Hennessy Technology Correlations

HTECX Fund

USD 24.59 0.21 0.86%

The current 90-days correlation between Hennessy Technology and Black Oak Emerging is 0.96 (i.e., Almost no 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 main economic indicators.

Moving together with Hennessy Mutual Fund

0.68	VVPR	VivoPower International Tech Boost	Pair Corr
0.94	DBD	Diebold Nixdorf,	Pair Corr
0.68	GENVR	Gen Digital Contingent	Pair Corr
0.67	CYCUW	Cycurion, Warrant Symbol Change	Pair Corr
0.75	BULLW	Webull Warrants Trending	Pair Corr
0.74	MIND	Mind Technology	Pair Corr
0.92	HPE-PC	Hewlett Packard Ente	Pair Corr
0.91	CORZZ	Core Scientific, Tranche	Pair Corr
0.77	RZLVW	Rezolve AI Limited	Pair Corr
0.82	SATX	SatixFy Communications	Pair Corr
0.62	STRF	MicroStrategy Incorporated	Pair Corr
0.75	HICGX	Hennessy Nerstone Growth	Pair Corr
0.93	HICVX	Hennessy Nerstone Value	Pair Corr
0.98	HIMDX	Hennessy Nerstone Mid	Pair Corr

Moving against Hennessy Mutual Fund

0.8	VISL	Vislink Technologies	Pair Corr
0.62	APCXW	AppTech Payments Corp	Pair Corr
0.55	EXOD	Exodus Movement, Tech Boost	Pair Corr
0.35	DVLT	Datavault AI Symbol Change	Pair Corr
0.8	HPAIW	Helport AI Limited	Pair Corr
0.72	APCX	Apptech Corp	Pair Corr
0.5	ODYS	Odysightai Common Stock	Pair Corr
0.46	SLNHP	Soluna Holdings Preferred	Pair Corr
0.64	AXIL	AXIL Brands, Trending	Pair Corr
0.64	SMTK	SmartKem, Common Stock	Pair Corr

Related Correlations Analysis

	BOGSX	HJPNX	ALTEX	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3	SITKF
BOGSX		0.7	0.97	0.99	0.68	0.98	0.67	0.0	-0.33	-0.17	BOGSX
HJPNX	0.7		0.61	0.7	0.58	0.69	0.58	0.0	-0.47	-0.33	HJPNX
ALTEX	0.97	0.61		0.97	0.71	0.96	0.7	0.0	-0.27	-0.03	ALTEX
MSTSX	0.99	0.7	0.97		0.67	0.98	0.66	0.0	-0.31	-0.16	MSTSX
LBHIX	0.68	0.58	0.71	0.67		0.64	0.99	0.0	-0.31	0.13	LBHIX
VIASP	0.98	0.69	0.96	0.98	0.64		0.62	0.0	-0.3	-0.19	VIASP
RRTLX	0.67	0.58	0.7	0.66	0.99	0.62		0.0	-0.26	0.1	RRTLX
OSHDF	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	OSHDF
70082LAB3	-0.33	-0.47	-0.27	-0.31	-0.31	-0.3	-0.26	0.0		0.03	70082LAB3
SITKF	-0.17	-0.33	-0.03	-0.16	0.13	-0.19	0.1	0.0	0.03		SITKF
	BOGSX	HJPNX	ALTEX	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3	SITKF

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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

MSTSX	+ 0.99	BOGSX
RRTLX	+ 0.99	LBHIX
VIASP	+ 0.98	BOGSX
VIASP	+ 0.98	MSTSX
ALTEX	+ 0.97	BOGSX
MSTSX	+ 0.97	ALTEX

High negative correlations

70082LAB3	- 0.47	HJPNX
SITKF	- 0.33	HJPNX
70082LAB3	- 0.33	BOGSX
70082LAB3	- 0.31	LBHIX
70082LAB3	- 0.31	MSTSX
70082LAB3	- 0.3	VIASP

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
BOGSX	0.84	0.18	0.17	0.31	0.60	(1.06)	2.32	(1.46)	5.78
HJPNX	0.72	0.14	(0.02)	(0.47)	0.87	(0.74)	1.95	(1.64)	5.14
ALTEX	1.17	0.38	0.28	0.56	0.83	(1.52)	2.69	(1.86)	7.39
MSTSX	0.49	0.10	0.07	0.28	0.32	(0.57)	1.45	(1.17)	3.51
LBHIX	0.18	0.06	(0.20)	0.59	0.00	(0.34)	0.49	(0.24)	1.22
VIASP	0.45	0.15	0.09	1.19	0.00	(0.58)	1.01	(0.76)	4.38
RRTLX	0.23	0.07	(0.07)	0.43	0.00	(0.30)	0.73	(0.39)	1.74
OSHDF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
70082LAB3	1.18	0.23	0.03	(2.86)	2.27	(1.22)	2.55	(1.87)	11.02
SITKF	2.99	0.28	0.01	(0.17)	3.63	(4.66)	6.25	(6.98)	23.19

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