HBFBX vs. HEIIX

Last updated Jun 4, 2026

HBFBX (Hennessy Balanced Fund) and HEIIX (Hennessy Equity and Income Fund) are both Diversified Portfolio funds from Hennessy. Over the past 10 years, HBFBX returned 5.95%/yr vs 7.66%/yr for HEIIX. A 0.74 correlation means they provide meaningful diversification when combined. HBFBX charges 0.49%/yr vs 1.13%/yr for HEIIX.

Performance

HBFBX vs. HEIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Balanced Fund (HBFBX) and Hennessy Equity and Income Fund (HEIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HBFBX having a 5.73% return and HEIIX slightly higher at 5.93%. Over the past 10 years, HBFBX has underperformed HEIIX with an annualized return of 5.95%, while HEIIX has yielded a comparatively higher 7.66% annualized return.

HBFBX

• 1D: 0.23%
• 1M: 2.47%
• YTD: 5.73%
• 6M: 5.32%
• 1Y: 12.67%
• 3Y*: 9.60%
• 5Y*: 6.13%
• 10Y*: 5.95%

HEIIX

• 1D: 0.31%
• 1M: 0.77%
• YTD: 5.93%
• 6M: 5.48%
• 1Y: 12.32%
• 3Y*: 10.09%
• 5Y*: 5.75%
• 10Y*: 7.66%

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

HBFBX vs. HEIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HBFBX Hennessy Balanced Fund	5.73%	9.90%	4.81%	7.62%	3.83%	8.07%	-2.98%	9.71%	0.06%	8.34%
HEIIX Hennessy Equity and Income Fund	5.93%	7.23%	10.50%	10.95%	-11.22%	17.08%	9.35%	16.55%	-4.07%	13.90%

Correlation

The correlation between HBFBX and HEIIX is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jun 4, 1997	0.74

The correlation between HBFBX and HEIIX shifts across timeframes, from 0.60 (1 year) to 0.74 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

HBFBX vs. HEIIX — Risk / Return Rank

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

HBFBX

HBFBX Risk / Return Rank: 66
HBFBX Sharpe Ratio Rank: 62
HBFBX Sortino Ratio Rank: 72
HBFBX Omega Ratio Rank: 60
HBFBX Calmar Ratio Rank: 85
HBFBX Martin Ratio Rank: 49

HEIIX

HEIIX Risk / Return Rank: 31
HEIIX Sharpe Ratio Rank: 30
HEIIX Sortino Ratio Rank: 29
HEIIX Omega Ratio Rank: 29
HEIIX Calmar Ratio Rank: 33
HEIIX Martin Ratio Rank: 35

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.

HBFBX vs. HEIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Balanced Fund (HBFBX) and Hennessy Equity and Income Fund (HEIIX). 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.

	HBFBX	HEIIX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	1.57	+0.74
Sortino ratio: Return per unit of downside risk	3.52	2.27	+1.25
Omega ratio: Gain probability vs. loss probability	1.43	1.28	+0.15
Calmar ratio: Return relative to maximum drawdown	4.01	2.15	+1.86
Martin ratio: Return relative to average drawdown	10.22	7.77	+2.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBFBX vs. HEIIX - Sharpe Ratio Comparison

The current HBFBX Sharpe Ratio is 2.31, which is higher than the HEIIX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of HBFBX and HEIIX, 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

	HBFBX	HEIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	1.57	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.55	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.71	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.38	+0.10

Drawdowns

HBFBX vs. HEIIX - Drawdown Comparison

The maximum HBFBX drawdown since its inception was -41.61%, smaller than the maximum HEIIX drawdown of -47.88%. Use the drawdown chart below to compare losses from any high point for HBFBX and HEIIX.

Drawdown Indicators

	HBFBX	HEIIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.61%	-47.88%	+6.27%
Max Drawdown (1Y) Largest decline over 1 year	-3.20%	-5.89%	+2.69%
Max Drawdown (3Y) Largest decline over 3 years	-6.10%	-10.19%	+4.09%
Max Drawdown (5Y) Largest decline over 5 years	-10.22%	-19.66%	+9.44%
Max Drawdown (10Y) Largest decline over 10 years	-17.24%	-24.12%	+6.88%
Current Drawdown Current decline from peak	-0.35%	-1.28%	+0.93%
Average Drawdown Average peak-to-trough decline	-4.06%	-8.36%	+4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	1.62%	-0.37%

Volatility

HBFBX vs. HEIIX - Volatility Comparison

The current volatility for Hennessy Balanced Fund (HBFBX) is 1.78%, while Hennessy Equity and Income Fund (HEIIX) has a volatility of 2.28%. This indicates that HBFBX experiences smaller price fluctuations and is considered to be less risky than HEIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBFBX	HEIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	2.28%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	4.14%	6.09%	-1.95%
Volatility (1Y) Calculated over the trailing 1-year period	5.54%	8.05%	-2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.23%	10.58%	-3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.14%	10.88%	-2.74%

HBFBX vs. HEIIX - Expense Ratio Comparison

HBFBX has a 0.49% expense ratio, which is lower than HEIIX's 1.13% expense ratio.

Dividends

HBFBX vs. HEIIX - Dividend Comparison

HBFBX's dividend yield for the trailing twelve months is around 1.77%, less than HEIIX's 11.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBFBX Hennessy Balanced Fund	1.77%	1.90%	5.40%	4.62%	9.50%	3.79%	0.95%	5.20%	5.51%	7.62%	7.76%	2.53%
HEIIX Hennessy Equity and Income Fund	11.90%	12.43%	13.03%	9.71%	6.49%	7.42%	7.01%	8.25%	9.71%	6.44%	10.31%	3.83%

Frequently Asked Questions

Can I hold both HBFBX and HEIIX in my portfolio?

HBFBX and HEIIX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HBFBX or HEIIX?

HEIIX has higher volatility (2.28%) compared to HBFBX (1.78%). In terms of maximum drawdown, HBFBX dropped -41.61% vs HEIIX's -47.88%.

Which has better risk-adjusted returns?

HBFBX currently has the higher Sharpe Ratio (2.31 vs 1.57), 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.