HJPNX vs. FJSCX

Last updated Aug 5, 2026

HJPNX (Hennessy Japan Fund) and FJSCX (Fidelity Japan Smaller Companies Fund) are both Japan Equities funds. Over the past 10 years, HJPNX returned 9.60%/yr vs 9.10%/yr for FJSCX. Their 0.77 correlation means they have sometimes moved together and sometimes differently. HJPNX charges 1.44%/yr vs 0.91%/yr for FJSCX.

Performance

HJPNX vs. FJSCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Japan Fund (HJPNX) and Fidelity Japan Smaller Companies Fund (FJSCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HJPNX having a 21.72% return and FJSCX slightly higher at 21.81%. Over the past 10 years, HJPNX has outperformed FJSCX with an annualized return of 9.60%, while FJSCX has yielded a comparatively lower 9.10% annualized return.

HJPNX

• 1D: 1.00%
• 1M: 1.41%
• 6M: 17.34%
• YTD: 21.72%
• 1Y: 33.45%
• 3Y*: 20.98%
• 5Y*: 7.28%
• 10Y*: 9.60%
• ALL TIME*: 8.68%

FJSCX

• 1D: 2.46%
• 1M: -0.82%
• 6M: 13.30%
• YTD: 21.81%
• 1Y: 25.98%
• 3Y*: 19.58%
• 5Y*: 9.83%
• 10Y*: 9.10%
• ALL TIME*: 6.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FJSCX Fidelity Japan Smaller Companies Fund	$0.00	$0.00	$0.00
HJPNX Hennessy Japan Fund	$0.00	$0.00	$0.00

HJPNX vs. FJSCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HJPNX Hennessy Japan Fund	21.72%	14.58%	18.72%	22.90%	-30.65%	-3.08%	25.52%	18.04%	-6.57%	32.04%
FJSCX Fidelity Japan Smaller Companies Fund	21.81%	26.43%	8.03%	15.15%	-14.49%	-0.36%	4.80%	22.00%	-15.98%	34.56%

Correlation

The correlation between HJPNX and FJSCX is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (10Y) Provides a long-term view across more market conditions.	0.81
Correlation (All Time) Calculated using the full available price history since Nov 4, 2003	0.77

The correlation between HJPNX and FJSCX has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

Return for Risk

HJPNX vs. FJSCX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HJPNX

HJPNX Risk / Return Rank: 54
HJPNX Sharpe Ratio Rank: 50
HJPNX Sortino Ratio Rank: 48
HJPNX Omega Ratio Rank: 44
HJPNX Calmar Ratio Rank: 71
HJPNX Martin Ratio Rank: 58

FJSCX

FJSCX Risk / Return Rank: 44
FJSCX Sharpe Ratio Rank: 39
FJSCX Sortino Ratio Rank: 38
FJSCX Omega Ratio Rank: 39
FJSCX Calmar Ratio Rank: 57
FJSCX Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HJPNX vs. FJSCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Japan Fund (HJPNX) and Fidelity Japan Smaller Companies Fund (FJSCX). 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.

	HJPNX	FJSCX	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.33	+0.17
Sortino ratio: Return per unit of downside risk	2.13	1.91	+0.22
Omega ratio: Gain probability vs. loss probability	1.26	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	2.50	2.20	+0.30
Martin ratio: Return relative to average drawdown	8.42	6.87	+1.55

HJPNX vs. FJSCX - Sharpe Ratio Comparison

The current HJPNX Sharpe Ratio is 1.50, which is comparable to the FJSCX Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of HJPNX and FJSCX, 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

HJPNX vs. FJSCX - Drawdown Comparison

The maximum HJPNX drawdown since its inception was -59.65%, smaller than the maximum FJSCX drawdown of -71.42%. Use the drawdown chart below to compare losses from any high point for HJPNX and FJSCX.

Drawdown Indicators

	HJPNX	FJSCX	Difference
Max Drawdown Largest peak-to-trough decline	-59.65%	-71.42%	+11.77%
Max Drawdown (1Y) Largest decline over 1 year	-14.18%	-12.79%	-1.39%
Max Drawdown (3Y) Largest decline over 3 years	-20.06%	-15.08%	-4.98%
Max Drawdown (5Y) Largest decline over 5 years	-44.72%	-29.74%	-14.98%
Max Drawdown (10Y) Largest decline over 10 years	-44.72%	-32.10%	-12.62%
Current Drawdown Current decline from peak	-1.68%	-5.15%	+3.47%
Average Drawdown Average peak-to-trough decline	-15.47%	-26.52%	+11.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.21%	4.10%	+0.11%

Volatility

HJPNX vs. FJSCX - Volatility Comparison

The current volatility for Hennessy Japan Fund (HJPNX) is 7.15%, while Fidelity Japan Smaller Companies Fund (FJSCX) has a volatility of 8.64%. This indicates that HJPNX experiences smaller price fluctuations and is considered to be less risky than FJSCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HJPNX	FJSCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.15%	8.64%	-1.49%
Volatility (6M) Calculated over the trailing 6-month period	18.32%	18.09%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	23.66%	21.24%	+2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.33%	18.01%	+3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.93%	16.34%	+2.59%

HJPNX vs. FJSCX - Expense Ratio Comparison

HJPNX has a 1.44% expense ratio, which is higher than FJSCX's 0.91% expense ratio.

Dividends

HJPNX vs. FJSCX - Dividend Comparison

HJPNX's dividend yield for the trailing twelve months is around 10.54%, less than FJSCX's 14.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJSCX Fidelity Japan Smaller Companies Fund	14.46%	17.62%	4.54%	2.82%	0.05%	12.01%	1.59%	7.13%	5.55%	3.91%	2.83%	1.43%
HJPNX Hennessy Japan Fund	10.54%	12.83%	5.80%	5.87%	0.00%	0.89%	0.00%	0.13%	0.04%	0.02%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HJPNX and FJSCX in my portfolio?

HJPNX and FJSCX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HJPNX or FJSCX?

FJSCX has higher volatility (8.64%) compared to HJPNX (7.15%). In terms of maximum drawdown, HJPNX dropped -59.65% vs FJSCX's -71.42%.

Which has better risk-adjusted returns?

HJPNX currently has the higher Sharpe Ratio (1.50 vs 1.33), 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.