Hennessy Technology Correlations

HTCIX Fund

USD 24.65 0.29 1.19%

The current 90-days correlation between Hennessy Technology and Calvert International Equity is 0.41 (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

Modest diversification

The correlation between Hennessy Technology Fund and DJI is 0.26 (i.e., Modest 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 against Hennessy Mutual Fund

0.58	VEEA	Veea Inc Symbol Change	Pair Corr
0.5	VHAI	VHAI	Pair Corr
0.45	FOXX	Foxx Development Holdings Trending	Pair Corr
0.44	FAASW	DigiAsia Corp Symbol Change	Pair Corr
0.31	DLPX	Delphax Technologies	Pair Corr
0.36	LUNA	Luna Innovations	Pair Corr

Related Correlations Analysis

	CIESX	PASTX	GSCYX	RTIUX	SEHAX	OWFIX	SNPTX	SMYIX
CIESX		0.27	0.3	0.92	0.39	0.68	0.36	0.44	CIESX
PASTX	0.27		0.75	0.45	0.86	0.57	0.63	0.89	PASTX
GSCYX	0.3	0.75		0.49	0.89	0.56	0.51	0.8	GSCYX
RTIUX	0.92	0.45	0.49		0.61	0.7	0.31	0.55	RTIUX
SEHAX	0.39	0.86	0.89	0.61		0.64	0.53	0.88	SEHAX
OWFIX	0.68	0.57	0.56	0.7	0.64		0.56	0.71	OWFIX
SNPTX	0.36	0.63	0.51	0.31	0.53	0.56		0.83	SNPTX
SMYIX	0.44	0.89	0.8	0.55	0.88	0.71	0.83		SMYIX
	CIESX	PASTX	GSCYX	RTIUX	SEHAX	OWFIX	SNPTX	SMYIX

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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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CIESX	0.61	(0.02)	(0.10)	0.02	0.86	(0.60)	1.30	(1.36)	3.58
PASTX	1.33	(0.05)	(0.04)	0.00	2.30	(1.19)	2.66	(2.91)	9.85
GSCYX	0.90	0.00	(0.05)	0.08	1.32	(0.96)	1.67	(1.56)	10.69
RTIUX	0.53	(0.04)	(0.12)	(0.03)	0.72	(0.56)	1.27	(1.34)	3.60
SEHAX	0.66	(0.04)	(0.05)	(0.01)	1.83	(0.57)	1.11	(1.21)	11.56
OWFIX	0.15	(0.01)	(0.42)	(0.18)	0.18	(0.23)	0.30	(0.30)	1.10
SNPTX	0.49	0.03	(0.04)	0.18	0.70	(0.50)	1.01	(1.19)	4.79
SMYIX	0.65	(0.01)	(0.04)	0.08	1.06	(0.61)	1.48	(1.35)	4.86

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Hennessy Technology Correlations

Hennessy Technology Correlation With Market

Modest diversification

Moving against Hennessy Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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