HEIIX vs. HMSIX

Last updated Jun 24, 2026

HEIIX (Hennessy Equity and Income Fund) and HMSIX (Hennessy Midstream Fund) are both mutual funds - HEIIX is a Diversified Portfolio fund managed by Hennessy, while HMSIX is a Energy Equities fund managed by Hennessy. Over the past 5 years, HEIIX returned 6.12%/yr vs 19.16%/yr for HMSIX. At a 0.46 correlation, their price movements are largely independent. HEIIX charges 1.13%/yr vs 1.51%/yr for HMSIX.

Performance

HEIIX vs. HMSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Equity and Income Fund (HEIIX) and Hennessy Midstream Fund (HMSIX). 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 lower than HMSIX's 15.65% 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%

HMSIX

• 1D: 0.89%
• 1M: -5.38%
• YTD: 15.65%
• 6M: 15.56%
• 1Y: 16.32%
• 3Y*: 22.04%
• 5Y*: 19.16%
• 10Y*: —

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

HEIIX vs. HMSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HEIIX Hennessy Equity and Income Fund	7.15%	7.23%	10.50%	10.95%	-11.22%	17.08%	9.35%	16.55%	-7.42%
HMSIX Hennessy Midstream Fund	15.65%	-0.49%	36.21%	23.75%	29.15%	36.58%	-31.00%	11.97%	-20.24%

Correlation

The correlation between HEIIX and HMSIX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018	0.46

Over the past year, the correlation between HEIIX and HMSIX has dropped to 0.08 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

Return for Risk

HEIIX vs. HMSIX — 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

HMSIX

HMSIX Risk / Return Rank: 21
HMSIX Sharpe Ratio Rank: 15
HMSIX Sortino Ratio Rank: 15
HMSIX Omega Ratio Rank: 15
HMSIX Calmar Ratio Rank: 38
HMSIX Martin Ratio Rank: 20

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. HMSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Equity and Income Fund (HEIIX) and Hennessy Midstream Fund (HMSIX). 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	HMSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.03	+0.75
Sortino ratio: Return per unit of downside risk	2.57	1.48	+1.09
Omega ratio: Gain probability vs. loss probability	1.32	1.18	+0.14
Calmar ratio: Return relative to maximum drawdown	2.47	2.21	+0.26
Martin ratio: Return relative to average drawdown	8.93	4.72	+4.21

HEIIX vs. HMSIX - Sharpe Ratio Comparison

The current HEIIX Sharpe Ratio is 1.78, which is higher than the HMSIX Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of HEIIX and HMSIX, 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. HMSIX - Drawdown Comparison

The maximum HEIIX drawdown since its inception was -47.88%, smaller than the maximum HMSIX drawdown of -68.43%. Use the drawdown chart below to compare losses from any high point for HEIIX and HMSIX.

Drawdown Indicators

	HEIIX	HMSIX	Difference
Max Drawdown Largest peak-to-trough decline	-47.88%	-68.43%	+20.55%
Max Drawdown (1Y) Largest decline over 1 year	-5.89%	-6.93%	+1.04%
Max Drawdown (3Y) Largest decline over 3 years	-10.19%	-16.29%	+6.10%
Max Drawdown (5Y) Largest decline over 5 years	-19.66%	-21.17%	+1.51%
Max Drawdown (10Y) Largest decline over 10 years	-24.12%	—	—
Current Drawdown Current decline from peak	-0.60%	-5.70%	+5.10%
Average Drawdown Average peak-to-trough decline	-8.34%	-12.20%	+3.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	3.24%	-1.62%

Volatility

HEIIX vs. HMSIX - Volatility Comparison

The current volatility for Hennessy Equity and Income Fund (HEIIX) is 2.46%, while Hennessy Midstream Fund (HMSIX) has a volatility of 5.20%. This indicates that HEIIX experiences smaller price fluctuations and is considered to be less risky than HMSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEIIX	HMSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	5.20%	-2.74%
Volatility (6M) Calculated over the trailing 6-month period	6.16%	11.52%	-5.36%
Volatility (1Y) Calculated over the trailing 1-year period	8.19%	14.86%	-6.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.60%	20.10%	-9.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.90%	29.33%	-18.43%

HEIIX vs. HMSIX - Expense Ratio Comparison

HEIIX has a 1.13% expense ratio, which is lower than HMSIX's 1.51% expense ratio.

Dividends

HEIIX vs. HMSIX - Dividend Comparison

HEIIX's dividend yield for the trailing twelve months is around 11.77%, more than HMSIX's 7.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
HMSIX Hennessy Midstream Fund	7.56%	8.42%	7.74%	9.70%	10.84%	12.61%	15.17%	9.10%	4.67%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HEIIX and HMSIX in my portfolio?

HEIIX and HMSIX have a correlation of 0.08, 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 HMSIX?

HMSIX has higher volatility (5.20%) compared to HEIIX (2.46%). In terms of maximum drawdown, HEIIX dropped -47.88% vs HMSIX's -68.43%.

Which has better risk-adjusted returns?

HEIIX currently has the higher Sharpe Ratio (1.78 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.