BTO vs. HSFNX

Last updated Jun 4, 2026

BTO (John Hancock Financial Opportunities Fund) and HSFNX (Hennessy Small Cap Financial Fund) are both Financials Equities funds. Over the past 10 years, BTO returned 9.96%/yr vs 9.19%/yr for HSFNX. A 0.69 correlation means they provide meaningful diversification when combined. BTO charges 2.01%/yr vs 1.58%/yr for HSFNX.

Performance

BTO vs. HSFNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Financial Opportunities Fund (BTO) and Hennessy Small Cap Financial Fund (HSFNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTO achieves a 4.49% return, which is significantly lower than HSFNX's 7.11% return. Over the past 10 years, BTO has outperformed HSFNX with an annualized return of 9.96%, while HSFNX has yielded a comparatively lower 9.19% annualized return.

BTO

• 1D: -2.12%
• 1M: -2.39%
• YTD: 4.49%
• 6M: 7.05%
• 1Y: 13.27%
• 3Y*: 20.35%
• 5Y*: 3.86%
• 10Y*: 9.96%

HSFNX

• 1D: 1.45%
• 1M: 0.96%
• YTD: 7.11%
• 6M: 6.37%
• 1Y: 29.76%
• 3Y*: 20.59%
• 5Y*: 4.68%
• 10Y*: 9.19%

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

BTO vs. HSFNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTO John Hancock Financial Opportunities Fund	4.49%	5.85%	28.92%	-1.16%	-23.58%	61.86%	-8.97%	38.87%	-25.68%	13.12%
HSFNX Hennessy Small Cap Financial Fund	7.11%	12.79%	10.76%	4.64%	-11.14%	42.76%	2.56%	19.91%	-15.88%	-0.20%

Correlation

The correlation between BTO and HSFNX is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jan 5, 1998	0.69

The correlation between BTO and HSFNX has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.

Return for Risk

BTO vs. HSFNX — Risk / Return Rank

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

BTO

BTO Risk / Return Rank: 8
BTO Sharpe Ratio Rank: 8
BTO Sortino Ratio Rank: 8
BTO Omega Ratio Rank: 8
BTO Calmar Ratio Rank: 9
BTO Martin Ratio Rank: 7

HSFNX

HSFNX Risk / Return Rank: 26
HSFNX Sharpe Ratio Rank: 21
HSFNX Sortino Ratio Rank: 21
HSFNX Omega Ratio Rank: 23
HSFNX Calmar Ratio Rank: 38
HSFNX Martin Ratio Rank: 25

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.

BTO vs. HSFNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Financial Opportunities Fund (BTO) and Hennessy Small Cap Financial Fund (HSFNX). 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.

	BTO	HSFNX	Difference
Sharpe ratio Return per unit of total volatility	0.65	1.32	-0.67
Sortino ratio Return per unit of downside risk	1.03	1.91	-0.88
Omega ratio Gain probability vs. loss probability	1.13	1.25	-0.12
Calmar ratio Return relative to maximum drawdown	0.87	2.33	-1.46
Martin ratio Return relative to average drawdown	2.17	6.12	-3.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTO vs. HSFNX - Sharpe Ratio Comparison

The current BTO Sharpe Ratio is 0.65, which is lower than the HSFNX Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of BTO and HSFNX, 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

	BTO	HSFNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	1.32	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.17	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.31	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.18	+0.11

Drawdowns

BTO vs. HSFNX - Drawdown Comparison

The maximum BTO drawdown since its inception was -72.27%, roughly equal to the maximum HSFNX drawdown of -70.18%. Use the drawdown chart below to compare losses from any high point for BTO and HSFNX.

Drawdown Indicators

	BTO	HSFNX	Difference
Max Drawdown Largest peak-to-trough decline	-72.27%	-70.18%	-2.09%
Max Drawdown (1Y) Largest decline over 1 year	-15.26%	-13.61%	-1.65%
Max Drawdown (3Y) Largest decline over 3 years	-25.19%	-27.33%	+2.14%
Max Drawdown (5Y) Largest decline over 5 years	-51.80%	-43.00%	-8.80%
Max Drawdown (10Y) Largest decline over 10 years	-65.70%	-50.68%	-15.02%
Current Drawdown Current decline from peak	-7.74%	-4.83%	-2.91%
Average Drawdown Average peak-to-trough decline	-19.00%	-26.02%	+7.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.13%	5.18%	+0.95%

Volatility

BTO vs. HSFNX - Volatility Comparison

The current volatility for John Hancock Financial Opportunities Fund (BTO) is 5.15%, while Hennessy Small Cap Financial Fund (HSFNX) has a volatility of 5.69%. This indicates that BTO experiences smaller price fluctuations and is considered to be less risky than HSFNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTO	HSFNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.15%	5.69%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	14.97%	15.52%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	20.62%	24.06%	-3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.35%	27.44%	+3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.13%	29.32%	+6.81%

BTO vs. HSFNX - Expense Ratio Comparison

BTO has a 2.01% expense ratio, which is higher than HSFNX's 1.58% expense ratio.

Dividends

BTO vs. HSFNX - Dividend Comparison

BTO's dividend yield for the trailing twelve months is around 7.23%, less than HSFNX's 10.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTO John Hancock Financial Opportunities Fund	7.23%	7.41%	7.28%	8.64%	7.51%	4.72%	7.25%	6.06%	5.94%	3.76%	5.10%	4.75%
HSFNX Hennessy Small Cap Financial Fund	10.26%	10.99%	5.97%	4.63%	9.14%	0.97%	0.91%	3.43%	7.34%	8.19%	12.46%	7.38%

Frequently Asked Questions

Can I hold both BTO and HSFNX in my portfolio?

BTO and HSFNX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTO or HSFNX?

HSFNX has higher volatility (5.69%) compared to BTO (5.15%). In terms of maximum drawdown, BTO dropped -72.27% vs HSFNX's -70.18%.

Which has better risk-adjusted returns?

HSFNX currently has the higher Sharpe Ratio (1.32 vs 0.65), 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.