HMSFX vs. HMSIX

Last updated Apr 1, 2026

Compare and contrast key facts about Hennessy Midstream Fund Investor Class (HMSFX) and Hennessy Midstream Fund (HMSIX).

HMSFX is a passively managed fund by Hennessy that tracks the performance of the Alerian US Midstream Energy Index. It was launched on Dec 31, 2013. HMSIX is managed by Hennessy. It was launched on Dec 30, 2013.

Performance

HMSFX vs. HMSIX - Performance Comparison

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

HMSFX vs. HMSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HMSFX Hennessy Midstream Fund Investor Class	17.51%	-0.76%	35.85%	23.50%	28.88%	36.22%	-31.21%	11.77%	-20.36%
HMSIX Hennessy Midstream Fund	17.65%	-0.49%	36.21%	23.75%	29.15%	36.58%	-31.00%	11.97%	-20.24%

Returns By Period

The year-to-date returns for both investments are quite close, with HMSFX having a 17.51% return and HMSIX slightly higher at 17.65%.

HMSFX

• 1D: -0.67%
• 1M: 4.04%
• YTD: 17.51%
• 6M: 18.36%
• 1Y: 8.02%
• 3Y*: 24.20%
• 5Y*: 23.77%
• 10Y*: —

HMSIX

• 1D: -0.63%
• 1M: 4.11%
• YTD: 17.65%
• 6M: 18.55%
• 1Y: 8.36%
• 3Y*: 24.54%
• 5Y*: 24.09%
• 10Y*: —

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

HMSFX vs. HMSIX - Expense Ratio Comparison

HMSFX has a 1.75% expense ratio, which is higher than HMSIX's 1.51% expense ratio.

HMSFX

Hennessy Midstream Fund Investor Class

HMSIX

Hennessy Midstream Fund

Return for Risk

HMSFX vs. HMSIX — Risk / Return Rank

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

HMSFX

HMSFX Risk / Return Rank: 14
HMSFX Sharpe Ratio Rank: 15
HMSFX Sortino Ratio Rank: 13
HMSFX Omega Ratio Rank: 14
HMSFX Calmar Ratio Rank: 17
HMSFX Martin Ratio Rank: 11

HMSIX

HMSIX Risk / Return Rank: 16
HMSIX Sharpe Ratio Rank: 17
HMSIX Sortino Ratio Rank: 15
HMSIX Omega Ratio Rank: 16
HMSIX Calmar Ratio Rank: 19
HMSIX Martin Ratio Rank: 12

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. HMSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Midstream Fund Investor Class (HMSFX) and Hennessy Midstream Fund (HMSIX). 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	HMSIX	Difference
Sharpe ratio Return per unit of total volatility	0.42	0.44	-0.02
Sortino ratio Return per unit of downside risk	0.65	0.67	-0.02
Omega ratio Gain probability vs. loss probability	1.10	1.10	0.00
Calmar ratio Return relative to maximum drawdown	0.53	0.56	-0.03
Martin ratio Return relative to average drawdown	0.88	0.94	-0.05
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. HMSIX - Sharpe Ratio Comparison

The current HMSFX Sharpe Ratio is 0.42, which is comparable to the HMSIX Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of HMSFX and HMSIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HMSFX	HMSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	0.44	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.18	1.19	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.37	-0.01

Correlation

The correlation between HMSFX and HMSIX is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HMSFX vs. HMSIX - Dividend Comparison

HMSFX's dividend yield for the trailing twelve months is around 7.72%, more than HMSIX's 7.29% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HMSFX Hennessy Midstream Fund Investor Class	7.72%	8.89%	8.12%	10.11%	11.23%	12.99%	15.54%	9.26%	4.74%
HMSIX Hennessy Midstream Fund	7.29%	8.42%	7.74%	9.70%	10.84%	12.61%	15.17%	9.10%	4.67%

Drawdowns

HMSFX vs. HMSIX - Drawdown Comparison

The maximum HMSFX drawdown since its inception was -68.50%, roughly equal to the maximum HMSIX drawdown of -68.43%. Use the drawdown chart below to compare losses from any high point for HMSFX and HMSIX.

Drawdown Indicators

	HMSFX	HMSIX	Difference
Max Drawdown Largest peak-to-trough decline	-68.50%	-68.43%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-15.26%	-15.22%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-21.17%	-21.17%	0.00%
Current Drawdown Current decline from peak	-0.89%	-0.91%	+0.02%
Average Drawdown Average peak-to-trough decline	-12.63%	-12.47%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.17%	9.07%	+0.10%

Volatility

HMSFX vs. HMSIX - Volatility Comparison

Hennessy Midstream Fund Investor Class (HMSFX) and Hennessy Midstream Fund (HMSIX) have volatilities of 4.26% and 4.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMSFX	HMSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	4.23%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	10.31%	10.22%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	19.31%	19.24%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.25%	20.26%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.61%	29.62%	-0.01%