HDOGX vs. HBFBX

Last updated Jun 23, 2026

HDOGX (Hennessy Total Return Fund) and HBFBX (Hennessy Balanced Fund) are both Diversified Portfolio funds from Hennessy. Over the past 10 years, HDOGX returned 6.52%/yr vs 5.82%/yr for HBFBX. With a 0.97 correlation, they move nearly in lockstep. HDOGX charges 1.77%/yr vs 0.49%/yr for HBFBX.

Performance

HDOGX vs. HBFBX - Performance Comparison

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

Returns By Period

In the year-to-date period, HDOGX achieves a 4.09% return, which is significantly lower than HBFBX's 5.33% return. Over the past 10 years, HDOGX has outperformed HBFBX with an annualized return of 6.52%, while HBFBX has yielded a comparatively lower 5.82% annualized return.

HDOGX

• 1D: -0.40%
• 1M: -0.92%
• YTD: 4.09%
• 6M: 4.39%
• 1Y: 12.55%
• 3Y*: 9.28%
• 5Y*: 7.70%
• 10Y*: 6.52%

HBFBX

• 1D: -0.38%
• 1M: -0.68%
• YTD: 5.33%
• 6M: 5.50%
• 1Y: 11.97%
• 3Y*: 8.66%
• 5Y*: 6.61%
• 10Y*: 5.82%

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

HDOGX vs. HBFBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDOGX Hennessy Total Return Fund	4.09%	14.31%	2.89%	8.07%	6.68%	11.80%	-4.79%	12.56%	0.08%	11.15%
HBFBX Hennessy Balanced Fund	5.33%	9.90%	4.81%	7.62%	3.83%	8.07%	-2.98%	9.71%	0.06%	8.34%

Correlation

The correlation between HDOGX and HBFBX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jul 27, 1998	0.97

The correlation between HDOGX and HBFBX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

HDOGX vs. HBFBX — Risk / Return Rank

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

HDOGX

HDOGX Risk / Return Rank: 33
HDOGX Sharpe Ratio Rank: 36
HDOGX Sortino Ratio Rank: 37
HDOGX Omega Ratio Rank: 34
HDOGX Calmar Ratio Rank: 37
HDOGX Martin Ratio Rank: 22

HBFBX

HBFBX Risk / Return Rank: 65
HBFBX Sharpe Ratio Rank: 61
HBFBX Sortino Ratio Rank: 71
HBFBX Omega Ratio Rank: 60
HBFBX Calmar Ratio Rank: 84
HBFBX Martin Ratio Rank: 48

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. HBFBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Total Return Fund (HDOGX) and Hennessy Balanced Fund (HBFBX). 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	HBFBX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.13	-0.52
Sortino ratio: Return per unit of downside risk	2.36	3.20	-0.84
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.11
Calmar ratio: Return relative to maximum drawdown	2.21	3.73	-1.52
Martin ratio: Return relative to average drawdown	5.00	9.48	-4.48

HDOGX vs. HBFBX - Sharpe Ratio Comparison

The current HDOGX Sharpe Ratio is 1.61, which is comparable to the HBFBX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of HDOGX and HBFBX, 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. HBFBX - Drawdown Comparison

The maximum HDOGX drawdown since its inception was -53.25%, which is greater than HBFBX's maximum drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for HDOGX and HBFBX.

Drawdown Indicators

	HDOGX	HBFBX	Difference
Max Drawdown Largest peak-to-trough decline	-53.25%	-41.61%	-11.64%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-3.20%	-2.47%
Max Drawdown (3Y) Largest decline over 3 years	-7.97%	-6.10%	-1.87%
Max Drawdown (5Y) Largest decline over 5 years	-14.84%	-10.22%	-4.62%
Max Drawdown (10Y) Largest decline over 10 years	-25.37%	-17.24%	-8.13%
Current Drawdown Current decline from peak	-4.08%	-1.71%	-2.37%
Average Drawdown Average peak-to-trough decline	-6.82%	-4.06%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	1.26%	+1.24%

Volatility

HDOGX vs. HBFBX - Volatility Comparison

Hennessy Total Return Fund (HDOGX) has a higher volatility of 2.61% compared to Hennessy Balanced Fund (HBFBX) at 2.00%. This indicates that HDOGX's price experiences larger fluctuations and is considered to be riskier than HBFBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDOGX	HBFBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	2.00%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	5.87%	4.10%	+1.77%
Volatility (1Y) Calculated over the trailing 1-year period	7.77%	5.60%	+2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.08%	7.22%	+2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.70%	8.15%	+3.55%

HDOGX vs. HBFBX - Expense Ratio Comparison

HDOGX has a 1.77% expense ratio, which is higher than HBFBX's 0.49% expense ratio.

Dividends

HDOGX vs. HBFBX - Dividend Comparison

HDOGX's dividend yield for the trailing twelve months is around 2.10%, more than HBFBX's 1.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBFBX Hennessy Balanced Fund	1.78%	1.90%	5.40%	4.62%	9.50%	3.79%	0.95%	5.20%	5.51%	7.62%	7.76%	2.53%
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 HBFBX in my portfolio?

With a correlation of 0.95, HDOGX and HBFBX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HDOGX or HBFBX?

HDOGX has higher volatility (2.61%) compared to HBFBX (2.00%). In terms of maximum drawdown, HDOGX dropped -53.25% vs HBFBX's -41.61%.

Which has better risk-adjusted returns?

HBFBX currently has the higher Sharpe Ratio (2.13 vs 1.61), 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.