HMSFX vs. MDST
HMSFX (Hennessy Midstream Fund Investor Class) and MDST (Westwood Salient Enhanced Midstream Income ETF) are both funds - HMSFX is a MLPs fund tracking the Alerian US Midstream Energy Index, while MDST is a Energy Equities fund actively managed by Westwood. HMSFX is passively managed, while MDST is actively managed. Over the past year, HMSFX returned 18.21% vs 20.59% for MDST. Their correlation of 0.83 means they have usually moved in the same direction. HMSFX charges 1.75%/yr vs 0.80%/yr for MDST.
Performance
HMSFX vs. MDST - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with HMSFX having a 18.28% return and MDST slightly higher at 18.37%.
HMSFX
- 1D
- -0.08%
- 1M
- 1.23%
- 6M
- 9.75%
- YTD
- 18.28%
- 1Y
- 18.21%
- 3Y*
- 18.56%
- 5Y*
- 20.93%
- 10Y*
- —
- ALL TIME*
- 9.96%
MDST
- 1D
- 0.55%
- 1M
- 2.48%
- 6M
- 12.41%
- YTD
- 18.37%
- 1Y
- 20.59%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 18.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $1.68M | $1.58M | $1.75M |
HMSFX vs. MDST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HMSFX Hennessy Midstream Fund Investor Class | 18.28% | -0.76% | 16.82% |
MDST Westwood Salient Enhanced Midstream Income ETF | 18.37% | 7.09% | 17.03% |
Correlation
The correlation between HMSFX and MDST is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (All Time) Calculated using the full available price history since Apr 9, 2024 | 0.83 |
The correlation between HMSFX and MDST has been stable across timeframes, ranging from 0.83 to 0.83 - a consistent structural relationship.
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Return for Risk
HMSFX vs. MDST — Risk / Return Rank
HMSFX
MDST
HMSFX vs. MDST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hennessy Midstream Fund Investor Class (HMSFX) and Westwood Salient Enhanced Midstream Income ETF (MDST). 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 | MDST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.26 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 2.95 | -0.26 |
| Martin ratioReturn relative to average drawdown | 5.80 | 8.30 | -2.49 |
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Drawdowns
HMSFX vs. MDST - Drawdown Comparison
The maximum HMSFX drawdown since its inception was -68.50%, which is greater than MDST's maximum drawdown of -14.19%. Use the drawdown chart below to compare losses from any high point for HMSFX and MDST.
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Drawdown Indicators
| HMSFX | MDST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.50% | -14.19% | -54.31% |
Max Drawdown (1Y)Largest decline over 1 year | -6.91% | -5.98% | -0.93% |
Max Drawdown (3Y)Largest decline over 3 years | -16.38% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.17% | — | — |
Current DrawdownCurrent decline from peak | -3.40% | -1.87% | -1.53% |
Average DrawdownAverage peak-to-trough decline | -12.23% | -2.17% | -10.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.19% | 2.53% | +0.66% |
Volatility
HMSFX vs. MDST - Volatility Comparison
Hennessy Midstream Fund Investor Class (HMSFX) has a higher volatility of 5.53% compared to Westwood Salient Enhanced Midstream Income ETF (MDST) at 4.47%. This indicates that HMSFX's price experiences larger fluctuations and is considered to be riskier than MDST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HMSFX | MDST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.53% | 4.47% | +1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 12.26% | 9.18% | +3.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.20% | 12.69% | +2.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.89% | 16.04% | +3.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.19% | 16.04% | +13.15% |
HMSFX vs. MDST - Expense Ratio Comparison
HMSFX has a 1.75% expense ratio, which is higher than MDST's 0.80% expense ratio.
Dividends
HMSFX vs. MDST - Dividend Comparison
HMSFX's dividend yield for the trailing twelve months is around 7.83%, less than MDST's 9.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HMSFX Hennessy Midstream Fund Investor Class | 7.83% | 8.89% | 8.12% | 10.11% | 11.23% | 12.99% | 15.54% | 9.26% | 4.74% |
MDST Westwood Salient Enhanced Midstream Income ETF | 9.20% | 10.22% | 6.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HMSFX and MDST have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HMSFX has higher volatility (5.53%) compared to MDST (4.47%). In terms of maximum drawdown, HMSFX dropped -68.50% vs MDST's -14.19%.
MDST currently has the higher Sharpe Ratio (1.44 vs 1.22), 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.
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