HEIIX vs. HBFBX

Last updated Jun 24, 2026

HEIIX (Hennessy Equity and Income Fund) and HBFBX (Hennessy Balanced Fund) are both Diversified Portfolio funds from Hennessy. Over the past 10 years, HEIIX returned 7.95%/yr vs 5.94%/yr for HBFBX. A 0.74 correlation means they provide meaningful diversification when combined. HEIIX charges 1.13%/yr vs 0.49%/yr for HBFBX.

Performance

HEIIX vs. HBFBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Equity and Income Fund (HEIIX) 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, HEIIX achieves a 7.15% return, which is significantly higher than HBFBX's 5.41% return. Over the past 10 years, HEIIX has outperformed HBFBX with an annualized return of 7.95%, while HBFBX has yielded a comparatively lower 5.94% annualized return.

HEIIX

• 1D: -0.23%
• 1M: 0.46%
• YTD: 7.15%
• 6M: 6.64%
• 1Y: 13.43%
• 3Y*: 10.16%
• 5Y*: 6.12%
• 10Y*: 7.95%

HBFBX

• 1D: 0.08%
• 1M: -0.60%
• YTD: 5.41%
• 6M: 5.66%
• 1Y: 11.77%
• 3Y*: 9.42%
• 5Y*: 6.49%
• 10Y*: 5.94%

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

HEIIX vs. HBFBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEIIX Hennessy Equity and Income Fund	7.15%	7.23%	10.50%	10.95%	-11.22%	17.08%	9.35%	16.55%	-4.07%	13.90%
HBFBX Hennessy Balanced Fund	5.41%	9.90%	4.81%	7.62%	3.83%	8.07%	-2.98%	9.71%	0.06%	8.34%

Correlation

The correlation between HEIIX and HBFBX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jun 3, 1997	0.74

The correlation between HEIIX and HBFBX shifts across timeframes, from 0.58 (1 year) to 0.74 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

HEIIX vs. HBFBX — Risk / Return Rank

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

HEIIX

HEIIX Risk / Return Rank: 44
HEIIX Sharpe Ratio Rank: 43
HEIIX Sortino Ratio Rank: 44
HEIIX Omega Ratio Rank: 41
HEIIX Calmar Ratio Rank: 46
HEIIX Martin Ratio Rank: 44

HBFBX

HBFBX Risk / Return Rank: 66
HBFBX Sharpe Ratio Rank: 64
HBFBX Sortino Ratio Rank: 73
HBFBX Omega Ratio Rank: 62
HBFBX Calmar Ratio Rank: 85
HBFBX Martin Ratio Rank: 49

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.

HEIIX vs. HBFBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Equity and Income Fund (HEIIX) 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.

	HEIIX	HBFBX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.16	-0.38
Sortino ratio: Return per unit of downside risk	2.57	3.25	-0.67
Omega ratio: Gain probability vs. loss probability	1.32	1.40	-0.08
Calmar ratio: Return relative to maximum drawdown	2.47	3.79	-1.32
Martin ratio: Return relative to average drawdown	8.93	9.59	-0.66

HEIIX vs. HBFBX - Sharpe Ratio Comparison

The current HEIIX Sharpe Ratio is 1.78, which is comparable to the HBFBX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of HEIIX 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

HEIIX vs. HBFBX - Drawdown Comparison

The maximum HEIIX drawdown since its inception was -47.88%, which is greater than HBFBX's maximum drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for HEIIX and HBFBX.

Drawdown Indicators

	HEIIX	HBFBX	Difference
Max Drawdown Largest peak-to-trough decline	-47.88%	-41.61%	-6.27%
Max Drawdown (1Y) Largest decline over 1 year	-5.89%	-3.20%	-2.69%
Max Drawdown (3Y) Largest decline over 3 years	-10.19%	-6.10%	-4.09%
Max Drawdown (5Y) Largest decline over 5 years	-19.66%	-10.22%	-9.44%
Max Drawdown (10Y) Largest decline over 10 years	-24.12%	-17.24%	-6.88%
Current Drawdown Current decline from peak	-0.60%	-1.63%	+1.03%
Average Drawdown Average peak-to-trough decline	-8.34%	-4.06%	-4.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.26%	+0.36%

Volatility

HEIIX vs. HBFBX - Volatility Comparison

Hennessy Equity and Income Fund (HEIIX) has a higher volatility of 2.46% compared to Hennessy Balanced Fund (HBFBX) at 1.99%. This indicates that HEIIX'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

	HEIIX	HBFBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	1.99%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	6.16%	4.10%	+2.06%
Volatility (1Y) Calculated over the trailing 1-year period	8.19%	5.61%	+2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.60%	7.21%	+3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.90%	8.15%	+2.75%

HEIIX vs. HBFBX - Expense Ratio Comparison

HEIIX has a 1.13% expense ratio, which is higher than HBFBX's 0.49% expense ratio.

Dividends

HEIIX vs. HBFBX - Dividend Comparison

HEIIX's dividend yield for the trailing twelve months is around 11.77%, more than HBFBX's 1.77% 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%
HEIIX Hennessy Equity and Income Fund	11.77%	12.43%	13.03%	9.71%	6.49%	7.42%	7.01%	8.25%	9.71%	6.44%	10.31%	3.83%

Frequently Asked Questions

Can I hold both HEIIX and HBFBX in my portfolio?

HEIIX and HBFBX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEIIX or HBFBX?

HEIIX has higher volatility (2.46%) compared to HBFBX (1.99%). In terms of maximum drawdown, HEIIX dropped -47.88% vs HBFBX's -41.61%.

Which has better risk-adjusted returns?

HBFBX currently has the higher Sharpe Ratio (2.16 vs 1.78), 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.