HJPNX vs. HFCSX

Last updated Jun 5, 2026

HJPNX (Hennessy Japan Fund) and HFCSX (Hennessy Focus Fund) are both mutual funds - HJPNX is a Japan Equities fund managed by Hennessy, while HFCSX is a Mid Cap Growth Equities fund managed by Hennessy. Over the past 10 years, HJPNX returned 9.80%/yr vs 11.82%/yr for HFCSX. At a 0.46 correlation, their price movements are largely independent. HJPNX charges 1.44%/yr vs 1.49%/yr for HFCSX.

Performance

HJPNX vs. HFCSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Japan Fund (HJPNX) and Hennessy Focus Fund (HFCSX). 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 HFCSX's 10.07% return. Over the past 10 years, HJPNX has underperformed HFCSX with an annualized return of 9.80%, while HFCSX has yielded a comparatively higher 11.82% 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%

HFCSX

• 1D: -2.83%
• 1M: 12.52%
• YTD: 10.07%
• 6M: 10.43%
• 1Y: 41.58%
• 3Y*: 22.61%
• 5Y*: 10.22%
• 10Y*: 11.82%

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

HJPNX vs. HFCSX - 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%
HFCSX Hennessy Focus Fund	10.07%	28.30%	14.67%	20.99%	-24.92%	32.04%	5.47%	34.96%	-10.93%	19.27%

Correlation

The correlation between HJPNX and HFCSX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Nov 5, 2003	0.46

The correlation between HJPNX and HFCSX shifts across timeframes, from 0.36 (1 year) to 0.54 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HJPNX vs. HFCSX — 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

HFCSX

HFCSX Risk / Return Rank: 27
HFCSX Sharpe Ratio Rank: 29
HFCSX Sortino Ratio Rank: 27
HFCSX Omega Ratio Rank: 24
HFCSX Calmar Ratio Rank: 36
HFCSX Martin Ratio Rank: 20

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. HFCSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Japan Fund (HJPNX) and Hennessy Focus Fund (HFCSX). 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	HFCSX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.54	-0.09
Sortino ratio: Return per unit of downside risk	2.07	2.18	-0.11
Omega ratio: Gain probability vs. loss probability	1.26	1.26	+0.01
Calmar ratio: Return relative to maximum drawdown	2.32	2.25	+0.07
Martin ratio: Return relative to average drawdown	7.80	5.14	+2.66
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. HFCSX - Sharpe Ratio Comparison

The current HJPNX Sharpe Ratio is 1.45, which is comparable to the HFCSX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of HJPNX and HFCSX, 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	HFCSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	1.54	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.45	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.52	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.46	-0.01

Drawdowns

HJPNX vs. HFCSX - Drawdown Comparison

The maximum HJPNX drawdown since its inception was -59.65%, roughly equal to the maximum HFCSX drawdown of -59.41%. Use the drawdown chart below to compare losses from any high point for HJPNX and HFCSX.

Drawdown Indicators

	HJPNX	HFCSX	Difference
Max Drawdown Largest peak-to-trough decline	-59.65%	-59.41%	-0.24%
Max Drawdown (1Y) Largest decline over 1 year	-14.18%	-19.90%	+5.72%
Max Drawdown (3Y) Largest decline over 3 years	-20.06%	-23.02%	+2.96%
Max Drawdown (5Y) Largest decline over 5 years	-44.72%	-33.13%	-11.59%
Max Drawdown (10Y) Largest decline over 10 years	-44.72%	-47.07%	+2.35%
Current Drawdown Current decline from peak	0.00%	-5.32%	+5.32%
Average Drawdown Average peak-to-trough decline	-15.57%	-9.86%	-5.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.21%	8.70%	-4.49%

Volatility

HJPNX vs. HFCSX - Volatility Comparison

The current volatility for Hennessy Japan Fund (HJPNX) is 4.26%, while Hennessy Focus Fund (HFCSX) has a volatility of 10.43%. This indicates that HJPNX experiences smaller price fluctuations and is considered to be less risky than HFCSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HJPNX	HFCSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	10.43%	-6.17%
Volatility (6M) Calculated over the trailing 6-month period	16.68%	20.92%	-4.24%
Volatility (1Y) Calculated over the trailing 1-year period	22.64%	29.12%	-6.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.00%	22.88%	-1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	22.63%	-3.83%

HJPNX vs. HFCSX - Expense Ratio Comparison

HJPNX has a 1.44% expense ratio, which is lower than HFCSX's 1.49% expense ratio.

Dividends

HJPNX vs. HFCSX - Dividend Comparison

HJPNX's dividend yield for the trailing twelve months is around 10.65%, less than HFCSX's 44.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFCSX Hennessy Focus Fund	44.02%	48.46%	15.94%	24.51%	15.15%	17.19%	35.80%	10.78%	22.20%	0.01%	0.00%	0.20%
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 HFCSX in my portfolio?

HJPNX and HFCSX have a correlation of 0.36, 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 HFCSX?

HFCSX has higher volatility (10.43%) compared to HJPNX (4.26%). In terms of maximum drawdown, HJPNX dropped -59.65% vs HFCSX's -59.41%.

Which has better risk-adjusted returns?

HFCSX currently has the higher Sharpe Ratio (1.54 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.