HMSFX vs. HDOGX

Last updated Jun 25, 2026

HMSFX (Hennessy Midstream Fund Investor Class) and HDOGX (Hennessy Total Return Fund) are both mutual funds - HMSFX is a MLPs fund tracking the Alerian US Midstream Energy Index, while HDOGX is a Diversified Portfolio fund managed by Hennessy. Over the past 5 years, HMSFX returned 19.14%/yr vs 7.63%/yr for HDOGX. A 0.55 correlation means they provide meaningful diversification when combined. HMSFX charges 1.75%/yr vs 1.77%/yr for HDOGX.

Performance

HMSFX vs. HDOGX - Performance Comparison

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

Returns By Period

In the year-to-date period, HMSFX achieves a 17.29% return, which is significantly higher than HDOGX's 4.99% return.

HMSFX

• 1D: 1.64%
• 1M: -3.86%
• YTD: 17.29%
• 6M: 17.49%
• 1Y: 17.02%
• 3Y*: 22.34%
• 5Y*: 19.14%
• 10Y*: —

HDOGX

• 1D: 0.93%
• 1M: -0.07%
• YTD: 4.99%
• 6M: 4.72%
• 1Y: 12.78%
• 3Y*: 10.69%
• 5Y*: 7.63%
• 10Y*: 6.74%

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

HMSFX vs. HDOGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HMSFX Hennessy Midstream Fund Investor Class	17.29%	-0.76%	35.85%	23.50%	28.88%	36.22%	-31.21%	11.77%	-20.36%
HDOGX Hennessy Total Return Fund	4.99%	14.31%	2.89%	8.07%	6.68%	11.80%	-4.79%	12.56%	-2.36%

Correlation

The correlation between HMSFX and HDOGX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018	0.55

Over the past year, the correlation between HMSFX and HDOGX has dropped to 0.22 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

Return for Risk

HMSFX vs. HDOGX — Risk / Return Rank

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

HMSFX

HMSFX Risk / Return Rank: 29
HMSFX Sharpe Ratio Rank: 23
HMSFX Sortino Ratio Rank: 22
HMSFX Omega Ratio Rank: 21
HMSFX Calmar Ratio Rank: 53
HMSFX Martin Ratio Rank: 26

HDOGX

HDOGX Risk / Return Rank: 42
HDOGX Sharpe Ratio Rank: 46
HDOGX Sortino Ratio Rank: 50
HDOGX Omega Ratio Rank: 43
HDOGX Calmar Ratio Rank: 47
HDOGX Martin Ratio Rank: 26

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. HDOGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Midstream Fund Investor Class (HMSFX) and Hennessy Total Return Fund (HDOGX). 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.

	HMSFX	HDOGX	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.69	-0.50
Sortino ratio: Return per unit of downside risk	1.70	2.49	-0.79
Omega ratio: Gain probability vs. loss probability	1.21	1.30	-0.09
Calmar ratio: Return relative to maximum drawdown	2.56	2.34	+0.23
Martin ratio: Return relative to average drawdown	5.43	5.25	+0.19

HMSFX vs. HDOGX - Sharpe Ratio Comparison

The current HMSFX Sharpe Ratio is 1.20, which is comparable to the HDOGX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of HMSFX and HDOGX, 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

HMSFX vs. HDOGX - Drawdown Comparison

The maximum HMSFX drawdown since its inception was -68.50%, which is greater than HDOGX's maximum drawdown of -53.25%. Use the drawdown chart below to compare losses from any high point for HMSFX and HDOGX.

Drawdown Indicators

	HMSFX	HDOGX	Difference
Max Drawdown Largest peak-to-trough decline	-68.50%	-53.25%	-15.25%
Max Drawdown (1Y) Largest decline over 1 year	-6.98%	-5.67%	-1.31%
Max Drawdown (3Y) Largest decline over 3 years	-16.38%	-7.97%	-8.41%
Max Drawdown (5Y) Largest decline over 5 years	-21.17%	-14.84%	-6.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-25.37%	—
Current Drawdown Current decline from peak	-4.21%	-3.25%	-0.96%
Average Drawdown Average peak-to-trough decline	-12.35%	-6.82%	-5.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	2.52%	+0.76%

Volatility

HMSFX vs. HDOGX - Volatility Comparison

Hennessy Midstream Fund Investor Class (HMSFX) has a higher volatility of 5.40% compared to Hennessy Total Return Fund (HDOGX) at 2.71%. This indicates that HMSFX's price experiences larger fluctuations and is considered to be riskier than HDOGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMSFX	HDOGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	2.71%	+2.69%
Volatility (6M) Calculated over the trailing 6-month period	11.53%	5.92%	+5.61%
Volatility (1Y) Calculated over the trailing 1-year period	14.95%	7.82%	+7.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.09%	10.07%	+10.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.31%	11.69%	+17.62%

HMSFX vs. HDOGX - Expense Ratio Comparison

HMSFX has a 1.75% expense ratio, which is lower than HDOGX's 1.77% expense ratio.

Dividends

HMSFX vs. HDOGX - Dividend Comparison

HMSFX's dividend yield for the trailing twelve months is around 7.89%, more than HDOGX's 2.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDOGX Hennessy Total Return Fund	2.08%	2.17%	3.80%	7.55%	11.88%	1.35%	8.29%	1.72%	4.91%	12.76%	1.17%	11.07%
HMSFX Hennessy Midstream Fund Investor Class	7.89%	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 HDOGX in my portfolio?

HMSFX and HDOGX have a correlation of 0.22, 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 HDOGX?

HMSFX has higher volatility (5.40%) compared to HDOGX (2.71%). In terms of maximum drawdown, HMSFX dropped -68.50% vs HDOGX's -53.25%.

Which has better risk-adjusted returns?

HDOGX currently has the higher Sharpe Ratio (1.69 vs 1.20), 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.