HTECX vs. TOWTX

Last updated Apr 1, 2026

Compare and contrast key facts about Hennessy Technology Fund (HTECX) and Towpath Technology Fund (TOWTX).

HTECX is managed by Hennessy. It was launched on Jan 31, 2002. TOWTX is managed by Oelschlager Investments. It was launched on Feb 2, 2021.

Performance

HTECX vs. TOWTX - Performance Comparison

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

HTECX vs. TOWTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HTECX Hennessy Technology Fund	-10.79%	15.48%	17.29%	35.95%	-26.28%	12.84%
TOWTX Towpath Technology Fund	-9.57%	9.55%	12.82%	29.78%	-15.96%	17.73%

Returns By Period

In the year-to-date period, HTECX achieves a -10.79% return, which is significantly lower than TOWTX's -9.57% return.

HTECX

• 1D: -1.38%
• 1M: -7.40%
• YTD: -10.79%
• 6M: -12.16%
• 1Y: 13.20%
• 3Y*: 12.49%
• 5Y*: 4.99%
• 10Y*: 11.64%

TOWTX

• 1D: -0.07%
• 1M: -5.09%
• YTD: -9.57%
• 6M: -7.05%
• 1Y: 3.98%
• 3Y*: 10.31%
• 5Y*: 6.11%
• 10Y*: —

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

HTECX vs. TOWTX - Expense Ratio Comparison

HTECX has a 1.23% expense ratio, which is higher than TOWTX's 1.10% expense ratio.

HTECX

Hennessy Technology Fund

TOWTX

Towpath Technology Fund

Return for Risk

HTECX vs. TOWTX — Risk / Return Rank

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

HTECX

HTECX Risk / Return Rank: 19
HTECX Sharpe Ratio Rank: 18
HTECX Sortino Ratio Rank: 20
HTECX Omega Ratio Rank: 19
HTECX Calmar Ratio Rank: 21
HTECX Martin Ratio Rank: 17

TOWTX

TOWTX Risk / Return Rank: 9
TOWTX Sharpe Ratio Rank: 9
TOWTX Sortino Ratio Rank: 9
TOWTX Omega Ratio Rank: 9
TOWTX Calmar Ratio Rank: 9
TOWTX Martin Ratio Rank: 9

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. TOWTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Technology Fund (HTECX) and Towpath Technology Fund (TOWTX). 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	TOWTX	Difference
Sharpe ratio Return per unit of total volatility	0.48	0.23	+0.25
Sortino ratio Return per unit of downside risk	0.86	0.45	+0.41
Omega ratio Gain probability vs. loss probability	1.12	1.06	+0.06
Calmar ratio Return relative to maximum drawdown	0.62	0.16	+0.46
Martin ratio Return relative to average drawdown	1.79	0.51	+1.28
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. TOWTX - Sharpe Ratio Comparison

The current HTECX Sharpe Ratio is 0.48, which is higher than the TOWTX Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of HTECX and TOWTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HTECX	TOWTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.48	0.23	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.00	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.00	+0.27

Correlation

The correlation between HTECX and TOWTX is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HTECX vs. TOWTX - Dividend Comparison

HTECX's dividend yield for the trailing twelve months is around 23.72%, more than TOWTX's 1.88% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HTECX Hennessy Technology Fund	23.72%	21.16%	4.28%	0.00%	0.07%	33.37%	3.58%	2.65%	15.54%	9.60%
TOWTX Towpath Technology Fund	1.88%	1.70%	3.55%	0.42%	0.57%	0.66%	0.00%	0.00%	0.00%	0.00%

Drawdowns

HTECX vs. TOWTX - Drawdown Comparison

The maximum HTECX drawdown since its inception was -58.85%, smaller than the maximum TOWTX drawdown of -98.79%. Use the drawdown chart below to compare losses from any high point for HTECX and TOWTX.

Drawdown Indicators

	HTECX	TOWTX	Difference
Max Drawdown Largest peak-to-trough decline	-58.85%	-98.79%	+39.94%
Max Drawdown (1Y) Largest decline over 1 year	-15.01%	-11.62%	-3.39%
Max Drawdown (5Y) Largest decline over 5 years	-34.88%	-98.79%	+63.91%
Max Drawdown (10Y) Largest decline over 10 years	-35.00%	—	—
Current Drawdown Current decline from peak	-15.01%	-98.60%	+83.59%
Average Drawdown Average peak-to-trough decline	-12.01%	-26.18%	+14.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.21%	3.60%	+1.61%

Volatility

HTECX vs. TOWTX - Volatility Comparison

Hennessy Technology Fund (HTECX) has a higher volatility of 6.20% compared to Towpath Technology Fund (TOWTX) at 4.10%. This indicates that HTECX's price experiences larger fluctuations and is considered to be riskier than TOWTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTECX	TOWTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	4.10%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	14.54%	11.08%	+3.46%
Volatility (1Y) Calculated over the trailing 1-year period	25.88%	18.27%	+7.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.04%	3,101.36%	-3,077.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.52%	3,035.66%	-3,012.14%