HFCSX vs. TGFRX

Last updated Jun 3, 2026

HFCSX (Hennessy Focus Fund) and TGFRX (Tanaka Growth Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, HFCSX returned 11.80%/yr vs 15.48%/yr for TGFRX. A 0.67 correlation means they provide meaningful diversification when combined. HFCSX charges 1.49%/yr vs 2.19%/yr for TGFRX.

Performance

HFCSX vs. TGFRX - Performance Comparison

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

Returns By Period

In the year-to-date period, HFCSX achieves a 9.80% return, which is significantly lower than TGFRX's 16.29% return. Over the past 10 years, HFCSX has underperformed TGFRX with an annualized return of 11.80%, while TGFRX has yielded a comparatively higher 15.48% annualized return.

HFCSX

• 1D: -1.25%
• 1M: 9.83%
• YTD: 9.80%
• 6M: 15.70%
• 1Y: 46.65%
• 3Y*: 22.51%
• 5Y*: 10.13%
• 10Y*: 11.80%

TGFRX

• 1D: -0.03%
• 1M: 1.07%
• YTD: 16.29%
• 6M: 13.07%
• 1Y: 58.90%
• 3Y*: 34.63%
• 5Y*: 15.52%
• 10Y*: 15.48%

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

HFCSX vs. TGFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFCSX Hennessy Focus Fund	9.80%	28.30%	14.67%	20.99%	-24.92%	32.04%	5.47%	34.96%	-10.93%	19.27%
TGFRX Tanaka Growth Fund	16.29%	39.56%	17.98%	50.24%	-22.62%	26.54%	50.87%	18.78%	-25.18%	7.28%

Correlation

The correlation between HFCSX and TGFRX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jan 5, 1999	0.67

The correlation between HFCSX and TGFRX has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.

Return for Risk

HFCSX vs. TGFRX — Risk / Return Rank

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

HFCSX

HFCSX Risk / Return Rank: 28
HFCSX Sharpe Ratio Rank: 31
HFCSX Sortino Ratio Rank: 29
HFCSX Omega Ratio Rank: 26
HFCSX Calmar Ratio Rank: 37
HFCSX Martin Ratio Rank: 19

TGFRX

TGFRX Risk / Return Rank: 48
TGFRX Sharpe Ratio Rank: 45
TGFRX Sortino Ratio Rank: 39
TGFRX Omega Ratio Rank: 37
TGFRX Calmar Ratio Rank: 78
TGFRX Martin Ratio Rank: 42

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. TGFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Focus Fund (HFCSX) and Tanaka Growth Fund (TGFRX). 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.

	HFCSX	TGFRX	Difference
Sharpe ratio Return per unit of total volatility	1.64	1.98	-0.34
Sortino ratio Return per unit of downside risk	2.28	2.61	-0.33
Omega ratio Gain probability vs. loss probability	1.27	1.33	-0.06
Calmar ratio Return relative to maximum drawdown	2.34	3.53	-1.19
Martin ratio Return relative to average drawdown	5.36	9.06	-3.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HFCSX vs. TGFRX - Sharpe Ratio Comparison

The current HFCSX Sharpe Ratio is 1.64, which is comparable to the TGFRX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of HFCSX and TGFRX, 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

	HFCSX	TGFRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	1.98	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.25	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.33	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.23	+0.23

Drawdowns

HFCSX vs. TGFRX - Drawdown Comparison

The maximum HFCSX drawdown since its inception was -59.41%, smaller than the maximum TGFRX drawdown of -74.43%. Use the drawdown chart below to compare losses from any high point for HFCSX and TGFRX.

Drawdown Indicators

	HFCSX	TGFRX	Difference
Max Drawdown Largest peak-to-trough decline	-59.41%	-74.43%	+15.02%
Max Drawdown (1Y) Largest decline over 1 year	-19.90%	-16.01%	-3.89%
Max Drawdown (3Y) Largest decline over 3 years	-23.02%	-61.68%	+38.66%
Max Drawdown (5Y) Largest decline over 5 years	-33.13%	-61.68%	+28.55%
Max Drawdown (10Y) Largest decline over 10 years	-47.07%	-61.68%	+14.61%
Current Drawdown Current decline from peak	-5.56%	-28.48%	+22.92%
Average Drawdown Average peak-to-trough decline	-9.86%	-29.60%	+19.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.69%	6.24%	+2.45%

Volatility

HFCSX vs. TGFRX - Volatility Comparison

Hennessy Focus Fund (HFCSX) has a higher volatility of 9.94% compared to Tanaka Growth Fund (TGFRX) at 8.41%. This indicates that HFCSX's price experiences larger fluctuations and is considered to be riskier than TGFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFCSX	TGFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.94%	8.41%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	20.53%	22.28%	-1.75%
Volatility (1Y) Calculated over the trailing 1-year period	28.86%	29.25%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.81%	62.00%	-39.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.60%	47.36%	-24.76%

HFCSX vs. TGFRX - Expense Ratio Comparison

HFCSX has a 1.49% expense ratio, which is lower than TGFRX's 2.19% expense ratio.

Dividends

HFCSX vs. TGFRX - Dividend Comparison

HFCSX's dividend yield for the trailing twelve months is around 44.13%, more than TGFRX's 11.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFCSX Hennessy Focus Fund	44.13%	48.46%	15.94%	24.51%	15.15%	17.19%	35.80%	10.78%	22.20%	0.01%	0.00%	0.20%
TGFRX Tanaka Growth Fund	11.20%	13.02%	6.89%	0.00%	0.11%	7.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFCSX and TGFRX in my portfolio?

HFCSX and TGFRX have a correlation of 0.64, 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 TGFRX?

HFCSX has higher volatility (9.94%) compared to TGFRX (8.41%). In terms of maximum drawdown, HFCSX dropped -59.41% vs TGFRX's -74.43%.

Which has better risk-adjusted returns?

TGFRX currently has the higher Sharpe Ratio (1.98 vs 1.64), 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.