HNNA vs NVNI: Correlation
How closely do Hennessy Advisors, Inc. (HNNA) and Nvni Group Limited (NVNI) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HNNA and NVNI?
Over the past 3 years, HNNA and NVNI moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.10 versus -0.24 over 3 years. Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -6591.4 %².
Among the 12 assets we track against HNNA, NVNI sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months HNNA outperformed by 75.6 percentage points (-7.4% for HNNA against -83.0% for NVNI). One caveat on sizing: NVNI is 33.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
HNNA vs NVNI: side by side
| HNNA (Hennessy Advisors, Inc.) | NVNI (Nvni Group Limited) | |
|---|---|---|
| 1-year return | -7.4% | -83.0% |
| 5-year return | +35.8% | -98.9% |
| Volatility (ann.) | 28.4% | 949.3% |
| Beta vs S&P 500 | 0.37 | -4.03 |
| Max drawdown (3Y) | -34.0% | -99.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | 9.5 | – |
| Dividend yield | 5.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HNNA | NVNI |
|---|---|---|
| 2022 | -16.8% | +4.4% |
| 2023 | -13.8% | -85.4% |
| 2024 | +103.3% | +64.4% |
| 2025 | -20.8% | -89.2% |
| 2026 | +8.9% | -60.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HNNA and NVNI good diversifiers for each other?
Yes. With a correlation of -0.24, HNNA and NVNI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HNNA and NVNI?
The HNNA/NVNI correlation stands at -0.24 on a 3-year window (1 year: -0.10, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is NVNI a good diversifier for HNNA?
Yes. With a correlation of -0.24, HNNA and NVNI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hnna-vs-nvni.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hnna-vs-nvni/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HNNA correlations · NVNI correlations
