HFMDX vs. FZFLX

Last updated Jun 4, 2026

HFMDX (Hennessy Cornerstone Mid Cap 30 Fund) and FZFLX (Fidelity SAI Small-Mid Cap 500 Index Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, HFMDX returned 14.27%/yr vs 14.07%/yr for FZFLX. Their correlation of 0.87 suggests significant overlap in exposure. HFMDX charges 1.36%/yr vs 0.05%/yr for FZFLX.

Performance

HFMDX vs. FZFLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Cornerstone Mid Cap 30 Fund (HFMDX) and Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFMDX achieves a 17.06% return, which is significantly lower than FZFLX's 33.04% return. Both investments have delivered pretty close results over the past 10 years, with HFMDX having a 14.27% annualized return and FZFLX not far behind at 14.07%.

HFMDX

• 1D: -0.19%
• 1M: 3.10%
• YTD: 17.06%
• 6M: 17.55%
• 1Y: 27.66%
• 3Y*: 24.29%
• 5Y*: 16.18%
• 10Y*: 14.27%

FZFLX

• 1D: 1.53%
• 1M: 6.05%
• YTD: 33.04%
• 6M: 33.74%
• 1Y: 48.52%
• 3Y*: 24.40%
• 5Y*: 12.03%
• 10Y*: 14.07%

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

HFMDX vs. FZFLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFMDX Hennessy Cornerstone Mid Cap 30 Fund	17.06%	2.68%	34.13%	30.83%	2.72%	27.23%	23.37%	15.76%	-23.52%	20.71%
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund	33.04%	10.76%	15.52%	17.75%	-15.62%	20.40%	19.78%	31.96%	-9.25%	18.41%

Correlation

The correlation between HFMDX and FZFLX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Aug 21, 2015	0.87

The correlation between HFMDX and FZFLX has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

Return for Risk

HFMDX vs. FZFLX — Risk / Return Rank

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

HFMDX

HFMDX Risk / Return Rank: 27
HFMDX Sharpe Ratio Rank: 23
HFMDX Sortino Ratio Rank: 21
HFMDX Omega Ratio Rank: 20
HFMDX Calmar Ratio Rank: 37
HFMDX Martin Ratio Rank: 35

FZFLX

FZFLX Risk / Return Rank: 74
FZFLX Sharpe Ratio Rank: 71
FZFLX Sortino Ratio Rank: 58
FZFLX Omega Ratio Rank: 58
FZFLX Calmar Ratio Rank: 91
FZFLX Martin Ratio Rank: 93

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.

HFMDX vs. FZFLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Cornerstone Mid Cap 30 Fund (HFMDX) and Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX). 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.

	HFMDX	FZFLX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.44	-1.08
Sortino ratio: Return per unit of downside risk	1.91	3.22	-1.30
Omega ratio: Gain probability vs. loss probability	1.24	1.42	-0.19
Calmar ratio: Return relative to maximum drawdown	2.31	4.77	-2.46
Martin ratio: Return relative to average drawdown	7.79	20.14	-12.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HFMDX vs. FZFLX - Sharpe Ratio Comparison

The current HFMDX Sharpe Ratio is 1.36, which is lower than the FZFLX Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of HFMDX and FZFLX, 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

	HFMDX	FZFLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	2.44	-1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.57	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.67	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.63	-0.19

Drawdowns

HFMDX vs. FZFLX - Drawdown Comparison

The maximum HFMDX drawdown since its inception was -61.25%, which is greater than FZFLX's maximum drawdown of -42.03%. Use the drawdown chart below to compare losses from any high point for HFMDX and FZFLX.

Drawdown Indicators

	HFMDX	FZFLX	Difference
Max Drawdown Largest peak-to-trough decline	-61.25%	-42.03%	-19.22%
Max Drawdown (1Y) Largest decline over 1 year	-12.66%	-10.68%	-1.98%
Max Drawdown (3Y) Largest decline over 3 years	-27.76%	-22.29%	-5.47%
Max Drawdown (5Y) Largest decline over 5 years	-27.76%	-24.77%	-2.99%
Max Drawdown (10Y) Largest decline over 10 years	-56.14%	-42.03%	-14.11%
Current Drawdown Current decline from peak	-1.79%	-0.33%	-1.46%
Average Drawdown Average peak-to-trough decline	-12.25%	-5.74%	-6.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.75%	2.52%	+1.23%

Volatility

HFMDX vs. FZFLX - Volatility Comparison

The current volatility for Hennessy Cornerstone Mid Cap 30 Fund (HFMDX) is 6.30%, while Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX) has a volatility of 7.41%. This indicates that HFMDX experiences smaller price fluctuations and is considered to be less risky than FZFLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFMDX	FZFLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.30%	7.41%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	15.83%	17.71%	-1.88%
Volatility (1Y) Calculated over the trailing 1-year period	21.47%	20.84%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.36%	21.11%	+2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.09%	21.11%	+3.98%

HFMDX vs. FZFLX - Expense Ratio Comparison

HFMDX has a 1.36% expense ratio, which is higher than FZFLX's 0.05% expense ratio.

Dividends

HFMDX vs. FZFLX - Dividend Comparison

HFMDX's dividend yield for the trailing twelve months is around 0.61%, less than FZFLX's 43.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund	43.42%	57.77%	10.20%	2.35%	79.79%	50.77%	7.19%	6.49%	7.69%	1.68%	0.93%	0.67%
HFMDX Hennessy Cornerstone Mid Cap 30 Fund	0.61%	0.72%	18.84%	9.61%	21.66%	1.73%	0.00%	0.00%	40.95%	18.56%	0.64%	0.91%

Frequently Asked Questions

Can I hold both HFMDX and FZFLX in my portfolio?

HFMDX and FZFLX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFMDX or FZFLX?

FZFLX has higher volatility (7.41%) compared to HFMDX (6.30%). In terms of maximum drawdown, HFMDX dropped -61.25% vs FZFLX's -42.03%.

Which has better risk-adjusted returns?

FZFLX currently has the higher Sharpe Ratio (2.44 vs 1.36), 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.