HFMDX vs. HFCVX

Last updated Jul 18, 2026

HFMDX (Hennessy Cornerstone Mid Cap 30 Fund) and HFCVX (Hennessy Cornerstone Value Fund) are both mutual funds - HFMDX is a Mid Cap Blend Equities fund managed by Hennessy, while HFCVX is a Large Cap Value Equities fund managed by Hennessy. Over the past 10 years, HFMDX returned 13.94%/yr vs 10.88%/yr for HFCVX. A 0.73 correlation means they provide meaningful diversification when combined. HFMDX charges 1.36%/yr vs 1.23%/yr for HFCVX.

Performance

HFMDX vs. HFCVX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with HFMDX having a 15.50% return and HFCVX slightly lower at 14.86%. Over the past 10 years, HFMDX has outperformed HFCVX with an annualized return of 13.94%, while HFCVX has yielded a comparatively lower 10.88% annualized return.

HFMDX

• 1D: -0.41%
• 1M: -1.23%
• 6M: 6.78%
• YTD: 15.50%
• 1Y: 22.34%
• 3Y*: 19.49%
• 5Y*: 17.22%
• 10Y*: 13.94%

HFCVX

• 1D: 1.15%
• 1M: 2.65%
• 6M: 11.85%
• YTD: 14.86%
• 1Y: 23.63%
• 3Y*: 16.11%
• 5Y*: 12.81%
• 10Y*: 10.88%

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

HFMDX vs. HFCVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFMDX Hennessy Cornerstone Mid Cap 30 Fund	15.50%	2.68%	34.13%	30.83%	2.72%	27.23%	23.37%	15.76%	-23.52%	20.71%
HFCVX Hennessy Cornerstone Value Fund	14.86%	18.27%	9.59%	5.81%	6.12%	29.94%	-6.39%	20.84%	-9.50%	19.21%

Correlation

The correlation between HFMDX and HFCVX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jan 2, 2004	0.73

Over the past year, the correlation between HFMDX and HFCVX has dropped to 0.33 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

HFMDX vs. HFCVX — Risk / Return Rank

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

HFMDX

HFMDX Risk / Return Rank: 24
HFMDX Sharpe Ratio Rank: 20
HFMDX Sortino Ratio Rank: 20
HFMDX Omega Ratio Rank: 19
HFMDX Calmar Ratio Rank: 32
HFMDX Martin Ratio Rank: 31

HFCVX

HFCVX Risk / Return Rank: 90
HFCVX Sharpe Ratio Rank: 89
HFCVX Sortino Ratio Rank: 87
HFCVX Omega Ratio Rank: 81
HFCVX Calmar Ratio Rank: 98
HFCVX Martin Ratio Rank: 95

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. HFCVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Cornerstone Mid Cap 30 Fund (HFMDX) and Hennessy Cornerstone Value Fund (HFCVX). 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.

	HFMDX	HFCVX	Difference
Sharpe ratio: Return per unit of total volatility	1.04	2.50	-1.46
Sortino ratio: Return per unit of downside risk	1.55	3.58	-2.03
Omega ratio: Gain probability vs. loss probability	1.19	1.43	-0.24
Calmar ratio: Return relative to maximum drawdown	1.81	6.34	-4.53
Martin ratio: Return relative to average drawdown	5.89	16.91	-11.02

HFMDX vs. HFCVX - Sharpe Ratio Comparison

The current HFMDX Sharpe Ratio is 1.04, which is lower than the HFCVX Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of HFMDX and HFCVX, 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

HFMDX vs. HFCVX - Drawdown Comparison

The maximum HFMDX drawdown since its inception was -61.25%, smaller than the maximum HFCVX drawdown of -65.75%. Use the drawdown chart below to compare losses from any high point for HFMDX and HFCVX.

Drawdown Indicators

	HFMDX	HFCVX	Difference
Max Drawdown Largest peak-to-trough decline	-61.25%	-65.75%	+4.50%
Max Drawdown (1Y) Largest decline over 1 year	-12.66%	-3.77%	-8.89%
Max Drawdown (3Y) Largest decline over 3 years	-27.76%	-11.32%	-16.44%
Max Drawdown (5Y) Largest decline over 5 years	-27.76%	-16.81%	-10.95%
Max Drawdown (10Y) Largest decline over 10 years	-56.14%	-39.39%	-16.75%
Current Drawdown Current decline from peak	-5.37%	-0.27%	-5.10%
Average Drawdown Average peak-to-trough decline	-12.20%	-8.21%	-3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	1.41%	+2.48%

Volatility

HFMDX vs. HFCVX - Volatility Comparison

Hennessy Cornerstone Mid Cap 30 Fund (HFMDX) has a higher volatility of 4.98% compared to Hennessy Cornerstone Value Fund (HFCVX) at 3.54%. This indicates that HFMDX's price experiences larger fluctuations and is considered to be riskier than HFCVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFMDX	HFCVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	3.54%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	16.54%	7.39%	+9.15%
Volatility (1Y) Calculated over the trailing 1-year period	22.07%	9.58%	+12.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.42%	13.26%	+10.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.11%	16.35%	+8.76%

HFMDX vs. HFCVX - Expense Ratio Comparison

HFMDX has a 1.36% expense ratio, which is higher than HFCVX's 1.23% expense ratio.

Dividends

HFMDX vs. HFCVX - Dividend Comparison

HFMDX's dividend yield for the trailing twelve months is around 0.62%, less than HFCVX's 6.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFCVX Hennessy Cornerstone Value Fund	6.44%	7.39%	4.56%	3.57%	10.33%	4.81%	2.58%	6.58%	17.16%	14.97%	2.26%	2.57%
HFMDX Hennessy Cornerstone Mid Cap 30 Fund	0.62%	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 HFCVX in my portfolio?

HFMDX and HFCVX have a correlation of 0.33, 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 HFCVX?

HFMDX has higher volatility (4.98%) compared to HFCVX (3.54%). In terms of maximum drawdown, HFMDX dropped -61.25% vs HFCVX's -65.75%.

Which has better risk-adjusted returns?

HFCVX currently has the higher Sharpe Ratio (2.50 vs 1.04), 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.