HBFBX vs. HMSIX

Last updated Apr 1, 2026

Compare and contrast key facts about Hennessy Balanced Fund (HBFBX) and Hennessy Midstream Fund (HMSIX).

HBFBX is managed by Hennessy. It was launched on Mar 7, 1996. HMSIX is managed by Hennessy. It was launched on Dec 30, 2013.

Performance

HBFBX vs. HMSIX - Performance Comparison

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

HBFBX vs. HMSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HBFBX Hennessy Balanced Fund	3.41%	9.90%	4.81%	7.62%	3.83%	8.07%	-2.98%	9.71%	-1.30%
HMSIX Hennessy Midstream Fund	17.65%	-0.49%	36.21%	23.75%	29.15%	36.58%	-31.00%	11.97%	-20.24%

Returns By Period

In the year-to-date period, HBFBX achieves a 3.41% return, which is significantly lower than HMSIX's 17.65% return.

HBFBX

• 1D: 0.00%
• 1M: -2.54%
• YTD: 3.41%
• 6M: 7.04%
• 1Y: 8.57%
• 3Y*: 8.37%
• 5Y*: 6.18%
• 10Y*: 5.81%

HMSIX

• 1D: -0.63%
• 1M: 4.11%
• YTD: 17.65%
• 6M: 18.55%
• 1Y: 8.36%
• 3Y*: 24.54%
• 5Y*: 24.09%
• 10Y*: —

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

HBFBX vs. HMSIX - Expense Ratio Comparison

HBFBX has a 0.49% expense ratio, which is lower than HMSIX's 1.51% expense ratio.

HMSIX

Hennessy Midstream Fund

HBFBX

Hennessy Balanced Fund

Return for Risk

HBFBX vs. HMSIX — Risk / Return Rank

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

HBFBX

HBFBX Risk / Return Rank: 73
HBFBX Sharpe Ratio Rank: 75
HBFBX Sortino Ratio Rank: 78
HBFBX Omega Ratio Rank: 69
HBFBX Calmar Ratio Rank: 74
HBFBX Martin Ratio Rank: 66

HMSIX

HMSIX Risk / Return Rank: 16
HMSIX Sharpe Ratio Rank: 17
HMSIX Sortino Ratio Rank: 15
HMSIX Omega Ratio Rank: 16
HMSIX Calmar Ratio Rank: 19
HMSIX Martin Ratio Rank: 12

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. HMSIX - Risk-Adjusted Trends Comparison

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

	HBFBX	HMSIX	Difference
Sharpe ratio Return per unit of total volatility	1.35	0.44	+0.91
Sortino ratio Return per unit of downside risk	1.94	0.67	+1.27
Omega ratio Gain probability vs. loss probability	1.26	1.10	+0.16
Calmar ratio Return relative to maximum drawdown	1.73	0.56	+1.17
Martin ratio Return relative to average drawdown	6.32	0.94	+5.38
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. HMSIX - Sharpe Ratio Comparison

The current HBFBX Sharpe Ratio is 1.35, which is higher than the HMSIX Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of HBFBX and HMSIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HBFBX	HMSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	0.44	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	1.19	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.37	+0.11

Correlation

The correlation between HBFBX and HMSIX is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HBFBX vs. HMSIX - Dividend Comparison

HBFBX's dividend yield for the trailing twelve months is around 1.40%, less than HMSIX's 7.29% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBFBX Hennessy Balanced Fund	1.40%	1.90%	5.40%	4.62%	9.50%	3.79%	0.95%	5.20%	5.51%	7.62%	7.76%	2.53%
HMSIX Hennessy Midstream Fund	7.29%	8.42%	7.74%	9.70%	10.84%	12.61%	15.17%	9.10%	4.67%	0.00%	0.00%	0.00%

Drawdowns

HBFBX vs. HMSIX - Drawdown Comparison

The maximum HBFBX drawdown since its inception was -41.61%, smaller than the maximum HMSIX drawdown of -68.43%. Use the drawdown chart below to compare losses from any high point for HBFBX and HMSIX.

Drawdown Indicators

	HBFBX	HMSIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.61%	-68.43%	+26.82%
Max Drawdown (1Y) Largest decline over 1 year	-4.93%	-15.22%	+10.29%
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	-2.54%	-0.91%	-1.63%
Average Drawdown Average peak-to-trough decline	-4.07%	-12.47%	+8.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	9.07%	-7.63%

Volatility

HBFBX vs. HMSIX - Volatility Comparison

The current volatility for Hennessy Balanced Fund (HBFBX) is 1.41%, while Hennessy Midstream Fund (HMSIX) has a volatility of 4.23%. This indicates that HBFBX 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

	HBFBX	HMSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	4.23%	-2.82%
Volatility (6M) Calculated over the trailing 6-month period	4.21%	10.22%	-6.01%
Volatility (1Y) Calculated over the trailing 1-year period	6.92%	19.24%	-12.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.24%	20.26%	-13.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.13%	29.62%	-21.49%