Hennessy Stance Correlations

STNC Etf

USD 29.06 0.38 1.29%

The current 90-days correlation between Hennessy Stance ESG and iShares ESG Screened is 0.8 (i.e., Very poor diversification). The correlation of Hennessy Stance 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 Stance Correlation With Market

Good diversification

The correlation between Hennessy Stance ESG and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hennessy Stance ESG and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Hennessy Stance ESG. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Hennessy Etf

0.78	WMT	Walmart	Pair Corr
0.7	DD	Dupont De Nemours	Pair Corr
0.64	HD	Home Depot	Pair Corr

Moving against Hennessy Etf

0.46

MRK

Merck Company

Pair Corr

Related Correlations Analysis

	XJH	XBAP	XVV	XDAP	XDQQ
XJH		0.22	0.87	0.44	0.12	XJH
XBAP	0.22		0.52	0.96	0.62	XBAP
XVV	0.87	0.52		0.73	0.42	XVV
XDAP	0.44	0.96	0.73		0.64	XDAP
XDQQ	0.12	0.62	0.42	0.64		XDQQ
	XJH	XBAP	XVV	XDAP	XDQQ

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Hennessy Stance Constituents Risk-Adjusted Indicators

There is a big difference between Hennessy Etf performing well and Hennessy Stance ETF 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 Stance'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
XJH	0.79	(0.24)	1.74	1.25	(2.12)	4.70
XBAP	0.21	(0.03)	0.42	0.44	(0.52)	2.13
XVV	0.78	(0.17)	0.59	1.22	(1.80)	5.14
XDAP	0.35	(0.05)	0.49	0.73	(0.94)	3.47
XDQQ	0.87	(0.03)	(0.17)	1.38	(2.86)	6.61

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