HFMDX vs. XSVM

Last updated Jun 24, 2026

HFMDX (Hennessy Cornerstone Mid Cap 30 Fund) and XSVM (Invesco S&P SmallCap Value with Momentum ETF) are both funds - HFMDX is a Mid Cap Blend Equities fund managed by Hennessy, while XSVM is a Momentum fund tracking the S&P SmallCap 600 High Momentum Value Index. Over the past 10 years, HFMDX returned 14.88%/yr vs 13.32%/yr for XSVM. Their correlation of 0.81 suggests significant overlap in exposure. HFMDX charges 1.36%/yr vs 0.37%/yr for XSVM.

Performance

HFMDX vs. XSVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Cornerstone Mid Cap 30 Fund (HFMDX) and Invesco S&P SmallCap Value with Momentum ETF (XSVM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFMDX achieves a 18.54% return, which is significantly lower than XSVM's 20.98% return. Over the past 10 years, HFMDX has outperformed XSVM with an annualized return of 14.88%, while XSVM has yielded a comparatively lower 13.32% annualized return.

HFMDX

• 1D: 0.59%
• 1M: 5.00%
• YTD: 18.54%
• 6M: 16.28%
• 1Y: 26.60%
• 3Y*: 24.20%
• 5Y*: 17.22%
• 10Y*: 14.88%

XSVM

• 1D: 0.77%
• 1M: 3.66%
• YTD: 20.98%
• 6M: 18.82%
• 1Y: 37.12%
• 3Y*: 17.66%
• 5Y*: 7.87%
• 10Y*: 13.32%

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

HFMDX vs. XSVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFMDX Hennessy Cornerstone Mid Cap 30 Fund	18.54%	2.68%	34.13%	30.83%	2.72%	27.23%	23.37%	15.76%	-23.52%	20.71%
XSVM Invesco S&P SmallCap Value with Momentum ETF	20.98%	7.47%	2.30%	20.20%	-13.63%	56.36%	5.08%	30.01%	-12.33%	3.62%

Correlation

The correlation between HFMDX and XSVM is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Mar 3, 2005	0.81

The correlation between HFMDX and XSVM shifts across timeframes, from 0.74 (1 year) to 0.84 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HFMDX vs. XSVM — 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: 22
HFMDX Sortino Ratio Rank: 22
HFMDX Omega Ratio Rank: 21
HFMDX Calmar Ratio Rank: 37
HFMDX Martin Ratio Rank: 34

XSVM

XSVM Risk / Return Rank: 67
XSVM Sharpe Ratio Rank: 65
XSVM Sortino Ratio Rank: 67
XSVM Omega Ratio Rank: 62
XSVM Calmar Ratio Rank: 76
XSVM Martin Ratio Rank: 66

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. XSVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Cornerstone Mid Cap 30 Fund (HFMDX) and Invesco S&P SmallCap Value with Momentum ETF (XSVM). 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	XSVM	Difference
Sharpe ratio: Return per unit of total volatility	1.25	2.03	-0.78
Sortino ratio: Return per unit of downside risk	1.81	2.93	-1.12
Omega ratio: Gain probability vs. loss probability	1.22	1.36	-0.14
Calmar ratio: Return relative to maximum drawdown	2.17	3.70	-1.53
Martin ratio: Return relative to average drawdown	7.25	11.45	-4.19

HFMDX vs. XSVM - Sharpe Ratio Comparison

The current HFMDX Sharpe Ratio is 1.25, which is lower than the XSVM Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of HFMDX and XSVM, 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. XSVM - Drawdown Comparison

The maximum HFMDX drawdown since its inception was -61.25%, roughly equal to the maximum XSVM drawdown of -62.57%. Use the drawdown chart below to compare losses from any high point for HFMDX and XSVM.

Drawdown Indicators

	HFMDX	XSVM	Difference
Max Drawdown Largest peak-to-trough decline	-61.25%	-62.57%	+1.32%
Max Drawdown (1Y) Largest decline over 1 year	-12.66%	-10.08%	-2.58%
Max Drawdown (3Y) Largest decline over 3 years	-27.76%	-26.21%	-1.55%
Max Drawdown (5Y) Largest decline over 5 years	-27.76%	-26.21%	-1.55%
Max Drawdown (10Y) Largest decline over 10 years	-56.14%	-49.02%	-7.12%
Current Drawdown Current decline from peak	-0.73%	-0.73%	0.00%
Average Drawdown Average peak-to-trough decline	-12.22%	-11.54%	-0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	3.25%	+0.54%

Volatility

HFMDX vs. XSVM - Volatility Comparison

Hennessy Cornerstone Mid Cap 30 Fund (HFMDX) has a higher volatility of 7.31% compared to Invesco S&P SmallCap Value with Momentum ETF (XSVM) at 4.63%. This indicates that HFMDX's price experiences larger fluctuations and is considered to be riskier than XSVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFMDX	XSVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.31%	4.63%	+2.68%
Volatility (6M) Calculated over the trailing 6-month period	16.51%	12.28%	+4.23%
Volatility (1Y) Calculated over the trailing 1-year period	22.06%	18.54%	+3.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.42%	22.55%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.15%	25.07%	+0.08%

HFMDX vs. XSVM - Expense Ratio Comparison

HFMDX has a 1.36% expense ratio, which is higher than XSVM's 0.37% expense ratio.

Dividends

HFMDX vs. XSVM - Dividend Comparison

HFMDX's dividend yield for the trailing twelve months is around 0.61%, less than XSVM's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XSVM Invesco S&P SmallCap Value with Momentum ETF	1.82%	2.29%	1.69%	1.31%	1.79%	1.23%	1.21%	1.22%	2.54%	1.90%	2.29%	2.68%

Frequently Asked Questions

Can I hold both HFMDX and XSVM in my portfolio?

HFMDX and XSVM have a correlation of 0.74, 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 XSVM?

HFMDX has higher volatility (7.31%) compared to XSVM (4.63%). In terms of maximum drawdown, HFMDX dropped -61.25% vs XSVM's -62.57%.

Which has better risk-adjusted returns?

XSVM currently has the higher Sharpe Ratio (2.03 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.