HIMDX vs. MTUM

Last updated Jun 4, 2026

HIMDX (Hennessy Cornerstone Mid Cap 30 Fund Institutional Class) and MTUM (iShares MSCI USA Momentum Factor ETF) are both funds - HIMDX is a Mid Cap Blend Equities fund actively managed by Hennessy, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. HIMDX is actively managed, while MTUM is passively managed. Over the past 10 years, HIMDX returned 14.68%/yr vs 17.31%/yr for MTUM. A 0.70 correlation means they provide meaningful diversification when combined. HIMDX charges 0.95%/yr vs 0.15%/yr for MTUM.

Performance

HIMDX vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Cornerstone Mid Cap 30 Fund Institutional Class (HIMDX) and iShares MSCI USA Momentum Factor ETF (MTUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIMDX achieves a 17.26% return, which is significantly lower than MTUM's 31.75% return. Over the past 10 years, HIMDX has underperformed MTUM with an annualized return of 14.68%, while MTUM has yielded a comparatively higher 17.31% 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%

MTUM

• 1D: 1.06%
• 1M: 15.90%
• YTD: 31.75%
• 6M: 32.38%
• 1Y: 41.76%
• 3Y*: 34.75%
• 5Y*: 15.21%
• 10Y*: 17.31%

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

HIMDX vs. MTUM - 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%
MTUM iShares MSCI USA Momentum Factor ETF	31.75%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%

Correlation

The correlation between HIMDX and MTUM is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Apr 19, 2013	0.70

The correlation between HIMDX and MTUM has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.

Return for Risk

HIMDX vs. MTUM — Risk / Return Rank

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

HIMDX

HIMDX Risk / Return Rank: 28
HIMDX Sharpe Ratio Rank: 23
HIMDX Sortino Ratio Rank: 21
HIMDX Omega Ratio Rank: 20
HIMDX Calmar Ratio Rank: 39
HIMDX Martin Ratio Rank: 36

MTUM

MTUM Risk / Return Rank: 67
MTUM Sharpe Ratio Rank: 64
MTUM Sortino Ratio Rank: 62
MTUM Omega Ratio Rank: 63
MTUM Calmar Ratio Rank: 71
MTUM Martin Ratio Rank: 75

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.

HIMDX vs. MTUM - 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 MSCI USA Momentum Factor ETF (MTUM). 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	MTUM	Difference
Sharpe ratio Return per unit of total volatility	1.39	2.20	-0.82
Sortino ratio Return per unit of downside risk	1.94	2.98	-1.03
Omega ratio Gain probability vs. loss probability	1.24	1.39	-0.15
Calmar ratio Return relative to maximum drawdown	2.36	3.64	-1.28
Martin ratio Return relative to average drawdown	7.96	14.50	-6.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIMDX vs. MTUM - Sharpe Ratio Comparison

The current HIMDX Sharpe Ratio is 1.39, which is lower than the MTUM Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of HIMDX and MTUM, 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

	HIMDX	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	2.20	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.74	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.83	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.85	-0.19

Drawdowns

HIMDX vs. MTUM - Drawdown Comparison

The maximum HIMDX drawdown since its inception was -55.79%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for HIMDX and MTUM.

Drawdown Indicators

	HIMDX	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-55.79%	-34.08%	-21.71%
Max Drawdown (1Y) Largest decline over 1 year	-12.62%	-11.54%	-1.08%
Max Drawdown (3Y) Largest decline over 3 years	-27.65%	-20.99%	-6.66%
Max Drawdown (5Y) Largest decline over 5 years	-27.65%	-32.28%	+4.63%
Max Drawdown (10Y) Largest decline over 10 years	-55.79%	-34.08%	-21.71%
Current Drawdown Current decline from peak	-1.76%	0.00%	-1.76%
Average Drawdown Average peak-to-trough decline	-7.17%	-6.21%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	2.89%	+0.84%

Volatility

HIMDX vs. MTUM - Volatility Comparison

The current volatility for Hennessy Cornerstone Mid Cap 30 Fund Institutional Class (HIMDX) is 6.32%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 7.68%. This indicates that HIMDX experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIMDX	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.32%	7.68%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	15.81%	16.46%	-0.65%
Volatility (1Y) Calculated over the trailing 1-year period	21.47%	19.04%	+2.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.35%	20.60%	+2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.08%	21.03%	+4.05%

HIMDX vs. MTUM - Expense Ratio Comparison

HIMDX has a 0.95% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

HIMDX vs. MTUM - Dividend Comparison

HIMDX's dividend yield for the trailing twelve months is around 0.89%, more than MTUM's 0.60% 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%
MTUM iShares MSCI USA Momentum Factor ETF	0.60%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%

Frequently Asked Questions

Can I hold both HIMDX and MTUM in my portfolio?

HIMDX and MTUM have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIMDX or MTUM?

MTUM has higher volatility (7.68%) compared to HIMDX (6.32%). In terms of maximum drawdown, HIMDX dropped -55.79% vs MTUM's -34.08%.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.20 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.