HDOGX vs. BRUFX

Last updated Jul 15, 2026

HDOGX (Hennessy Total Return Fund) and BRUFX (Bruce Fund) are both Diversified Portfolio funds. Over the past 10 years, HDOGX returned 6.43%/yr vs 7.63%/yr for BRUFX. At a 0.49 correlation, their price movements are largely independent. HDOGX charges 1.77%/yr vs 0.68%/yr for BRUFX.

Performance

HDOGX vs. BRUFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Total Return Fund (HDOGX) and Bruce Fund (BRUFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDOGX achieves a 6.64% return, which is significantly lower than BRUFX's 15.52% return. Over the past 10 years, HDOGX has underperformed BRUFX with an annualized return of 6.43%, while BRUFX has yielded a comparatively higher 7.63% annualized return.

HDOGX

• 1D: 0.33%
• 1M: 0.31%
• 6M: 5.12%
• YTD: 6.64%
• 1Y: 13.56%
• 3Y*: 10.95%
• 5Y*: 8.07%
• 10Y*: 6.43%

BRUFX

• 1D: 0.17%
• 1M: 3.61%
• 6M: 12.43%
• YTD: 15.52%
• 1Y: 26.52%
• 3Y*: 12.44%
• 5Y*: 5.97%
• 10Y*: 7.63%

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

HDOGX vs. BRUFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDOGX Hennessy Total Return Fund	6.64%	14.31%	2.89%	8.07%	6.68%	11.80%	-4.79%	12.56%	0.08%	11.15%
BRUFX Bruce Fund	15.52%	14.89%	4.45%	-0.74%	-8.80%	17.35%	12.06%	22.42%	-3.99%	12.48%

Correlation

The correlation between HDOGX and BRUFX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jul 27, 1998	0.49

The correlation between HDOGX and BRUFX shifts across timeframes, from 0.49 (all time) to 0.71 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HDOGX vs. BRUFX — Risk / Return Rank

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

HDOGX

HDOGX Risk / Return Rank: 51
HDOGX Sharpe Ratio Rank: 55
HDOGX Sortino Ratio Rank: 61
HDOGX Omega Ratio Rank: 52
HDOGX Calmar Ratio Rank: 60
HDOGX Martin Ratio Rank: 29

BRUFX

BRUFX Risk / Return Rank: 89
BRUFX Sharpe Ratio Rank: 92
BRUFX Sortino Ratio Rank: 88
BRUFX Omega Ratio Rank: 84
BRUFX Calmar Ratio Rank: 89
BRUFX Martin Ratio Rank: 94

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.

HDOGX vs. BRUFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Total Return Fund (HDOGX) and Bruce Fund (BRUFX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HDOGX	BRUFX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.50	-0.87
Sortino ratio: Return per unit of downside risk	2.42	3.56	-1.14
Omega ratio: Gain probability vs. loss probability	1.29	1.44	-0.15
Calmar ratio: Return relative to maximum drawdown	2.34	3.49	-1.15
Martin ratio: Return relative to average drawdown	5.16	15.51	-10.35

HDOGX vs. BRUFX - Sharpe Ratio Comparison

The current HDOGX Sharpe Ratio is 1.63, which is lower than the BRUFX Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of HDOGX and BRUFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HDOGX vs. BRUFX - Drawdown Comparison

The maximum HDOGX drawdown since its inception was -53.25%, which is greater than BRUFX's maximum drawdown of -44.50%. Use the drawdown chart below to compare losses from any high point for HDOGX and BRUFX.

Drawdown Indicators

	HDOGX	BRUFX	Difference
Max Drawdown Largest peak-to-trough decline	-53.25%	-44.50%	-8.75%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-7.67%	+2.00%
Max Drawdown (3Y) Largest decline over 3 years	-7.97%	-9.66%	+1.69%
Max Drawdown (5Y) Largest decline over 5 years	-14.84%	-17.91%	+3.07%
Max Drawdown (10Y) Largest decline over 10 years	-25.37%	-25.44%	+0.07%
Current Drawdown Current decline from peak	-1.73%	-0.69%	-1.04%
Average Drawdown Average peak-to-trough decline	-6.81%	-9.05%	+2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	1.72%	+0.85%

Volatility

HDOGX vs. BRUFX - Volatility Comparison

Hennessy Total Return Fund (HDOGX) has a higher volatility of 3.27% compared to Bruce Fund (BRUFX) at 3.06%. This indicates that HDOGX's price experiences larger fluctuations and is considered to be riskier than BRUFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDOGX	BRUFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	3.06%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	6.40%	8.41%	-2.01%
Volatility (1Y) Calculated over the trailing 1-year period	8.17%	10.75%	-2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.12%	10.57%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.70%	11.64%	+0.06%

HDOGX vs. BRUFX - Expense Ratio Comparison

HDOGX has a 1.77% expense ratio, which is higher than BRUFX's 0.68% expense ratio.

Dividends

HDOGX vs. BRUFX - Dividend Comparison

HDOGX's dividend yield for the trailing twelve months is around 2.04%, less than BRUFX's 5.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRUFX Bruce Fund	5.50%	6.35%	5.01%	6.46%	13.31%	9.25%	5.83%	2.03%	2.49%	4.11%	6.26%	4.63%
HDOGX Hennessy Total Return Fund	2.04%	2.17%	3.80%	7.55%	11.88%	1.35%	8.29%	1.72%	4.91%	12.76%	1.17%	11.07%

Frequently Asked Questions

Can I hold both HDOGX and BRUFX in my portfolio?

HDOGX and BRUFX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDOGX or BRUFX?

HDOGX has higher volatility (3.27%) compared to BRUFX (3.06%). In terms of maximum drawdown, HDOGX dropped -53.25% vs BRUFX's -44.50%.

Which has better risk-adjusted returns?

BRUFX currently has the higher Sharpe Ratio (2.50 vs 1.63), 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.