HFCSX vs. MMGPX
HFCSX (Hennessy Focus Fund) and MMGPX (Morgan Stanley Discovery Portfolio) are both Mid Cap Growth Equities funds. Over the past 5 years, HFCSX returned 7.20%/yr vs -6.51%/yr for MMGPX. Their 0.56 correlation means they have sometimes moved together and sometimes differently. HFCSX charges 1.49%/yr vs 0.04%/yr for MMGPX.
Performance
HFCSX vs. MMGPX - Performance Comparison
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Returns By Period
In the year-to-date period, HFCSX achieves a -0.54% return, which is significantly higher than MMGPX's -2.74% return.
HFCSX
- 1D
- 0.14%
- 1M
- -8.31%
- 6M
- -8.70%
- YTD
- -0.54%
- 1Y
- 8.57%
- 3Y*
- 15.13%
- 5Y*
- 7.20%
- 10Y*
- 10.49%
- ALL TIME*
- 9.40%
MMGPX
- 1D
- -1.80%
- 1M
- -5.59%
- 6M
- 3.05%
- YTD
- -2.74%
- 1Y
- -12.13%
- 3Y*
- 17.27%
- 5Y*
- -6.51%
- 10Y*
- —
- ALL TIME*
- 14.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
HFCSX Hennessy Focus Fund | $0.00 | $0.00 | $0.00 |
| $0.00 | $0.00 | $0.00 |
HFCSX vs. MMGPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HFCSX Hennessy Focus Fund | -0.54% | 28.30% | 14.67% | 20.99% | -24.92% | 32.04% | 5.47% | 34.96% | -10.93% | 18.04% |
MMGPX Morgan Stanley Discovery Portfolio | -2.74% | 12.58% | 41.83% | 44.34% | -63.37% | -11.55% | 152.67% | 40.20% | 10.89% | 28.18% |
Correlation
The correlation between HFCSX and MMGPX is 0.57, 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. | 0.57 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.56 |
The correlation between HFCSX and MMGPX has been stable across timeframes, ranging from 0.56 to 0.63 - a consistent structural relationship.
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Return for Risk
HFCSX vs. MMGPX — Risk / Return Rank
HFCSX
MMGPX
HFCSX vs. MMGPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hennessy Focus Fund (HFCSX) and Morgan Stanley Discovery Portfolio (MMGPX). 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.
| HFCSX | MMGPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 0.95 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | -0.45 | +0.80 |
| Martin ratioReturn relative to average drawdown | 0.78 | -0.85 | +1.63 |
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Drawdowns
HFCSX vs. MMGPX - Drawdown Comparison
The maximum HFCSX drawdown since its inception was -59.41%, smaller than the maximum MMGPX drawdown of -75.38%. Use the drawdown chart below to compare losses from any high point for HFCSX and MMGPX.
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Drawdown Indicators
| HFCSX | MMGPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.41% | -75.38% | +15.97% |
Max Drawdown (1Y)Largest decline over 1 year | -19.90% | -27.79% | +7.89% |
Max Drawdown (3Y)Largest decline over 3 years | -23.02% | -29.27% | +6.25% |
Max Drawdown (5Y)Largest decline over 5 years | -33.13% | -72.70% | +39.57% |
Max Drawdown (10Y)Largest decline over 10 years | -47.07% | — | — |
Current DrawdownCurrent decline from peak | -14.46% | -41.88% | +27.42% |
Average DrawdownAverage peak-to-trough decline | -9.86% | -30.40% | +20.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.10% | 14.51% | -5.41% |
Volatility
HFCSX vs. MMGPX - Volatility Comparison
The current volatility for Hennessy Focus Fund (HFCSX) is 5.85%, while Morgan Stanley Discovery Portfolio (MMGPX) has a volatility of 6.82%. This indicates that HFCSX experiences smaller price fluctuations and is considered to be less risky than MMGPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HFCSX | MMGPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.85% | 6.82% | -0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 20.71% | 21.95% | -1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.63% | 28.95% | +0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.27% | 39.82% | -16.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.84% | 35.11% | -12.27% |
HFCSX vs. MMGPX - Expense Ratio Comparison
HFCSX has a 1.49% expense ratio, which is higher than MMGPX's 0.04% expense ratio.
Dividends
HFCSX vs. MMGPX - Dividend Comparison
HFCSX's dividend yield for the trailing twelve months is around 48.72%, while MMGPX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HFCSX Hennessy Focus Fund | 48.72% | 48.46% | 15.94% | 24.51% | 15.15% | 17.19% | 35.80% | 10.78% | 22.20% | 0.01% | 0.00% | 0.20% |
MMGPX Morgan Stanley Discovery Portfolio | 0.00% | 0.43% | 0.00% | 0.00% | 125.40% | 64.53% | 7.93% | 15.63% | 28.02% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HFCSX and MMGPX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMGPX has higher volatility (6.82%) compared to HFCSX (5.85%). In terms of maximum drawdown, HFCSX dropped -59.41% vs MMGPX's -75.38%.
HFCSX currently has the higher Sharpe Ratio (0.24 vs -0.43), 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.
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