HTECX vs. XLK

Last updated Aug 1, 2026

HTECX (Hennessy Technology Fund) and XLK (State Street Technology Select Sector SPDR ETF) are both Technology Equities funds. Over the past 10 years, HTECX returned 14.50%/yr vs 23.77%/yr for XLK. Their correlation of 0.88 means they have usually moved in the same direction. HTECX charges 1.23%/yr vs 0.08%/yr for XLK.

Performance

HTECX vs. XLK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Technology Fund (HTECX) and State Street Technology Select Sector SPDR ETF (XLK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HTECX achieves a 23.44% return, which is significantly higher than XLK's 22.09% return. Over the past 10 years, HTECX has underperformed XLK with an annualized return of 14.50%, while XLK has yielded a comparatively higher 23.77% annualized return.

HTECX

• 1D: 0.23%
• 1M: 3.09%
• 6M: 23.95%
• YTD: 23.44%
• 1Y: 36.30%
• 3Y*: 21.04%
• 5Y*: 10.83%
• 10Y*: 14.50%
• ALL TIME*: 7.67%

XLK

• 1D: -0.22%
• 1M: -2.90%
• 6M: 22.17%
• YTD: 22.09%
• 1Y: 37.14%
• 3Y*: 26.04%
• 5Y*: 18.87%
• 10Y*: 23.77%
• ALL TIME*: 10.21%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HTECX Hennessy Technology Fund	$0.00	$0.00	$0.00
XLK State Street Technology Select Sector SPDR ETF	$1.61B	$1.67B	$2.22B

HTECX vs. XLK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HTECX Hennessy Technology Fund	23.44%	15.48%	17.29%	35.95%	-26.28%	14.75%	24.45%	39.13%	-2.27%	20.31%
XLK State Street Technology Select Sector SPDR ETF	22.09%	24.61%	21.63%	56.02%	-27.73%	34.74%	43.62%	49.86%	-1.68%	34.26%

Correlation

The correlation between HTECX and XLK is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Feb 6, 2002	0.88

The correlation between HTECX and XLK has been stable across timeframes, ranging from 0.78 to 0.88 - a consistent structural relationship.

Return for Risk

HTECX vs. XLK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HTECX

HTECX Risk / Return Rank: 52
HTECX Sharpe Ratio Rank: 56
HTECX Sortino Ratio Rank: 52
HTECX Omega Ratio Rank: 48
HTECX Calmar Ratio Rank: 61
HTECX Martin Ratio Rank: 42

XLK

XLK Risk / Return Rank: 55
XLK Sharpe Ratio Rank: 57
XLK Sortino Ratio Rank: 53
XLK Omega Ratio Rank: 52
XLK Calmar Ratio Rank: 62
XLK Martin Ratio Rank: 50

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HTECX vs. XLK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Technology Fund (HTECX) and State Street Technology Select Sector SPDR ETF (XLK). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HTECX	XLK	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.34	+0.12
Sortino ratio: Return per unit of downside risk	2.02	1.85	+0.17
Omega ratio: Gain probability vs. loss probability	1.25	1.23	+0.01
Calmar ratio: Return relative to maximum drawdown	2.12	2.16	-0.04
Martin ratio: Return relative to average drawdown	6.20	5.85	+0.35

HTECX vs. XLK - Sharpe Ratio Comparison

The current HTECX Sharpe Ratio is 1.46, which is comparable to the XLK Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of HTECX and XLK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HTECX vs. XLK - Drawdown Comparison

The maximum HTECX drawdown since its inception was -58.85%, smaller than the maximum XLK drawdown of -82.05%. Use the drawdown chart below to compare losses from any high point for HTECX and XLK.

Drawdown Indicators

	HTECX	XLK	Difference
Max Drawdown Largest peak-to-trough decline	-58.85%	-82.05%	+23.20%
Max Drawdown (1Y) Largest decline over 1 year	-15.01%	-15.92%	+0.91%
Max Drawdown (3Y) Largest decline over 3 years	-26.64%	-25.66%	-0.98%
Max Drawdown (5Y) Largest decline over 5 years	-34.88%	-33.56%	-1.32%
Max Drawdown (10Y) Largest decline over 10 years	-35.00%	-33.56%	-1.44%
Current Drawdown Current decline from peak	-0.15%	-11.43%	+11.28%
Average Drawdown Average peak-to-trough decline	-11.89%	-34.80%	+22.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	5.86%	-0.73%

Volatility

HTECX vs. XLK - Volatility Comparison

The current volatility for Hennessy Technology Fund (HTECX) is 5.26%, while State Street Technology Select Sector SPDR ETF (XLK) has a volatility of 9.58%. This indicates that HTECX experiences smaller price fluctuations and is considered to be less risky than XLK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTECX	XLK	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	9.58%	-4.32%
Volatility (6M) Calculated over the trailing 6-month period	17.51%	21.81%	-4.30%
Volatility (1Y) Calculated over the trailing 1-year period	21.79%	25.59%	-3.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.51%	25.75%	-1.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.80%	24.90%	-1.10%

HTECX vs. XLK - Expense Ratio Comparison

HTECX has a 1.23% expense ratio, which is higher than XLK's 0.08% expense ratio.

Dividends

HTECX vs. XLK - Dividend Comparison

HTECX's dividend yield for the trailing twelve months is around 17.14%, more than XLK's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HTECX Hennessy Technology Fund	17.14%	21.16%	4.28%	0.00%	0.07%	33.37%	3.58%	2.65%	15.54%	9.60%	0.00%	0.00%
XLK State Street Technology Select Sector SPDR ETF	0.45%	0.54%	0.66%	0.76%	1.04%	0.65%	0.92%	1.16%	1.60%	1.37%	1.74%	1.79%

Frequently Asked Questions

Can I hold both HTECX and XLK in my portfolio?

HTECX and XLK have a correlation of 0.78, 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 XLK?

XLK has higher volatility (9.58%) compared to HTECX (5.26%). In terms of maximum drawdown, HTECX dropped -58.85% vs XLK's -82.05%.

Which has better risk-adjusted returns?

HTECX currently has the higher Sharpe Ratio (1.46 vs 1.34), 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.