HBFBX vs. HMSFX

Last updated Jun 4, 2026

HBFBX (Hennessy Balanced Fund) and HMSFX (Hennessy Midstream Fund Investor Class) are both mutual funds - HBFBX is a Diversified Portfolio fund managed by Hennessy, while HMSFX is a MLPs fund tracking the Alerian US Midstream Energy Index. Over the past 5 years, HBFBX returned 6.13%/yr vs 19.37%/yr for HMSFX. A 0.56 correlation means they provide meaningful diversification when combined. HBFBX charges 0.49%/yr vs 1.75%/yr for HMSFX.

Performance

HBFBX vs. HMSFX - Performance Comparison

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

Returns By Period

In the year-to-date period, HBFBX achieves a 5.73% return, which is significantly lower than HMSFX's 16.30% 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%

HMSFX

• 1D: 1.49%
• 1M: -1.91%
• YTD: 16.30%
• 6M: 15.01%
• 1Y: 15.66%
• 3Y*: 21.48%
• 5Y*: 19.37%
• 10Y*: —

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

HBFBX vs. HMSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HBFBX Hennessy Balanced Fund	5.73%	9.90%	4.81%	7.62%	3.83%	8.07%	-2.98%	9.71%	-1.30%
HMSFX Hennessy Midstream Fund Investor Class	16.30%	-0.76%	35.85%	23.50%	28.88%	36.22%	-31.21%	11.77%	-20.36%

Correlation

The correlation between HBFBX and HMSFX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Sep 5, 2018	0.56

Over the past year, the correlation between HBFBX and HMSFX has dropped to 0.22 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.

Return for Risk

HBFBX vs. HMSFX — 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

HMSFX

HMSFX Risk / Return Rank: 14
HMSFX Sharpe Ratio Rank: 11
HMSFX Sortino Ratio Rank: 10
HMSFX Omega Ratio Rank: 10
HMSFX Calmar Ratio Rank: 25
HMSFX 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.

HBFBX vs. HMSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Balanced Fund (HBFBX) and Hennessy Midstream Fund Investor Class (HMSFX). 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	HMSFX	Difference
Sharpe ratio Return per unit of total volatility	2.31	0.85	+1.46
Sortino ratio Return per unit of downside risk	3.52	1.23	+2.29
Omega ratio Gain probability vs. loss probability	1.43	1.15	+0.28
Calmar ratio Return relative to maximum drawdown	4.01	1.84	+2.17
Martin ratio Return relative to average drawdown	10.22	4.20	+6.02
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. HMSFX - Sharpe Ratio Comparison

The current HBFBX Sharpe Ratio is 2.31, which is higher than the HMSFX Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of HBFBX and HMSFX, 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	HMSFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	0.85	+1.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.96	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.35	+0.13

Drawdowns

HBFBX vs. HMSFX - Drawdown Comparison

The maximum HBFBX drawdown since its inception was -41.61%, smaller than the maximum HMSFX drawdown of -68.50%. Use the drawdown chart below to compare losses from any high point for HBFBX and HMSFX.

Drawdown Indicators

	HBFBX	HMSFX	Difference
Max Drawdown Largest peak-to-trough decline	-41.61%	-68.50%	+26.89%
Max Drawdown (1Y) Largest decline over 1 year	-3.20%	-6.98%	+3.78%
Max Drawdown (3Y) Largest decline over 3 years	-6.10%	-16.38%	+10.28%
Max Drawdown (5Y) Largest decline over 5 years	-10.22%	-21.17%	+10.95%
Max Drawdown (10Y) Largest decline over 10 years	-17.24%	—	—
Current Drawdown Current decline from peak	-0.35%	-5.02%	+4.67%
Average Drawdown Average peak-to-trough decline	-4.06%	-12.41%	+8.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	3.89%	-2.64%

Volatility

HBFBX vs. HMSFX - Volatility Comparison

The current volatility for Hennessy Balanced Fund (HBFBX) is 1.78%, while Hennessy Midstream Fund Investor Class (HMSFX) has a volatility of 6.12%. This indicates that HBFBX experiences smaller price fluctuations and is considered to be less risky than HMSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBFBX	HMSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	6.12%	-4.34%
Volatility (6M) Calculated over the trailing 6-month period	4.14%	11.63%	-7.49%
Volatility (1Y) Calculated over the trailing 1-year period	5.54%	15.17%	-9.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.23%	20.24%	-13.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.14%	29.40%	-21.26%

HBFBX vs. HMSFX - Expense Ratio Comparison

HBFBX has a 0.49% expense ratio, which is lower than HMSFX's 1.75% expense ratio.

Dividends

HBFBX vs. HMSFX - Dividend Comparison

HBFBX's dividend yield for the trailing twelve months is around 1.77%, less than HMSFX's 7.96% 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%
HMSFX Hennessy Midstream Fund Investor Class	7.96%	8.89%	8.12%	10.11%	11.23%	12.99%	15.54%	9.26%	4.74%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HBFBX and HMSFX in my portfolio?

HBFBX and HMSFX have a correlation of 0.22, 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 HMSFX?

HMSFX has higher volatility (6.12%) compared to HBFBX (1.78%). In terms of maximum drawdown, HBFBX dropped -41.61% vs HMSFX's -68.50%.

Which has better risk-adjusted returns?

HBFBX currently has the higher Sharpe Ratio (2.31 vs 0.85), 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.