HTECX vs. ICTEX

Last updated Jun 4, 2026

HTECX (Hennessy Technology Fund) and ICTEX (ICON Health and Information Technology Fund) are both Technology Equities funds. Over the past 10 years, HTECX returned 14.93%/yr vs 17.43%/yr for ICTEX. Their correlation of 0.89 suggests significant overlap in exposure. HTECX charges 1.23%/yr vs 1.26%/yr for ICTEX.

Performance

HTECX vs. ICTEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Technology Fund (HTECX) and ICON Health and Information Technology Fund (ICTEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HTECX achieves a 23.34% return, which is significantly lower than ICTEX's 32.34% return. Over the past 10 years, HTECX has underperformed ICTEX with an annualized return of 14.93%, while ICTEX has yielded a comparatively higher 17.43% annualized return.

HTECX

• 1D: -0.04%
• 1M: 17.00%
• YTD: 23.34%
• 6M: 24.25%
• 1Y: 40.22%
• 3Y*: 23.72%
• 5Y*: 11.81%
• 10Y*: 14.93%

ICTEX

• 1D: 0.79%
• 1M: 11.06%
• YTD: 32.34%
• 6M: 30.72%
• 1Y: 56.75%
• 3Y*: 26.92%
• 5Y*: 12.95%
• 10Y*: 17.43%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HTECX vs. ICTEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HTECX Hennessy Technology Fund	23.34%	15.48%	17.29%	35.95%	-26.28%	14.75%	24.45%	39.13%	-2.27%	20.31%
ICTEX ICON Health and Information Technology Fund	32.34%	17.55%	20.45%	13.59%	-19.38%	17.62%	33.94%	43.72%	-11.19%	32.52%

Correlation

The correlation between HTECX and ICTEX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 7, 2002	0.89

The correlation between HTECX and ICTEX has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

Return for Risk

HTECX vs. ICTEX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HTECX

HTECX Risk / Return Rank: 48
HTECX Sharpe Ratio Rank: 53
HTECX Sortino Ratio Rank: 46
HTECX Omega Ratio Rank: 42
HTECX Calmar Ratio Rank: 57
HTECX Martin Ratio Rank: 40

ICTEX

ICTEX Risk / Return Rank: 86
ICTEX Sharpe Ratio Rank: 92
ICTEX Sortino Ratio Rank: 84
ICTEX Omega Ratio Rank: 78
ICTEX Calmar Ratio Rank: 88
ICTEX Martin Ratio Rank: 89

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HTECX vs. ICTEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Technology Fund (HTECX) and ICON Health and Information Technology Fund (ICTEX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HTECX	ICTEX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	3.09	-0.94
Sortino ratio: Return per unit of downside risk	2.86	3.96	-1.09
Omega ratio: Gain probability vs. loss probability	1.35	1.51	-0.16
Calmar ratio: Return relative to maximum drawdown	2.90	4.36	-1.46
Martin ratio: Return relative to average drawdown	8.62	17.49	-8.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HTECX vs. ICTEX - Sharpe Ratio Comparison

The current HTECX Sharpe Ratio is 2.15, which is lower than the ICTEX Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of HTECX and ICTEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HTECX	ICTEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	3.09	-0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.67	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.82	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.39	-0.06

Drawdowns

HTECX vs. ICTEX - Drawdown Comparison

The maximum HTECX drawdown since its inception was -58.85%, smaller than the maximum ICTEX drawdown of -64.92%. Use the drawdown chart below to compare losses from any high point for HTECX and ICTEX.

Drawdown Indicators

	HTECX	ICTEX	Difference
Max Drawdown Largest peak-to-trough decline	-58.85%	-64.92%	+6.07%
Max Drawdown (1Y) Largest decline over 1 year	-15.01%	-13.58%	-1.43%
Max Drawdown (3Y) Largest decline over 3 years	-26.64%	-25.38%	-1.26%
Max Drawdown (5Y) Largest decline over 5 years	-34.88%	-26.67%	-8.21%
Max Drawdown (10Y) Largest decline over 10 years	-35.00%	-35.08%	+0.08%
Current Drawdown Current decline from peak	-0.04%	0.00%	-0.04%
Average Drawdown Average peak-to-trough decline	-11.95%	-18.00%	+6.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.04%	3.38%	+1.66%

Volatility

HTECX vs. ICTEX - Volatility Comparison

Hennessy Technology Fund (HTECX) has a higher volatility of 6.92% compared to ICON Health and Information Technology Fund (ICTEX) at 4.86%. This indicates that HTECX's price experiences larger fluctuations and is considered to be riskier than ICTEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTECX	ICTEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.92%	4.86%	+2.06%
Volatility (6M) Calculated over the trailing 6-month period	15.47%	15.01%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	20.28%	19.20%	+1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.25%	19.55%	+4.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.70%	21.31%	+2.39%

HTECX vs. ICTEX - Expense Ratio Comparison

HTECX has a 1.23% expense ratio, which is lower than ICTEX's 1.26% expense ratio.

Dividends

HTECX vs. ICTEX - Dividend Comparison

HTECX's dividend yield for the trailing twelve months is around 17.15%, more than ICTEX's 15.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HTECX Hennessy Technology Fund	17.15%	21.16%	4.28%	0.00%	0.07%	33.37%	3.58%	2.65%	15.54%	9.60%	0.00%
ICTEX ICON Health and Information Technology Fund	15.68%	20.75%	11.36%	12.46%	18.84%	16.62%	3.45%	4.32%	16.94%	24.94%	21.88%

Frequently Asked Questions

Can I hold both HTECX and ICTEX in my portfolio?

HTECX and ICTEX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HTECX or ICTEX?

HTECX has higher volatility (6.92%) compared to ICTEX (4.86%). In terms of maximum drawdown, HTECX dropped -58.85% vs ICTEX's -64.92%.

Which has better risk-adjusted returns?

ICTEX currently has the higher Sharpe Ratio (3.09 vs 2.15), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.