HJPNX vs. HBFBX

Last updated Jun 5, 2026

HJPNX (Hennessy Japan Fund) and HBFBX (Hennessy Balanced Fund) are both mutual funds - HJPNX is a Japan Equities fund managed by Hennessy, while HBFBX is a Diversified Portfolio fund managed by Hennessy. Over the past 10 years, HJPNX returned 9.80%/yr vs 5.92%/yr for HBFBX. At a 0.43 correlation, their price movements are largely independent. HJPNX charges 1.44%/yr vs 0.49%/yr for HBFBX.

Performance

HJPNX vs. HBFBX - Performance Comparison

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

Returns By Period

In the year-to-date period, HJPNX achieves a 20.44% return, which is significantly higher than HBFBX's 5.41% return. Over the past 10 years, HJPNX has outperformed HBFBX with an annualized return of 9.80%, while HBFBX has yielded a comparatively lower 5.92% annualized return.

HJPNX

• 1D: 1.19%
• 1M: 9.97%
• YTD: 20.44%
• 6M: 20.50%
• 1Y: 31.96%
• 3Y*: 20.75%
• 5Y*: 7.72%
• 10Y*: 9.80%

HBFBX

• 1D: -0.30%
• 1M: 2.08%
• YTD: 5.41%
• 6M: 5.25%
• 1Y: 12.52%
• 3Y*: 9.49%
• 5Y*: 6.00%
• 10Y*: 5.92%

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

HJPNX vs. HBFBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HJPNX Hennessy Japan Fund	20.44%	14.58%	18.72%	22.90%	-30.65%	-3.08%	25.52%	18.04%	-6.57%	32.04%
HBFBX Hennessy Balanced Fund	5.41%	9.90%	4.81%	7.62%	3.83%	8.07%	-2.98%	9.71%	0.06%	8.34%

Correlation

The correlation between HJPNX and HBFBX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Nov 5, 2003	0.43

The correlation between HJPNX and HBFBX shifts across timeframes, from 0.28 (1 year) to 0.43 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

HJPNX vs. HBFBX — Risk / Return Rank

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

HJPNX

HJPNX Risk / Return Rank: 30
HJPNX Sharpe Ratio Rank: 26
HJPNX Sortino Ratio Rank: 25
HJPNX Omega Ratio Rank: 26
HJPNX Calmar Ratio Rank: 38
HJPNX Martin Ratio Rank: 35

HBFBX

HBFBX Risk / Return Rank: 63
HBFBX Sharpe Ratio Rank: 59
HBFBX Sortino Ratio Rank: 68
HBFBX Omega Ratio Rank: 57
HBFBX Calmar Ratio Rank: 84
HBFBX Martin Ratio Rank: 49

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.

HJPNX vs. HBFBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Japan Fund (HJPNX) and Hennessy Balanced Fund (HBFBX). 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.

	HJPNX	HBFBX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.23	-0.78
Sortino ratio: Return per unit of downside risk	2.07	3.40	-1.33
Omega ratio: Gain probability vs. loss probability	1.26	1.41	-0.15
Calmar ratio: Return relative to maximum drawdown	2.32	3.87	-1.56
Martin ratio: Return relative to average drawdown	7.80	9.87	-2.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HJPNX vs. HBFBX - Sharpe Ratio Comparison

The current HJPNX Sharpe Ratio is 1.45, which is lower than the HBFBX Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of HJPNX and HBFBX, 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

	HJPNX	HBFBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	2.23	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.83	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.73	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.48	-0.03

Drawdowns

HJPNX vs. HBFBX - Drawdown Comparison

The maximum HJPNX drawdown since its inception was -59.65%, which is greater than HBFBX's maximum drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for HJPNX and HBFBX.

Drawdown Indicators

	HJPNX	HBFBX	Difference
Max Drawdown Largest peak-to-trough decline	-59.65%	-41.61%	-18.04%
Max Drawdown (1Y) Largest decline over 1 year	-14.18%	-3.20%	-10.98%
Max Drawdown (3Y) Largest decline over 3 years	-20.06%	-6.10%	-13.96%
Max Drawdown (5Y) Largest decline over 5 years	-44.72%	-10.22%	-34.50%
Max Drawdown (10Y) Largest decline over 10 years	-44.72%	-17.24%	-27.48%
Current Drawdown Current decline from peak	0.00%	-0.65%	+0.65%
Average Drawdown Average peak-to-trough decline	-15.57%	-4.06%	-11.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.21%	1.25%	+2.96%

Volatility

HJPNX vs. HBFBX - Volatility Comparison

Hennessy Japan Fund (HJPNX) has a higher volatility of 4.26% compared to Hennessy Balanced Fund (HBFBX) at 1.76%. This indicates that HJPNX's price experiences larger fluctuations and is considered to be riskier than HBFBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HJPNX	HBFBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	1.76%	+2.50%
Volatility (6M) Calculated over the trailing 6-month period	16.68%	4.11%	+12.57%
Volatility (1Y) Calculated over the trailing 1-year period	22.64%	5.55%	+17.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.00%	7.23%	+13.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	8.14%	+10.66%

HJPNX vs. HBFBX - Expense Ratio Comparison

HJPNX has a 1.44% expense ratio, which is higher than HBFBX's 0.49% expense ratio.

Dividends

HJPNX vs. HBFBX - Dividend Comparison

HJPNX's dividend yield for the trailing twelve months is around 10.65%, more than HBFBX's 1.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBFBX Hennessy Balanced Fund	1.77%	1.90%	5.40%	4.62%	9.50%	3.79%	0.95%	5.20%	5.51%	7.62%	7.76%	2.53%
HJPNX Hennessy Japan Fund	10.65%	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 HBFBX in my portfolio?

HJPNX and HBFBX have a correlation of 0.28, 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 HBFBX?

HJPNX has higher volatility (4.26%) compared to HBFBX (1.76%). In terms of maximum drawdown, HJPNX dropped -59.65% vs HBFBX's -41.61%.

Which has better risk-adjusted returns?

HBFBX currently has the higher Sharpe Ratio (2.23 vs 1.45), 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.