HDOGX vs. GASFX

Last updated Jun 24, 2026

HDOGX (Hennessy Total Return Fund) and GASFX (Hennessy Gas Utility Fund) are both mutual funds - HDOGX is a Diversified Portfolio fund managed by Hennessy, while GASFX is a Utilities Equities fund managed by Hennessy. Over the past 10 years, HDOGX returned 6.64%/yr vs 9.14%/yr for GASFX. A 0.60 correlation means they provide meaningful diversification when combined. HDOGX charges 1.77%/yr vs 1.00%/yr for GASFX.

Performance

HDOGX vs. GASFX - Performance Comparison

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

Returns By Period

In the year-to-date period, HDOGX achieves a 4.02% return, which is significantly lower than GASFX's 10.54% return. Over the past 10 years, HDOGX has underperformed GASFX with an annualized return of 6.64%, while GASFX has yielded a comparatively higher 9.14% annualized return.

HDOGX

• 1D: -0.07%
• 1M: -0.99%
• YTD: 4.02%
• 6M: 4.40%
• 1Y: 12.15%
• 3Y*: 10.35%
• 5Y*: 7.51%
• 10Y*: 6.64%

GASFX

• 1D: 0.83%
• 1M: -3.00%
• YTD: 10.54%
• 6M: 10.65%
• 1Y: 14.50%
• 3Y*: 16.39%
• 5Y*: 13.35%
• 10Y*: 9.14%

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

HDOGX vs. GASFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDOGX Hennessy Total Return Fund	4.02%	14.31%	2.89%	8.07%	6.68%	11.80%	-4.79%	12.56%	0.08%	11.15%
GASFX Hennessy Gas Utility Fund	10.54%	10.42%	24.98%	0.27%	13.68%	19.60%	-9.34%	20.80%	-3.47%	7.04%

Correlation

The correlation between HDOGX and GASFX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jul 27, 1998	0.60

The correlation between HDOGX and GASFX shifts across timeframes, from 0.42 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HDOGX vs. GASFX — Risk / Return Rank

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

HDOGX

HDOGX Risk / Return Rank: 34
HDOGX Sharpe Ratio Rank: 36
HDOGX Sortino Ratio Rank: 37
HDOGX Omega Ratio Rank: 34
HDOGX Calmar Ratio Rank: 38
HDOGX Martin Ratio Rank: 22

GASFX

GASFX Risk / Return Rank: 27
GASFX Sharpe Ratio Rank: 24
GASFX Sortino Ratio Rank: 23
GASFX Omega Ratio Rank: 20
GASFX Calmar Ratio Rank: 38
GASFX Martin Ratio Rank: 30

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. GASFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Total Return Fund (HDOGX) and Hennessy Gas Utility Fund (GASFX). 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	GASFX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.29	+0.32
Sortino ratio: Return per unit of downside risk	2.37	1.85	+0.51
Omega ratio: Gain probability vs. loss probability	1.29	1.22	+0.07
Calmar ratio: Return relative to maximum drawdown	2.21	2.22	-0.01
Martin ratio: Return relative to average drawdown	4.98	6.45	-1.47

HDOGX vs. GASFX - Sharpe Ratio Comparison

The current HDOGX Sharpe Ratio is 1.61, which is comparable to the GASFX Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of HDOGX and GASFX, 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. GASFX - Drawdown Comparison

The maximum HDOGX drawdown since its inception was -53.25%, which is greater than GASFX's maximum drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for HDOGX and GASFX.

Drawdown Indicators

	HDOGX	GASFX	Difference
Max Drawdown Largest peak-to-trough decline	-53.25%	-49.33%	-3.92%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-6.95%	+1.28%
Max Drawdown (3Y) Largest decline over 3 years	-7.97%	-12.43%	+4.46%
Max Drawdown (5Y) Largest decline over 5 years	-14.84%	-18.25%	+3.41%
Max Drawdown (10Y) Largest decline over 10 years	-25.37%	-37.23%	+11.86%
Current Drawdown Current decline from peak	-4.14%	-4.09%	-0.05%
Average Drawdown Average peak-to-trough decline	-6.82%	-7.85%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	2.39%	+0.12%

Volatility

HDOGX vs. GASFX - Volatility Comparison

The current volatility for Hennessy Total Return Fund (HDOGX) is 2.61%, while Hennessy Gas Utility Fund (GASFX) has a volatility of 4.48%. This indicates that HDOGX experiences smaller price fluctuations and is considered to be less risky than GASFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDOGX	GASFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	4.48%	-1.87%
Volatility (6M) Calculated over the trailing 6-month period	5.86%	9.15%	-3.29%
Volatility (1Y) Calculated over the trailing 1-year period	7.79%	11.94%	-4.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.07%	15.44%	-5.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.71%	17.70%	-5.99%

HDOGX vs. GASFX - Expense Ratio Comparison

HDOGX has a 1.77% expense ratio, which is higher than GASFX's 1.00% expense ratio.

Dividends

HDOGX vs. GASFX - Dividend Comparison

HDOGX's dividend yield for the trailing twelve months is around 2.10%, less than GASFX's 10.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GASFX Hennessy Gas Utility Fund	10.98%	12.06%	7.36%	6.63%	15.49%	10.63%	10.93%	7.11%	12.31%	2.96%	3.52%	5.64%
HDOGX Hennessy Total Return Fund	2.10%	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 GASFX in my portfolio?

HDOGX and GASFX have a correlation of 0.42, 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 GASFX?

GASFX has higher volatility (4.48%) compared to HDOGX (2.61%). In terms of maximum drawdown, HDOGX dropped -53.25% vs GASFX's -49.33%.

Which has better risk-adjusted returns?

HDOGX currently has the higher Sharpe Ratio (1.61 vs 1.29), 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.