HNNA vs WDI: Correlation
Hennessy Advisors, Inc. (HNNA) and Western Asset Diversified Income Fund (WDI) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HNNA and WDI?
Over the past 3 years, HNNA and WDI moved with a correlation of 0.34, which is moderate. Little has changed lately, as the 1-year reading of 0.41 lands near the 3-year figure. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 112.2 %².
Within HNNA's tracked universe of 12 assets, WDI comes in at #4 by 3-year correlation. On 12-month performance WDI holds a 5.1-point edge, -7.4% against -2.3%. Note the risk asymmetry: HNNA runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 WDI: side by side
| HNNA (Hennessy Advisors, Inc.) | WDI (Western Asset Diversified Income Fund) | |
|---|---|---|
| 1-year return | -7.4% | -2.3% |
| 5-year return | +35.8% | +14.7% |
| Volatility (ann.) | 28.4% | 11.7% |
| Beta vs S&P 500 | 0.37 | 0.46 |
| Max drawdown (3Y) | -34.0% | -14.1% |
| Market cap | $0.1B | $0.7B |
| P/E (trailing) | 9.5 | 9.3 |
| Dividend yield | 5.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HNNA | WDI |
|---|---|---|
| 2022 | -16.8% | -23.3% |
| 2023 | -13.8% | +25.1% |
| 2024 | +103.3% | +13.9% |
| 2025 | -20.8% | +10.7% |
| 2026 | +8.9% | +0.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HNNA and WDI good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HNNA and WDI?
The HNNA/WDI correlation stands at 0.34 on a 3-year window (1 year: 0.41, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is WDI a good diversifier for HNNA?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hnna-vs-wdi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hnna-vs-wdi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HNNA correlations · WDI correlations
