HFCVX vs. HBFBX

Last updated Jun 4, 2026

HFCVX (Hennessy Cornerstone Value Fund) and HBFBX (Hennessy Balanced Fund) are both mutual funds - HFCVX is a Large Cap Value Equities fund managed by Hennessy, while HBFBX is a Diversified Portfolio fund managed by Hennessy. Over the past 10 years, HFCVX returned 11.15%/yr vs 5.95%/yr for HBFBX. Their correlation of 0.87 suggests significant overlap in exposure. HFCVX charges 1.23%/yr vs 0.49%/yr for HBFBX.

Performance

HFCVX vs. HBFBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Cornerstone Value Fund (HFCVX) 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, HFCVX achieves a 13.70% return, which is significantly higher than HBFBX's 5.73% return. Over the past 10 years, HFCVX has outperformed HBFBX with an annualized return of 11.15%, while HBFBX has yielded a comparatively lower 5.95% annualized return.

HFCVX

• 1D: 0.88%
• 1M: 2.10%
• YTD: 13.70%
• 6M: 14.88%
• 1Y: 26.29%
• 3Y*: 16.75%
• 5Y*: 11.74%
• 10Y*: 11.15%

HBFBX

• 1D: 0.23%
• 1M: 2.47%
• YTD: 5.73%
• 6M: 5.32%
• 1Y: 12.67%
• 3Y*: 9.60%
• 5Y*: 6.13%
• 10Y*: 5.95%

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

HFCVX vs. HBFBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFCVX Hennessy Cornerstone Value Fund	13.70%	18.27%	9.59%	5.81%	6.12%	29.94%	-6.39%	20.84%	-9.50%	19.21%
HBFBX Hennessy Balanced Fund	5.73%	9.90%	4.81%	7.62%	3.83%	8.07%	-2.98%	9.71%	0.06%	8.34%

Correlation

The correlation between HFCVX and HBFBX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 4, 1996	0.87

The correlation between HFCVX and HBFBX has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

Return for Risk

HFCVX vs. HBFBX — Risk / Return Rank

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

HFCVX

HFCVX Risk / Return Rank: 89
HFCVX Sharpe Ratio Rank: 89
HFCVX Sortino Ratio Rank: 88
HFCVX Omega Ratio Rank: 77
HFCVX Calmar Ratio Rank: 97
HFCVX Martin Ratio Rank: 94

HBFBX

HBFBX Risk / Return Rank: 66
HBFBX Sharpe Ratio Rank: 62
HBFBX Sortino Ratio Rank: 72
HBFBX Omega Ratio Rank: 60
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.

HFCVX vs. HBFBX - Risk-Adjusted Trends Comparison

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

	HFCVX	HBFBX	Difference
Sharpe ratio: Return per unit of total volatility	2.91	2.31	+0.60
Sortino ratio: Return per unit of downside risk	4.22	3.52	+0.70
Omega ratio: Gain probability vs. loss probability	1.51	1.43	+0.07
Calmar ratio: Return relative to maximum drawdown	7.07	4.01	+3.06
Martin ratio: Return relative to average drawdown	21.66	10.22	+11.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HFCVX vs. HBFBX - Sharpe Ratio Comparison

The current HFCVX Sharpe Ratio is 2.91, which is comparable to the HBFBX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of HFCVX 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

	HFCVX	HBFBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.91	2.31	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.85	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.73	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.48	-0.07

Drawdowns

HFCVX vs. HBFBX - Drawdown Comparison

The maximum HFCVX drawdown since its inception was -65.75%, which is greater than HBFBX's maximum drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for HFCVX and HBFBX.

Drawdown Indicators

	HFCVX	HBFBX	Difference
Max Drawdown Largest peak-to-trough decline	-65.75%	-41.61%	-24.14%
Max Drawdown (1Y) Largest decline over 1 year	-3.77%	-3.20%	-0.57%
Max Drawdown (3Y) Largest decline over 3 years	-11.32%	-6.10%	-5.22%
Max Drawdown (5Y) Largest decline over 5 years	-16.81%	-10.22%	-6.59%
Max Drawdown (10Y) Largest decline over 10 years	-39.39%	-17.24%	-22.15%
Current Drawdown Current decline from peak	-1.29%	-0.35%	-0.94%
Average Drawdown Average peak-to-trough decline	-8.24%	-4.06%	-4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	1.25%	-0.02%

Volatility

HFCVX vs. HBFBX - Volatility Comparison

Hennessy Cornerstone Value Fund (HFCVX) has a higher volatility of 2.79% compared to Hennessy Balanced Fund (HBFBX) at 1.78%. This indicates that HFCVX'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

	HFCVX	HBFBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	1.78%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	6.85%	4.14%	+2.71%
Volatility (1Y) Calculated over the trailing 1-year period	9.16%	5.54%	+3.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.26%	7.23%	+6.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.46%	8.14%	+8.32%

HFCVX vs. HBFBX - Expense Ratio Comparison

HFCVX has a 1.23% expense ratio, which is higher than HBFBX's 0.49% expense ratio.

Dividends

HFCVX vs. HBFBX - Dividend Comparison

HFCVX's dividend yield for the trailing twelve months is around 6.50%, more than HBFBX's 1.77% yield.

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%
HFCVX Hennessy Cornerstone Value Fund	6.50%	7.39%	4.56%	3.57%	10.33%	4.81%	2.58%	6.58%	17.16%	14.97%	2.26%	2.57%

Frequently Asked Questions

Can I hold both HFCVX and HBFBX in my portfolio?

HFCVX and HBFBX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFCVX or HBFBX?

HFCVX has higher volatility (2.79%) compared to HBFBX (1.78%). In terms of maximum drawdown, HFCVX dropped -65.75% vs HBFBX's -41.61%.

Which has better risk-adjusted returns?

HFCVX currently has the higher Sharpe Ratio (2.91 vs 2.31), 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.