Hennessy Correlations

HNNA Stock

USD 10.46 0.02 0.19%

The current 90-days correlation between Hennessy Ad and MFS Investment Grade is -0.01 (i.e., Good 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

Weak diversification

The correlation between Hennessy Ad and DJI is 0.36 (i.e., Weak 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.

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

0.79	BN	Brookfield Corp	Pair Corr
0.83	BX	Blackstone Group Normal Trading	Pair Corr
0.8	CG	Carlyle Group	Pair Corr
0.73	LC	LendingClub Corp	Pair Corr
0.85	MC	Moelis	Pair Corr
0.62	MS	Morgan Stanley	Pair Corr
0.8	PX	P10 Inc	Pair Corr
0.8	RC	Ready Capital Corp	Pair Corr
0.74	RM	Regional Management Corp	Pair Corr
0.8	SF	Stifel Financial	Pair Corr
0.61	WD	Walker Dunlop	Pair Corr
0.71	WT	WisdomTree	Pair Corr
0.75	VCTR	Victory Capital Holdings Normal Trading	Pair Corr
0.65	VRTS	Virtus Investment	Pair Corr

Moving against Hennessy Stock

0.71	DB	Deutsche Bank AG Normal Trading	Pair Corr
0.63	DX	Dynex Capital	Pair Corr
0.61	LX	Lexinfintech Holdings	Pair Corr
0.6	LU	Lufax Holding	Pair Corr
0.67	DMYY	dMY Squared Technology	Pair Corr
0.55	TW	Tradeweb Markets Normal Trading	Pair Corr
0.46	XP	Xp Inc Normal Trading	Pair Corr
0.42	WU	Western Union	Pair Corr
0.35	DOMH	Dominari Holdings	Pair Corr
0.79	DYCQ	DT Cloud Acquisition	Pair Corr
0.65	EMCG	Embrace Change Acqui	Pair Corr
0.62	VMCA	Valuence Merger Corp	Pair Corr
0.55	WINV	WinVest Acquisition Corp	Pair Corr
0.53	ANSCW	Agriculture Natural	Pair Corr
0.47	EMCGU	Embrace Change Acqui	Pair Corr

Related Correlations Analysis

	CXH	IHTA	EOT	NXC	FMN	CBH	MHN	IHIT	JHAA
CXH		0.0	0.87	0.59	0.87	0.0	0.87	0.0	0.0	CXH
IHTA	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	IHTA
EOT	0.87	0.0		0.58	0.92	0.0	0.86	0.0	0.0	EOT
NXC	0.59	0.0	0.58		0.67	0.0	0.54	0.0	0.0	NXC
FMN	0.87	0.0	0.92	0.67		0.0	0.85	0.0	0.0	FMN
CBH	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	CBH
MHN	0.87	0.0	0.86	0.54	0.85	0.0		0.0	0.0	MHN
IHIT	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	IHIT
JHAA	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		JHAA
	CXH	IHTA	EOT	NXC	FMN	CBH	MHN	IHIT	JHAA

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

FMN	+ 0.92	EOT
EOT	+ 0.87	CXH
FMN	+ 0.87	CXH
MHN	+ 0.87	CXH
MHN	+ 0.86	EOT
MHN	+ 0.85	FMN

High negative correlations

JHAA	- 0.0	IHIT
JHAA	- 0.0	MHN
IHIT	- 0.0	MHN
JHAA	- 0.0	CBH
IHIT	- 0.0	CBH
MHN	- 0.0	CBH

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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
CXH	0.42	(0.04)	(0.51)	0.76	(1.01)	2.56
IHTA	0.00	0.00	0.00	0.00	0.00	0.00
EOT	0.47	(0.05)	(0.34)	1.01	(1.28)	2.87
NXC	0.35	(0.02)	(1.14)	0.69	(0.68)	1.98
FMN	0.43	(0.05)	(0.39)	0.80	(0.99)	3.00
CBH	0.00	0.00	0.00	0.00	0.00	0.00
MHN	0.48	(0.07)	(0.49)	0.69	(1.23)	2.81
IHIT	0.00	0.00	0.00	0.00	0.00	0.00
JHAA	0.00	0.00	0.00	0.00	0.00	0.00

Hennessy Corporate Management

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

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC