HIMDX vs. IEMG
HIMDX (Hennessy Cornerstone Mid Cap 30 Fund Institutional Class) and IEMG (iShares Core MSCI Emerging Markets ETF) are both funds - HIMDX is a Mid Cap Blend Equities fund actively managed by Hennessy, while IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). HIMDX is actively managed, while IEMG is passively managed. Over the past 10 years, HIMDX returned 14.68%/yr vs 10.41%/yr for IEMG. A 0.57 correlation means they provide meaningful diversification when combined. HIMDX charges 0.95%/yr vs 0.09%/yr for IEMG.
Performance
HIMDX vs. IEMG - Performance Comparison
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Returns By Period
In the year-to-date period, HIMDX achieves a 17.26% return, which is significantly lower than IEMG's 26.21% return. Over the past 10 years, HIMDX has outperformed IEMG with an annualized return of 14.68%, while IEMG has yielded a comparatively lower 10.41% annualized return.
HIMDX
- 1D
- -0.18%
- 1M
- 3.15%
- YTD
- 17.26%
- 6M
- 17.76%
- 1Y
- 28.09%
- 3Y*
- 24.74%
- 5Y*
- 16.60%
- 10Y*
- 14.68%
IEMG
- 1D
- -1.34%
- 1M
- 7.97%
- YTD
- 26.21%
- 6M
- 28.63%
- 1Y
- 52.58%
- 3Y*
- 23.55%
- 5Y*
- 7.58%
- 10Y*
- 10.41%
HIMDX vs. IEMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HIMDX Hennessy Cornerstone Mid Cap 30 Fund Institutional Class | 17.26% | 3.04% | 34.59% | 31.31% | 3.10% | 27.77% | 23.82% | 16.02% | -23.18% | 21.17% |
IEMG iShares Core MSCI Emerging Markets ETF | 26.21% | 32.56% | 6.50% | 11.52% | -19.98% | -0.64% | 17.87% | 17.81% | -14.92% | 37.38% |
Correlation
The correlation between HIMDX and IEMG is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2012 | 0.57 |
The correlation between HIMDX and IEMG has been stable across timeframes, ranging from 0.53 to 0.57 - a consistent structural relationship.
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Return for Risk
HIMDX vs. IEMG — Risk / Return Rank
HIMDX
IEMG
HIMDX vs. IEMG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hennessy Cornerstone Mid Cap 30 Fund Institutional Class (HIMDX) and iShares Core MSCI Emerging Markets ETF (IEMG). 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.
| HIMDX | IEMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.33 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.50 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 4.00 | -1.64 |
| Martin ratioReturn relative to average drawdown | 7.96 | 15.38 | -7.42 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HIMDX | IEMG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | 2.72 | -1.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.41 | +0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.52 | +0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.35 | +0.30 |
Drawdowns
HIMDX vs. IEMG - Drawdown Comparison
The maximum HIMDX drawdown since its inception was -55.79%, which is greater than IEMG's maximum drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for HIMDX and IEMG.
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Drawdown Indicators
| HIMDX | IEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.79% | -38.71% | -17.08% |
Max Drawdown (1Y)Largest decline over 1 year | -12.62% | -13.21% | +0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -27.65% | -17.21% | -10.44% |
Max Drawdown (5Y)Largest decline over 5 years | -27.65% | -35.83% | +8.18% |
Max Drawdown (10Y)Largest decline over 10 years | -55.79% | -38.71% | -17.08% |
Current DrawdownCurrent decline from peak | -1.76% | -1.34% | -0.42% |
Average DrawdownAverage peak-to-trough decline | -7.17% | -12.97% | +5.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.73% | 3.43% | +0.30% |
Volatility
HIMDX vs. IEMG - Volatility Comparison
The current volatility for Hennessy Cornerstone Mid Cap 30 Fund Institutional Class (HIMDX) is 6.32%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 8.31%. This indicates that HIMDX experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIMDX | IEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.32% | 8.31% | -1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 15.81% | 16.93% | -1.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.47% | 19.43% | +2.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.35% | 18.38% | +4.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.08% | 20.03% | +5.05% |
HIMDX vs. IEMG - Expense Ratio Comparison
HIMDX has a 0.95% expense ratio, which is higher than IEMG's 0.09% expense ratio.
Dividends
HIMDX vs. IEMG - Dividend Comparison
HIMDX's dividend yield for the trailing twelve months is around 0.89%, less than IEMG's 2.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HIMDX Hennessy Cornerstone Mid Cap 30 Fund Institutional Class | 0.89% | 1.05% | 19.21% | 9.61% | 21.65% | 1.71% | 0.00% | 0.00% | 40.44% | 18.62% | 0.64% | 1.10% |
IEMG iShares Core MSCI Emerging Markets ETF | 2.18% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
Frequently Asked Questions
HIMDX and IEMG have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMG has higher volatility (8.31%) compared to HIMDX (6.32%). In terms of maximum drawdown, HIMDX dropped -55.79% vs IEMG's -38.71%.
IEMG currently has the higher Sharpe Ratio (2.72 vs 1.39), 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.
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