HFCSX vs. NEEIX

Last updated Jun 24, 2026

HFCSX (Hennessy Focus Fund) and NEEIX (Needham Growth Fund Institutional Class) are both Mid Cap Growth Equities funds. Over the past 5 years, HFCSX returned 9.41%/yr vs 16.36%/yr for NEEIX. A 0.72 correlation means they provide meaningful diversification when combined. HFCSX charges 1.49%/yr vs 1.21%/yr for NEEIX.

Performance

HFCSX vs. NEEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Focus Fund (HFCSX) and Needham Growth Fund Institutional Class (NEEIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFCSX achieves a 5.97% return, which is significantly lower than NEEIX's 65.52% return.

HFCSX

• 1D: -1.71%
• 1M: -2.11%
• YTD: 5.97%
• 6M: 2.39%
• 1Y: 18.78%
• 3Y*: 19.40%
• 5Y*: 9.41%
• 10Y*: 11.78%

NEEIX

• 1D: 1.92%
• 1M: 12.78%
• YTD: 65.52%
• 6M: 62.14%
• 1Y: 100.79%
• 3Y*: 32.34%
• 5Y*: 16.36%
• 10Y*: —

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

HFCSX vs. NEEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFCSX Hennessy Focus Fund	5.97%	28.30%	14.67%	20.99%	-24.92%	32.04%	5.47%	34.96%	-10.93%	19.27%
NEEIX Needham Growth Fund Institutional Class	65.52%	9.32%	19.26%	27.30%	-33.26%	28.13%	42.39%	43.15%	-10.13%	8.47%

Correlation

The correlation between HFCSX and NEEIX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.72

The correlation between HFCSX and NEEIX shifts across timeframes, from 0.62 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HFCSX vs. NEEIX — Risk / Return Rank

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

HFCSX

HFCSX Risk / Return Rank: 11
HFCSX Sharpe Ratio Rank: 10
HFCSX Sortino Ratio Rank: 11
HFCSX Omega Ratio Rank: 10
HFCSX Calmar Ratio Rank: 13
HFCSX Martin Ratio Rank: 10

NEEIX

NEEIX Risk / Return Rank: 93
NEEIX Sharpe Ratio Rank: 98
NEEIX Sortino Ratio Rank: 88
NEEIX Omega Ratio Rank: 84
NEEIX Calmar Ratio Rank: 98
NEEIX Martin Ratio Rank: 97

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.

HFCSX vs. NEEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Focus Fund (HFCSX) and Needham Growth Fund Institutional Class (NEEIX). 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	NEEIX	Difference
Sharpe ratio: Return per unit of total volatility	0.77	3.48	-2.71
Sortino ratio: Return per unit of downside risk	1.26	3.95	-2.69
Omega ratio: Gain probability vs. loss probability	1.14	1.53	-0.38
Calmar ratio: Return relative to maximum drawdown	1.13	7.61	-6.48
Martin ratio: Return relative to average drawdown	2.55	25.35	-22.80

HFCSX vs. NEEIX - Sharpe Ratio Comparison

The current HFCSX Sharpe Ratio is 0.77, which is lower than the NEEIX Sharpe Ratio of 3.48. The chart below compares the historical Sharpe Ratios of HFCSX and NEEIX, 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

HFCSX vs. NEEIX - Drawdown Comparison

The maximum HFCSX drawdown since its inception was -59.41%, which is greater than NEEIX's maximum drawdown of -43.11%. Use the drawdown chart below to compare losses from any high point for HFCSX and NEEIX.

Drawdown Indicators

	HFCSX	NEEIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.41%	-43.11%	-16.30%
Max Drawdown (1Y) Largest decline over 1 year	-19.90%	-13.22%	-6.68%
Max Drawdown (3Y) Largest decline over 3 years	-23.02%	-36.13%	+13.11%
Max Drawdown (5Y) Largest decline over 5 years	-33.13%	-43.11%	+9.98%
Max Drawdown (10Y) Largest decline over 10 years	-47.07%	—	—
Current Drawdown Current decline from peak	-8.85%	0.00%	-8.85%
Average Drawdown Average peak-to-trough decline	-9.85%	-10.82%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.83%	3.96%	+4.87%

Volatility

HFCSX vs. NEEIX - Volatility Comparison

The current volatility for Hennessy Focus Fund (HFCSX) is 11.12%, while Needham Growth Fund Institutional Class (NEEIX) has a volatility of 12.91%. This indicates that HFCSX experiences smaller price fluctuations and is considered to be less risky than NEEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFCSX	NEEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.12%	12.91%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	21.27%	22.93%	-1.66%
Volatility (1Y) Calculated over the trailing 1-year period	29.49%	28.96%	+0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.07%	28.73%	-5.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.74%	25.98%	-3.24%

HFCSX vs. NEEIX - Expense Ratio Comparison

HFCSX has a 1.49% expense ratio, which is higher than NEEIX's 1.21% expense ratio.

Dividends

HFCSX vs. NEEIX - Dividend Comparison

HFCSX's dividend yield for the trailing twelve months is around 45.73%, more than NEEIX's 4.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFCSX Hennessy Focus Fund	45.73%	48.46%	15.94%	24.51%	15.15%	17.19%	35.80%	10.78%	22.20%	0.01%	0.00%	0.20%
NEEIX Needham Growth Fund Institutional Class	4.33%	7.16%	7.48%	0.00%	1.72%	6.70%	5.58%	11.09%	17.58%	9.64%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFCSX and NEEIX in my portfolio?

HFCSX and NEEIX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFCSX or NEEIX?

NEEIX has higher volatility (12.91%) compared to HFCSX (11.12%). In terms of maximum drawdown, HFCSX dropped -59.41% vs NEEIX's -43.11%.

Which has better risk-adjusted returns?

NEEIX currently has the higher Sharpe Ratio (3.48 vs 0.77), 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.