HEIIX vs. HFMDX

Last updated Aug 4, 2026

HEIIX (Hennessy Equity and Income Fund) and HFMDX (Hennessy Cornerstone Mid Cap 30 Fund) are both mutual funds - HEIIX is a Diversified Portfolio fund managed by Hennessy, while HFMDX is a Mid Cap Blend Equities fund managed by Hennessy. Over the past 10 years, HEIIX returned 7.62%/yr vs 13.91%/yr for HFMDX. Their 0.77 correlation means they have sometimes moved together and sometimes differently. HEIIX charges 1.13%/yr vs 1.36%/yr for HFMDX.

Performance

HEIIX vs. HFMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Equity and Income Fund (HEIIX) and Hennessy Cornerstone Mid Cap 30 Fund (HFMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEIIX achieves a 7.44% return, which is significantly lower than HFMDX's 14.55% return. Over the past 10 years, HEIIX has underperformed HFMDX with an annualized return of 7.62%, while HFMDX has yielded a comparatively higher 13.91% annualized return.

HEIIX

• 1D: -0.23%
• 1M: -1.19%
• 6M: 3.52%
• YTD: 7.44%
• 1Y: 13.36%
• 3Y*: 8.94%
• 5Y*: 5.72%
• 10Y*: 7.62%
• ALL TIME*: 4.58%

HFMDX

• 1D: -1.46%
• 1M: -3.33%
• 6M: 8.43%
• YTD: 14.55%
• 1Y: 27.56%
• 3Y*: 17.56%
• 5Y*: 16.22%
• 10Y*: 13.91%
• ALL TIME*: 10.46%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HEIIX Hennessy Equity and Income Fund	$0.00	$0.00	$0.00
HFMDX Hennessy Cornerstone Mid Cap 30 Fund	$0.00	$0.00	$0.00

HEIIX vs. HFMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEIIX Hennessy Equity and Income Fund	7.44%	7.23%	10.50%	10.95%	-11.22%	17.08%	9.35%	16.55%	-4.07%	13.90%
HFMDX Hennessy Cornerstone Mid Cap 30 Fund	14.55%	2.68%	34.13%	30.83%	2.72%	27.23%	23.37%	15.76%	-23.52%	20.71%

Correlation

The correlation between HEIIX and HFMDX is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (10Y) Provides a long-term view across more market conditions.	0.73
Correlation (All Time) Calculated using the full available price history since Jan 2, 2004	0.77

The correlation between HEIIX and HFMDX shifts across timeframes, from 0.60 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HEIIX vs. HFMDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HEIIX

HEIIX Risk / Return Rank: 60
HEIIX Sharpe Ratio Rank: 62
HEIIX Sortino Ratio Rank: 65
HEIIX Omega Ratio Rank: 57
HEIIX Calmar Ratio Rank: 58
HEIIX Martin Ratio Rank: 56

HFMDX

HFMDX Risk / Return Rank: 33
HFMDX Sharpe Ratio Rank: 28
HFMDX Sortino Ratio Rank: 29
HFMDX Omega Ratio Rank: 27
HFMDX Calmar Ratio Rank: 41
HFMDX Martin Ratio Rank: 37

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HEIIX vs. HFMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Equity and Income Fund (HEIIX) and Hennessy Cornerstone Mid Cap 30 Fund (HFMDX). 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	HFMDX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.03	+0.59
Sortino ratio: Return per unit of downside risk	2.39	1.55	+0.84
Omega ratio: Gain probability vs. loss probability	1.29	1.18	+0.11
Calmar ratio: Return relative to maximum drawdown	2.19	1.79	+0.40
Martin ratio: Return relative to average drawdown	8.04	5.76	+2.28

HEIIX vs. HFMDX - Sharpe Ratio Comparison

The current HEIIX Sharpe Ratio is 1.62, which is higher than the HFMDX Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of HEIIX and HFMDX, 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. HFMDX - Drawdown Comparison

The maximum HEIIX drawdown since its inception was -47.88%, smaller than the maximum HFMDX drawdown of -61.25%. Use the drawdown chart below to compare losses from any high point for HEIIX and HFMDX.

Drawdown Indicators

	HEIIX	HFMDX	Difference
Max Drawdown Largest peak-to-trough decline	-47.88%	-61.25%	+13.37%
Max Drawdown (1Y) Largest decline over 1 year	-5.89%	-12.66%	+6.77%
Max Drawdown (3Y) Largest decline over 3 years	-10.19%	-27.76%	+17.57%
Max Drawdown (5Y) Largest decline over 5 years	-19.66%	-27.76%	+8.10%
Max Drawdown (10Y) Largest decline over 10 years	-24.12%	-56.14%	+32.02%
Current Drawdown Current decline from peak	-1.27%	-6.15%	+4.88%
Average Drawdown Average peak-to-trough decline	-8.31%	-12.18%	+3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	3.94%	-2.34%

Volatility

HEIIX vs. HFMDX - Volatility Comparison

The current volatility for Hennessy Equity and Income Fund (HEIIX) is 1.90%, while Hennessy Cornerstone Mid Cap 30 Fund (HFMDX) has a volatility of 5.25%. This indicates that HEIIX experiences smaller price fluctuations and is considered to be less risky than HFMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEIIX	HFMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.90%	5.25%	-3.35%
Volatility (6M) Calculated over the trailing 6-month period	6.02%	16.56%	-10.54%
Volatility (1Y) Calculated over the trailing 1-year period	8.01%	22.02%	-14.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.57%	23.42%	-12.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.87%	25.14%	-14.27%

HEIIX vs. HFMDX - Expense Ratio Comparison

HEIIX has a 1.13% expense ratio, which is lower than HFMDX's 1.36% expense ratio.

Dividends

HEIIX vs. HFMDX - Dividend Comparison

HEIIX's dividend yield for the trailing twelve months is around 11.78%, more than HFMDX's 0.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEIIX Hennessy Equity and Income Fund	11.78%	12.43%	13.03%	9.71%	6.49%	7.42%	7.01%	8.25%	9.71%	6.44%	10.31%	3.83%
HFMDX Hennessy Cornerstone Mid Cap 30 Fund	0.63%	0.72%	18.84%	9.61%	21.66%	1.73%	0.00%	0.00%	40.95%	18.56%	0.64%	0.91%

Frequently Asked Questions

Can I hold both HEIIX and HFMDX in my portfolio?

HEIIX and HFMDX have a correlation of 0.60, 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 HFMDX?

HFMDX has higher volatility (5.25%) compared to HEIIX (1.90%). In terms of maximum drawdown, HEIIX dropped -47.88% vs HFMDX's -61.25%.

Which has better risk-adjusted returns?

HEIIX currently has the higher Sharpe Ratio (1.62 vs 1.03), 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.