Hennessy Technology Correlations

HTECX Fund

USD 22.99 0.27 1.16%

The current 90-days correlation between Hennessy Technology and Black Oak Emerging is 0.72 (i.e., Poor 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

Weak diversification

The correlation between Hennessy Technology Fund 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 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

0.8	INGM	Ingram Micro Holding	Pair Corr
0.82	HILFX	Hennessy Large Cap	Pair Corr

Moving against Hennessy Mutual Fund

0.59	DVLT	Datavault AI Symbol Change	Pair Corr
0.5	VEEA	Veea Inc Symbol Change	Pair Corr
0.46	FOXX	Foxx Development Holdings Trending	Pair Corr
0.38	VSTEW	Vast Renewables	Pair Corr
0.37	VVPR	VivoPower International	Pair Corr
0.31	FAASW	DigiAsia Corp Symbol Change	Pair Corr
0.31	FMTO	Femto Technologies Symbol Change	Pair Corr

Related Correlations Analysis

	BOGSX	HLFNX	HJPNX	HSFNX	ALTEX
BOGSX		0.06	0.81	0.83	0.63	BOGSX
HLFNX	0.06		0.23	0.32	-0.07	HLFNX
HJPNX	0.81	0.23		0.89	0.54	HJPNX
HSFNX	0.83	0.32	0.89		0.52	HSFNX
ALTEX	0.63	-0.07	0.54	0.52		ALTEX
	BOGSX	HLFNX	HJPNX	HSFNX	ALTEX

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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

HSFNX	+ 0.89	HJPNX
HSFNX	+ 0.83	BOGSX
HJPNX	+ 0.81	BOGSX
ALTEX	+ 0.63	BOGSX
ALTEX	+ 0.54	HJPNX
ALTEX	+ 0.52	HSFNX

High negative correlations

ALTEX

- 0.07

HLFNX

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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
BOGSX	1.03	(0.12)	(0.14)	1.65	(2.46)	10.12
HLFNX	0.88	(0.03)	(0.03)	1.72	(2.09)	6.80
HJPNX	0.85	(0.06)	(0.09)	1.45	(1.90)	7.16
HSFNX	1.15	(0.19)	(0.17)	2.12	(2.64)	8.14
ALTEX	1.24	(0.18)	(0.28)	2.04	(3.22)	9.94

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