Hennessy Technology Correlations

Mutual Funds . USA . 
Fund . Hennessy Technology Fund
HTCIX Fund  USD 25.66  0.28  1.10%   
The current 90-days correlation between Hennessy Technology and Needham Aggressive Growth is 0.87 (i.e., Very 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

Poor diversification

The correlation between Hennessy Technology Fund and DJI is 0.77 (i.e., Poor 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 together with Hennessy Mutual Fund

  0.66VVPR VivoPower InternationalPairCorr
  0.89FARO FARO TechnologiesPairCorr
  0.93DBD Diebold Nixdorf,PairCorr
  0.82GENVR Gen Digital ContingentPairCorr
  0.72BULLW Webull Warrants TrendingPairCorr
  0.68MIND Mind TechnologyPairCorr
  0.91HPE-PC Hewlett Packard EntePairCorr
  0.75AVPTW AvePointPairCorr
  0.9CORZZ Core Scientific, TranchePairCorr
  0.71RZLVW Rezolve AI LimitedPairCorr
  0.84SATX SatixFy CommunicationsPairCorr
  0.94HICGX Hennessy Nerstone GrowthPairCorr
  0.92HICVX Hennessy Nerstone ValuePairCorr
  0.98HIMDX Hennessy Nerstone MidPairCorr

Moving against Hennessy Mutual Fund

  0.85VSTE Vast RenewablesPairCorr
  0.78VISL Vislink Technologies Tech BoostPairCorr
  0.63APCXW AppTech Payments CorpPairCorr
  0.51EXOD Exodus Movement,PairCorr
  0.42DVLT Datavault AI Symbol ChangePairCorr
  0.8HPAIW Helport AI LimitedPairCorr
  0.79NOVA Sunnova Energy InterPairCorr
  0.5ODYS Odysightai Common StockPairCorr
  0.35SLNHP Soluna Holdings PreferredPairCorr
  0.86SMTK SmartKem, Common StockPairCorr
  0.69APCX Apptech CorpPairCorr
  0.43AXIL AXIL Brands, TrendingPairCorr

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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