EMLP vs. HMSIX

Last updated Jun 4, 2026

EMLP (First Trust North American Energy Infrastructure Fund) and HMSIX (Hennessy Midstream Fund) are both funds - EMLP is a MLPs fund actively managed by First Trust, while HMSIX is a Energy Equities fund managed by Hennessy. Over the past 5 years, EMLP returned 15.47%/yr vs 19.67%/yr for HMSIX. Their correlation of 0.81 suggests significant overlap in exposure. EMLP charges 0.96%/yr vs 1.51%/yr for HMSIX.

Performance

EMLP vs. HMSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust North American Energy Infrastructure Fund (EMLP) and Hennessy Midstream Fund (HMSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMLP achieves a 14.62% return, which is significantly lower than HMSIX's 16.42% return.

EMLP

• 1D: -0.07%
• 1M: -3.08%
• YTD: 14.62%
• 6M: 13.20%
• 1Y: 18.77%
• 3Y*: 21.22%
• 5Y*: 15.47%
• 10Y*: 10.24%

HMSIX

• 1D: 1.48%
• 1M: -1.95%
• YTD: 16.42%
• 6M: 15.10%
• 1Y: 15.99%
• 3Y*: 21.80%
• 5Y*: 19.67%
• 10Y*: —

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

EMLP vs. HMSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EMLP First Trust North American Energy Infrastructure Fund	14.62%	9.67%	33.39%	8.05%	10.39%	23.20%	-13.36%	23.40%	-8.78%
HMSIX Hennessy Midstream Fund	16.42%	-0.49%	36.21%	23.75%	29.15%	36.58%	-31.00%	11.97%	-20.24%

Correlation

The correlation between EMLP and HMSIX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 5, 2018	0.81

The correlation between EMLP and HMSIX has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

Return for Risk

EMLP vs. HMSIX — Risk / Return Rank

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

EMLP

EMLP Risk / Return Rank: 61
EMLP Sharpe Ratio Rank: 55
EMLP Sortino Ratio Rank: 57
EMLP Omega Ratio Rank: 51
EMLP Calmar Ratio Rank: 75
EMLP Martin Ratio Rank: 67

HMSIX

HMSIX Risk / Return Rank: 15
HMSIX Sharpe Ratio Rank: 11
HMSIX Sortino Ratio Rank: 10
HMSIX Omega Ratio Rank: 11
HMSIX Calmar Ratio Rank: 26
HMSIX Martin Ratio Rank: 15

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.

EMLP vs. HMSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust North American Energy Infrastructure Fund (EMLP) and Hennessy Midstream Fund (HMSIX). 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.

	EMLP	HMSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	0.87	+1.02
Sortino ratio: Return per unit of downside risk	2.73	1.26	+1.47
Omega ratio: Gain probability vs. loss probability	1.32	1.16	+0.17
Calmar ratio: Return relative to maximum drawdown	3.82	1.89	+1.92
Martin ratio: Return relative to average drawdown	12.42	4.36	+8.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMLP vs. HMSIX - Sharpe Ratio Comparison

The current EMLP Sharpe Ratio is 1.89, which is higher than the HMSIX Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of EMLP and HMSIX, 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

	EMLP	HMSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	0.87	+1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	0.98	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.36	+0.21

Drawdowns

EMLP vs. HMSIX - Drawdown Comparison

The maximum EMLP drawdown since its inception was -43.61%, smaller than the maximum HMSIX drawdown of -68.43%. Use the drawdown chart below to compare losses from any high point for EMLP and HMSIX.

Drawdown Indicators

	EMLP	HMSIX	Difference
Max Drawdown Largest peak-to-trough decline	-43.61%	-68.43%	+24.82%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	-6.93%	+1.99%
Max Drawdown (3Y) Largest decline over 3 years	-11.47%	-16.29%	+4.82%
Max Drawdown (5Y) Largest decline over 5 years	-14.59%	-21.17%	+6.58%
Max Drawdown (10Y) Largest decline over 10 years	-43.61%	—	—
Current Drawdown Current decline from peak	-3.62%	-5.08%	+1.46%
Average Drawdown Average peak-to-trough decline	-5.76%	-12.25%	+6.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	3.82%	-2.30%

Volatility

EMLP vs. HMSIX - Volatility Comparison

The current volatility for First Trust North American Energy Infrastructure Fund (EMLP) is 4.10%, while Hennessy Midstream Fund (HMSIX) has a volatility of 6.20%. This indicates that EMLP experiences smaller price fluctuations and is considered to be less risky than HMSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMLP	HMSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	6.20%	-2.10%
Volatility (6M) Calculated over the trailing 6-month period	7.87%	11.62%	-3.75%
Volatility (1Y) Calculated over the trailing 1-year period	9.97%	15.10%	-5.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.53%	20.26%	-5.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	29.41%	-11.72%

EMLP vs. HMSIX - Expense Ratio Comparison

EMLP has a 0.96% expense ratio, which is lower than HMSIX's 1.51% expense ratio.

Dividends

EMLP vs. HMSIX - Dividend Comparison

EMLP's dividend yield for the trailing twelve months is around 2.79%, less than HMSIX's 7.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMLP First Trust North American Energy Infrastructure Fund	2.79%	3.18%	3.19%	3.92%	3.15%	3.29%	4.70%	3.71%	4.71%	3.80%	3.62%	4.63%
HMSIX Hennessy Midstream Fund	7.51%	8.42%	7.74%	9.70%	10.84%	12.61%	15.17%	9.10%	4.67%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMLP and HMSIX in my portfolio?

EMLP and HMSIX 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, EMLP or HMSIX?

HMSIX has higher volatility (6.20%) compared to EMLP (4.10%). In terms of maximum drawdown, EMLP dropped -43.61% vs HMSIX's -68.43%.

Which has better risk-adjusted returns?

EMLP currently has the higher Sharpe Ratio (1.89 vs 0.87), 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.