HMSFX vs. AMLP

Last updated Jun 3, 2026

HMSFX (Hennessy Midstream Fund Investor Class) and AMLP (Alerian MLP ETF) are both MLPs funds - HMSFX tracks the Alerian US Midstream Energy Index while AMLP tracks the Alerian MLP Infrastructure Index. Both are passively managed. Over the past 5 years, HMSFX returned 19.04%/yr vs 16.90%/yr for AMLP. Their correlation of 0.92 suggests significant overlap in exposure. HMSFX charges 1.75%/yr vs 0.90%/yr for AMLP.

Performance

HMSFX vs. AMLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Midstream Fund Investor Class (HMSFX) and Alerian MLP ETF (AMLP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMSFX achieves a 14.60% return, which is significantly lower than AMLP's 16.31% return.

HMSFX

• 1D: 0.53%
• 1M: -2.41%
• YTD: 14.60%
• 6M: 14.79%
• 1Y: 11.12%
• 3Y*: 20.88%
• 5Y*: 19.04%
• 10Y*: —

AMLP

• 1D: -0.27%
• 1M: -0.57%
• YTD: 16.31%
• 6M: 14.89%
• 1Y: 17.06%
• 3Y*: 20.15%
• 5Y*: 16.90%
• 10Y*: 6.76%

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

HMSFX vs. AMLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HMSFX Hennessy Midstream Fund Investor Class	14.60%	-0.76%	35.85%	23.50%	28.88%	36.22%	-31.21%	11.77%	-20.36%
AMLP Alerian MLP ETF	16.31%	5.78%	22.76%	21.40%	25.47%	39.09%	-32.26%	5.99%	-18.45%

Correlation

The correlation between HMSFX and AMLP is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 5, 2018	0.92

The correlation between HMSFX and AMLP has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

Return for Risk

HMSFX vs. AMLP — Risk / Return Rank

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

HMSFX

HMSFX Risk / Return Rank: 11
HMSFX Sharpe Ratio Rank: 10
HMSFX Sortino Ratio Rank: 10
HMSFX Omega Ratio Rank: 10
HMSFX Calmar Ratio Rank: 16
HMSFX Martin Ratio Rank: 10

AMLP

AMLP Risk / Return Rank: 39
AMLP Sharpe Ratio Rank: 40
AMLP Sortino Ratio Rank: 39
AMLP Omega Ratio Rank: 37
AMLP Calmar Ratio Rank: 38
AMLP Martin Ratio Rank: 39

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.

HMSFX vs. AMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Midstream Fund Investor Class (HMSFX) and Alerian MLP ETF (AMLP). 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.

	HMSFX	AMLP	Difference
Sharpe ratio Return per unit of total volatility	0.83	1.45	-0.62
Sortino ratio Return per unit of downside risk	1.21	2.03	-0.82
Omega ratio Gain probability vs. loss probability	1.15	1.25	-0.10
Calmar ratio Return relative to maximum drawdown	1.48	1.92	-0.43
Martin ratio Return relative to average drawdown	3.22	6.37	-3.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMSFX vs. AMLP - Sharpe Ratio Comparison

The current HMSFX Sharpe Ratio is 0.83, which is lower than the AMLP Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of HMSFX and AMLP, 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

	HMSFX	AMLP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	1.45	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	0.85	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.24	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.22	+0.11

Drawdowns

HMSFX vs. AMLP - Drawdown Comparison

The maximum HMSFX drawdown since its inception was -68.50%, smaller than the maximum AMLP drawdown of -77.19%. Use the drawdown chart below to compare losses from any high point for HMSFX and AMLP.

Drawdown Indicators

	HMSFX	AMLP	Difference
Max Drawdown Largest peak-to-trough decline	-68.50%	-77.19%	+8.69%
Max Drawdown (1Y) Largest decline over 1 year	-6.98%	-8.94%	+1.96%
Max Drawdown (3Y) Largest decline over 3 years	-16.38%	-14.27%	-2.11%
Max Drawdown (5Y) Largest decline over 5 years	-21.17%	-20.92%	-0.25%
Max Drawdown (10Y) Largest decline over 10 years	—	-72.62%	—
Current Drawdown Current decline from peak	-6.41%	-4.10%	-2.31%
Average Drawdown Average peak-to-trough decline	-12.41%	-17.40%	+4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.87%	2.68%	+1.19%

Volatility

HMSFX vs. AMLP - Volatility Comparison

Hennessy Midstream Fund Investor Class (HMSFX) has a higher volatility of 5.99% compared to Alerian MLP ETF (AMLP) at 4.91%. This indicates that HMSFX's price experiences larger fluctuations and is considered to be riskier than AMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMSFX	AMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.99%	4.91%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	11.60%	8.66%	+2.94%
Volatility (1Y) Calculated over the trailing 1-year period	15.13%	11.90%	+3.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	19.98%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.40%	27.68%	+1.72%

HMSFX vs. AMLP - Expense Ratio Comparison

HMSFX has a 1.75% expense ratio, which is higher than AMLP's 0.90% expense ratio.

Dividends

HMSFX vs. AMLP - Dividend Comparison

HMSFX's dividend yield for the trailing twelve months is around 8.08%, more than AMLP's 7.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMLP Alerian MLP ETF	7.64%	8.36%	7.70%	7.86%	7.70%	8.55%	12.31%	9.12%	9.29%	7.97%	8.09%	9.84%
HMSFX Hennessy Midstream Fund Investor Class	8.08%	8.89%	8.12%	10.11%	11.23%	12.99%	15.54%	9.26%	4.74%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HMSFX and AMLP in my portfolio?

HMSFX and AMLP have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HMSFX or AMLP?

HMSFX has higher volatility (5.99%) compared to AMLP (4.91%). In terms of maximum drawdown, HMSFX dropped -68.50% vs AMLP's -77.19%.

Which has better risk-adjusted returns?

AMLP currently has the higher Sharpe Ratio (1.45 vs 0.83), 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.