HNNA vs RAND: Correlation
Hennessy Advisors, Inc. (HNNA) and Rand Capital Corporation - Closed End Fund (RAND) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HNNA and RAND?
Over the past 3 years, HNNA and RAND moved with a correlation of 0.32, which is moderate. The past 12 months show a weaker link (0.06) than the 3-year average (0.32). Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 352.5 %².
Among the 12 assets we track against HNNA, RAND ranks #6 by 3-year correlation. Over the last 12 months HNNA came out ahead by 14.3 percentage points (-7.4% against -21.7%).
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 RAND: side by side
| HNNA (Hennessy Advisors, Inc.) | RAND (Rand Capital Corporation - Closed End Fund) | |
|---|---|---|
| 1-year return | -7.4% | -21.7% |
| 5-year return | +35.8% | +9.9% |
| Volatility (ann.) | 28.4% | 38.7% |
| Beta vs S&P 500 | 0.37 | -0.01 |
| Max drawdown (3Y) | -34.0% | -60.1% |
| Market cap | $0.1B | – |
| P/E (trailing) | 9.5 | – |
| Dividend yield | 5.76% | 10.33% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HNNA | RAND |
|---|---|---|
| 2022 | -16.8% | -17.0% |
| 2023 | -13.8% | +7.5% |
| 2024 | +103.3% | +91.4% |
| 2025 | -20.8% | -34.8% |
| 2026 | +8.9% | +2.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HNNA and RAND good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HNNA and RAND?
The HNNA/RAND correlation stands at 0.32 on a 3-year window (1 year: 0.06, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is RAND a good diversifier for HNNA?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hnna-vs-rand.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hnna-vs-rand/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HNNA correlations · RAND correlations
