HFCGX vs. HBFBX

Last updated Jun 3, 2026

HFCGX (Hennessy Cornerstone Growth Fund) and HBFBX (Hennessy Balanced Fund) are both mutual funds - HFCGX is a Small Cap Blend Equities fund managed by Hennessy, while HBFBX is a Diversified Portfolio fund managed by Hennessy. Over the past 10 years, HFCGX returned 12.75%/yr vs 5.92%/yr for HBFBX. A 0.62 correlation means they provide meaningful diversification when combined. HFCGX charges 1.34%/yr vs 0.49%/yr for HBFBX.

Performance

HFCGX vs. HBFBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Cornerstone Growth Fund (HFCGX) 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, HFCGX achieves a 14.84% return, which is significantly higher than HBFBX's 5.49% return. Over the past 10 years, HFCGX has outperformed HBFBX with an annualized return of 12.75%, while HBFBX has yielded a comparatively lower 5.92% annualized return.

HFCGX

• 1D: 1.16%
• 1M: 4.16%
• YTD: 14.84%
• 6M: 16.17%
• 1Y: 21.13%
• 3Y*: 24.56%
• 5Y*: 12.52%
• 10Y*: 12.75%

HBFBX

• 1D: -0.15%
• 1M: 1.84%
• YTD: 5.49%
• 6M: 5.66%
• 1Y: 12.51%
• 3Y*: 9.52%
• 5Y*: 6.15%
• 10Y*: 5.92%

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

HFCGX vs. HBFBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFCGX Hennessy Cornerstone Growth Fund	14.84%	4.78%	31.45%	19.58%	-4.97%	29.94%	17.73%	20.70%	-21.39%	16.60%
HBFBX Hennessy Balanced Fund	5.49%	9.90%	4.81%	7.62%	3.83%	8.07%	-2.98%	9.71%	0.06%	8.34%

Correlation

The correlation between HFCGX and HBFBX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Nov 4, 1996	0.62

The correlation between HFCGX and HBFBX shifts across timeframes, from 0.48 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HFCGX vs. HBFBX — Risk / Return Rank

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

HFCGX

HFCGX Risk / Return Rank: 41
HFCGX Sharpe Ratio Rank: 35
HFCGX Sortino Ratio Rank: 36
HFCGX Omega Ratio Rank: 32
HFCGX Calmar Ratio Rank: 57
HFCGX Martin Ratio Rank: 45

HBFBX

HBFBX Risk / Return Rank: 65
HBFBX Sharpe Ratio Rank: 61
HBFBX Sortino Ratio Rank: 71
HBFBX Omega Ratio Rank: 59
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.

HFCGX vs. HBFBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Cornerstone Growth Fund (HFCGX) 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.

	HFCGX	HBFBX	Difference
Sharpe ratio Return per unit of total volatility	1.73	2.30	-0.57
Sortino ratio Return per unit of downside risk	2.53	3.50	-0.97
Omega ratio Gain probability vs. loss probability	1.30	1.43	-0.13
Calmar ratio Return relative to maximum drawdown	2.92	4.03	-1.11
Martin ratio Return relative to average drawdown	9.63	10.29	-0.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HFCGX vs. HBFBX - Sharpe Ratio Comparison

The current HFCGX Sharpe Ratio is 1.73, which is comparable to the HBFBX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of HFCGX 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.

Sharpe Ratios by Period

	HFCGX	HBFBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	2.30	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.85	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.73	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.48	-0.09

Drawdowns

HFCGX vs. HBFBX - Drawdown Comparison

The maximum HFCGX drawdown since its inception was -62.35%, which is greater than HBFBX's maximum drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for HFCGX and HBFBX.

Drawdown Indicators

	HFCGX	HBFBX	Difference
Max Drawdown Largest peak-to-trough decline	-62.35%	-41.61%	-20.74%
Max Drawdown (1Y) Largest decline over 1 year	-7.82%	-3.20%	-4.62%
Max Drawdown (3Y) Largest decline over 3 years	-22.86%	-6.10%	-16.76%
Max Drawdown (5Y) Largest decline over 5 years	-26.30%	-10.22%	-16.08%
Max Drawdown (10Y) Largest decline over 10 years	-54.22%	-17.24%	-36.98%
Current Drawdown Current decline from peak	0.00%	-0.57%	+0.57%
Average Drawdown Average peak-to-trough decline	-15.23%	-4.06%	-11.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	1.25%	+1.12%

Volatility

HFCGX vs. HBFBX - Volatility Comparison

Hennessy Cornerstone Growth Fund (HFCGX) has a higher volatility of 4.38% compared to Hennessy Balanced Fund (HBFBX) at 1.80%. This indicates that HFCGX'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

	HFCGX	HBFBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	1.80%	+2.58%
Volatility (6M) Calculated over the trailing 6-month period	9.39%	4.13%	+5.26%
Volatility (1Y) Calculated over the trailing 1-year period	12.91%	5.55%	+7.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.07%	7.23%	+16.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.81%	8.14%	+17.67%

HFCGX vs. HBFBX - Expense Ratio Comparison

HFCGX has a 1.34% expense ratio, which is higher than HBFBX's 0.49% expense ratio.

Dividends

HFCGX vs. HBFBX - Dividend Comparison

HFCGX has not paid dividends to shareholders, while HBFBX's dividend yield for the trailing twelve months is around 1.77%.

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%
HFCGX Hennessy Cornerstone Growth Fund	0.00%	0.00%	14.11%	0.38%	3.58%	26.58%	0.00%	0.00%	10.47%	0.00%	0.00%	0.11%

Frequently Asked Questions

Can I hold both HFCGX and HBFBX in my portfolio?

HFCGX and HBFBX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFCGX or HBFBX?

HFCGX has higher volatility (4.38%) compared to HBFBX (1.80%). In terms of maximum drawdown, HFCGX dropped -62.35% vs HBFBX's -41.61%.

Which has better risk-adjusted returns?

HBFBX currently has the higher Sharpe Ratio (2.30 vs 1.73), 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.