HFCVX vs. PEY

Last updated Jun 23, 2026

HFCVX (Hennessy Cornerstone Value Fund) and PEY (Invesco High Yield Equity Dividend Achievers™ ETF) are both funds - HFCVX is a Large Cap Value Equities fund managed by Hennessy, while PEY is a Mid Cap Value Equities fund tracking the NASDAQ US Dividend Achievers 50 Index. Over the past 10 years, HFCVX returned 10.89%/yr vs 8.61%/yr for PEY. Their correlation of 0.84 suggests significant overlap in exposure. HFCVX charges 1.23%/yr vs 0.54%/yr for PEY.

Performance

HFCVX vs. PEY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Cornerstone Value Fund (HFCVX) and Invesco High Yield Equity Dividend Achievers™ ETF (PEY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFCVX achieves a 11.18% return, which is significantly lower than PEY's 12.79% return. Over the past 10 years, HFCVX has outperformed PEY with an annualized return of 10.89%, while PEY has yielded a comparatively lower 8.61% annualized return.

HFCVX

• 1D: -0.64%
• 1M: -3.47%
• YTD: 11.18%
• 6M: 11.47%
• 1Y: 21.36%
• 3Y*: 14.63%
• 5Y*: 12.08%
• 10Y*: 10.89%

PEY

• 1D: -1.17%
• 1M: 0.55%
• YTD: 12.79%
• 6M: 11.78%
• 1Y: 17.56%
• 3Y*: 11.61%
• 5Y*: 6.56%
• 10Y*: 8.61%

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

HFCVX vs. PEY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFCVX Hennessy Cornerstone Value Fund	11.18%	18.27%	9.59%	5.81%	6.12%	29.94%	-6.39%	20.84%	-9.50%	19.21%
PEY Invesco High Yield Equity Dividend Achievers™ ETF	12.79%	0.56%	5.25%	7.29%	2.45%	26.15%	-3.85%	24.76%	-7.49%	8.78%

Correlation

The correlation between HFCVX and PEY is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Dec 9, 2004	0.84

The correlation between HFCVX and PEY shifts across timeframes, from 0.65 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HFCVX vs. PEY — Risk / Return Rank

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

HFCVX

HFCVX Risk / Return Rank: 81
HFCVX Sharpe Ratio Rank: 76
HFCVX Sortino Ratio Rank: 77
HFCVX Omega Ratio Rank: 63
HFCVX Calmar Ratio Rank: 96
HFCVX Martin Ratio Rank: 91

PEY

PEY Risk / Return Rank: 37
PEY Sharpe Ratio Rank: 36
PEY Sortino Ratio Rank: 38
PEY Omega Ratio Rank: 32
PEY Calmar Ratio Rank: 41
PEY Martin Ratio Rank: 37

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. PEY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Cornerstone Value Fund (HFCVX) and Invesco High Yield Equity Dividend Achievers™ ETF (PEY). 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.

	HFCVX	PEY	Difference
Sharpe ratio: Return per unit of total volatility	2.35	1.25	+1.10
Sortino ratio: Return per unit of downside risk	3.36	1.92	+1.44
Omega ratio: Gain probability vs. loss probability	1.40	1.21	+0.19
Calmar ratio: Return relative to maximum drawdown	5.83	1.99	+3.84
Martin ratio: Return relative to average drawdown	17.07	5.55	+11.52

HFCVX vs. PEY - Sharpe Ratio Comparison

The current HFCVX Sharpe Ratio is 2.35, which is higher than the PEY Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of HFCVX and PEY, 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

HFCVX vs. PEY - Drawdown Comparison

The maximum HFCVX drawdown since its inception was -65.75%, smaller than the maximum PEY drawdown of -72.81%. Use the drawdown chart below to compare losses from any high point for HFCVX and PEY.

Drawdown Indicators

	HFCVX	PEY	Difference
Max Drawdown Largest peak-to-trough decline	-65.75%	-72.81%	+7.06%
Max Drawdown (1Y) Largest decline over 1 year	-3.77%	-8.88%	+5.11%
Max Drawdown (3Y) Largest decline over 3 years	-11.32%	-17.90%	+6.58%
Max Drawdown (5Y) Largest decline over 5 years	-16.81%	-17.90%	+1.09%
Max Drawdown (10Y) Largest decline over 10 years	-39.39%	-41.55%	+2.16%
Current Drawdown Current decline from peak	-3.47%	-3.57%	+0.10%
Average Drawdown Average peak-to-trough decline	-8.23%	-12.85%	+4.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	3.17%	-1.89%

Volatility

HFCVX vs. PEY - Volatility Comparison

The current volatility for Hennessy Cornerstone Value Fund (HFCVX) is 3.13%, while Invesco High Yield Equity Dividend Achievers™ ETF (PEY) has a volatility of 3.93%. This indicates that HFCVX experiences smaller price fluctuations and is considered to be less risky than PEY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFCVX	PEY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	3.93%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	6.98%	9.49%	-2.51%
Volatility (1Y) Calculated over the trailing 1-year period	9.37%	14.15%	-4.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.26%	16.36%	-3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.45%	18.91%	-2.46%

HFCVX vs. PEY - Expense Ratio Comparison

HFCVX has a 1.23% expense ratio, which is higher than PEY's 0.54% expense ratio.

Dividends

HFCVX vs. PEY - Dividend Comparison

HFCVX's dividend yield for the trailing twelve months is around 6.65%, more than PEY's 4.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFCVX Hennessy Cornerstone Value Fund	6.65%	7.39%	4.56%	3.57%	10.33%	4.81%	2.58%	6.58%	17.16%	14.97%	2.26%	2.57%
PEY Invesco High Yield Equity Dividend Achievers™ ETF	4.92%	4.85%	4.44%	4.58%	4.22%	3.83%	4.30%	3.78%	4.33%	3.21%	3.12%	3.44%

Frequently Asked Questions

Can I hold both HFCVX and PEY in my portfolio?

HFCVX and PEY have a correlation of 0.65, 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 PEY?

PEY has higher volatility (3.93%) compared to HFCVX (3.13%). In terms of maximum drawdown, HFCVX dropped -65.75% vs PEY's -72.81%.

Which has better risk-adjusted returns?

HFCVX currently has the higher Sharpe Ratio (2.35 vs 1.25), 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.