HMSFX vs. HNRIX

Last updated Jun 3, 2026

HMSFX (Hennessy Midstream Fund Investor Class) and HNRIX (Hennessy Energy Transition Fund) are both mutual funds - HMSFX is a MLPs fund tracking the Alerian US Midstream Energy Index, while HNRIX is a Energy Equities fund managed by Hennessy. Over the past 5 years, HMSFX returned 19.04%/yr vs 20.93%/yr for HNRIX. Their correlation of 0.81 suggests significant overlap in exposure. HMSFX charges 1.75%/yr vs 1.92%/yr for HNRIX.

Performance

HMSFX vs. HNRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Midstream Fund Investor Class (HMSFX) and Hennessy Energy Transition Fund (HNRIX). 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 HNRIX's 25.58% return.

HMSFX

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

HNRIX

• 1D: 1.58%
• 1M: -3.40%
• YTD: 25.58%
• 6M: 25.42%
• 1Y: 41.22%
• 3Y*: 21.74%
• 5Y*: 20.93%
• 10Y*: —

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

HMSFX vs. HNRIX - 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%	-13.48%
HNRIX Hennessy Energy Transition Fund	25.58%	12.87%	13.84%	4.09%	47.97%	55.91%	-25.63%	6.05%	-23.32%

Correlation

The correlation between HMSFX and HNRIX is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Nov 2, 2018	0.81

Over the past year, the correlation between HMSFX and HNRIX has dropped to 0.61 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

HMSFX vs. HNRIX — 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

HNRIX

HNRIX Risk / Return Rank: 66
HNRIX Sharpe Ratio Rank: 64
HNRIX Sortino Ratio Rank: 53
HNRIX Omega Ratio Rank: 50
HNRIX Calmar Ratio Rank: 92
HNRIX Martin Ratio Rank: 68

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. HNRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Midstream Fund Investor Class (HMSFX) and Hennessy Energy Transition Fund (HNRIX). 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	HNRIX	Difference
Sharpe ratio Return per unit of total volatility	0.83	2.36	-1.53
Sortino ratio Return per unit of downside risk	1.21	3.07	-1.86
Omega ratio Gain probability vs. loss probability	1.15	1.39	-0.24
Calmar ratio Return relative to maximum drawdown	1.48	5.10	-3.61
Martin ratio Return relative to average drawdown	3.22	13.19	-9.97
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. HNRIX - Sharpe Ratio Comparison

The current HMSFX Sharpe Ratio is 0.83, which is lower than the HNRIX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of HMSFX and HNRIX, 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	HNRIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	2.36	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	0.79	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.34	0.00

Drawdowns

HMSFX vs. HNRIX - Drawdown Comparison

The maximum HMSFX drawdown since its inception was -68.50%, smaller than the maximum HNRIX drawdown of -74.75%. Use the drawdown chart below to compare losses from any high point for HMSFX and HNRIX.

Drawdown Indicators

	HMSFX	HNRIX	Difference
Max Drawdown Largest peak-to-trough decline	-68.50%	-74.75%	+6.25%
Max Drawdown (1Y) Largest decline over 1 year	-6.98%	-8.40%	+1.42%
Max Drawdown (3Y) Largest decline over 3 years	-16.38%	-19.19%	+2.81%
Max Drawdown (5Y) Largest decline over 5 years	-21.17%	-28.56%	+7.39%
Current Drawdown Current decline from peak	-6.41%	-6.02%	-0.39%
Average Drawdown Average peak-to-trough decline	-12.41%	-15.28%	+2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.87%	3.25%	+0.62%

Volatility

HMSFX vs. HNRIX - Volatility Comparison

The current volatility for Hennessy Midstream Fund Investor Class (HMSFX) is 5.99%, while Hennessy Energy Transition Fund (HNRIX) has a volatility of 6.45%. This indicates that HMSFX experiences smaller price fluctuations and is considered to be less risky than HNRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMSFX	HNRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.99%	6.45%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	11.60%	13.90%	-2.30%
Volatility (1Y) Calculated over the trailing 1-year period	15.13%	18.55%	-3.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	26.52%	-6.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.40%	34.80%	-5.40%

HMSFX vs. HNRIX - Expense Ratio Comparison

HMSFX has a 1.75% expense ratio, which is lower than HNRIX's 1.92% expense ratio.

Dividends

HMSFX vs. HNRIX - Dividend Comparison

HMSFX's dividend yield for the trailing twelve months is around 8.08%, more than HNRIX's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HMSFX Hennessy Midstream Fund Investor Class	8.08%	8.89%	8.12%	10.11%	11.23%	12.99%	15.54%	9.26%	4.74%
HNRIX Hennessy Energy Transition Fund	0.61%	0.77%	0.14%	0.00%	0.76%	13.34%	0.00%	0.22%	0.00%

Frequently Asked Questions

Can I hold both HMSFX and HNRIX in my portfolio?

HMSFX and HNRIX have a correlation of 0.61, 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 HNRIX?

HNRIX has higher volatility (6.45%) compared to HMSFX (5.99%). In terms of maximum drawdown, HMSFX dropped -68.50% vs HNRIX's -74.75%.

Which has better risk-adjusted returns?

HNRIX currently has the higher Sharpe Ratio (2.36 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.