorr
  0.73BOX Box IncPairCorr
  0.98FORM FormFactorPairCorr
  0.96FOUR Shift4 PaymentsPairCorr
  0.94CLS CelesticaPairCorr
  0.66CTM CastellumPairCorr
  0.97DBD Diebold Nixdorf,PairCorr
  0.69DBX DropboxPairCorr
  0.88DLO DlocalPairCorr
  0.89DOX AmdocsPairCorr
  0.85FIS Fidelity NationalPairCorr
  0.76FTV Fortive CorpPairCorr
  0.94GCT GigaCloud TechnologyPairCorr
  0.83GDS GDS Holdings Buyout TrendPairCorr
  0.96GEN Gen DigitalPairCorr
  0.79FSLR First Solar Buyout TrendPairCorr
  0.69GIB CGI IncPairCorr

Moving against Hennessy Mutual Fund

  0.78VSTE Vast RenewablesPairCorr
  0.72VISL Vislink TechnologiesPairCorr
  0.63EXOD Exodus Movement, Upward RallyPairCorr
  0.4VBIX Virtual Crypto Techn TrendingPairCorr
  0.37CAN Canaan IncPairCorr
  0.34AUR Aurora InnovationPairCorr
  0.55DDD 3D Systems Tech BoostPairCorr

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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