HMSFX vs. MLPLX
HMSFX (Hennessy Midstream Fund Investor Class) and MLPLX (Invesco SteelPath MLP Alpha Plus Fund Class A) are both MLPs funds. HMSFX is passively managed, while MLPLX is actively managed. Over the past 5 years, HMSFX returned 20.93%/yr vs 29.67%/yr for MLPLX. Their 0.96 correlation means they have historically moved very closely together. HMSFX charges 1.75%/yr vs 17.25%/yr for MLPLX.
Performance
HMSFX vs. MLPLX - Performance Comparison
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Returns By Period
In the year-to-date period, HMSFX achieves a 18.28% return, which is significantly lower than MLPLX's 30.97% return.
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%
MLPLX
- 1D
- 0.27%
- 1M
- 4.79%
- 6M
- 20.54%
- YTD
- 30.97%
- 1Y
- 32.27%
- 3Y*
- 29.36%
- 5Y*
- 29.67%
- 10Y*
- 9.46%
- ALL TIME*
- 6.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
HMSFX vs. MLPLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HMSFX Hennessy Midstream Fund Investor Class | 18.28% | -0.76% | 35.85% | 23.50% | 28.88% | 36.22% | -31.21% | 11.77% | -20.36% |
MLPLX Invesco SteelPath MLP Alpha Plus Fund Class A | 30.97% | 4.36% | 47.10% | 25.02% | 38.31% | 55.18% | -46.03% | 8.79% | -23.67% |
Correlation
The correlation between HMSFX and MLPLX is 0.95, 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. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018 | 0.96 |
The correlation between HMSFX and MLPLX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
HMSFX vs. MLPLX — Risk / Return Rank
HMSFX
MLPLX
HMSFX vs. MLPLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hennessy Midstream Fund Investor Class (HMSFX) and Invesco SteelPath MLP Alpha Plus Fund Class A (MLPLX). 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 | MLPLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.32 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 3.60 | -0.91 |
| Martin ratioReturn relative to average drawdown | 5.80 | 8.82 | -3.02 |
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Drawdowns
HMSFX vs. MLPLX - Drawdown Comparison
The maximum HMSFX drawdown since its inception was -68.50%, smaller than the maximum MLPLX drawdown of -88.76%. Use the drawdown chart below to compare losses from any high point for HMSFX and MLPLX.
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Drawdown Indicators
| HMSFX | MLPLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.50% | -88.76% | +20.26% |
Max Drawdown (1Y)Largest decline over 1 year | -6.91% | -8.56% | +1.65% |
Max Drawdown (3Y)Largest decline over 3 years | -16.38% | -19.55% | +3.17% |
Max Drawdown (5Y)Largest decline over 5 years | -21.17% | -27.21% | +6.04% |
Max Drawdown (10Y)Largest decline over 10 years | — | -85.02% | — |
Current DrawdownCurrent decline from peak | -3.40% | -1.96% | -1.44% |
Average DrawdownAverage peak-to-trough decline | -12.23% | -28.71% | +16.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.19% | 3.60% | -0.41% |
Volatility
HMSFX vs. MLPLX - Volatility Comparison
Hennessy Midstream Fund Investor Class (HMSFX) and Invesco SteelPath MLP Alpha Plus Fund Class A (MLPLX) have volatilities of 5.53% and 5.52%, 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.
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Volatility by Period
| HMSFX | MLPLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.53% | 5.52% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 12.26% | 12.92% | -0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.20% | 16.69% | -1.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.89% | 24.65% | -4.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.19% | 35.44% | -6.25% |
HMSFX vs. MLPLX - Expense Ratio Comparison
HMSFX has a 1.75% expense ratio, which is lower than MLPLX's 17.25% expense ratio.
Dividends
HMSFX vs. MLPLX - Dividend Comparison
HMSFX's dividend yield for the trailing twelve months is around 7.83%, more than MLPLX's 4.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HMSFX Hennessy Midstream Fund Investor Class | 7.83% | 8.89% | 8.12% | 10.11% | 11.23% | 12.99% | 15.54% | 9.26% | 4.74% | 0.00% | 0.00% | 0.00% |
MLPLX Invesco SteelPath MLP Alpha Plus Fund Class A | 4.83% | 5.70% | 4.42% | 5.92% | 6.79% | 8.75% | 22.54% | 14.33% | 13.67% | 9.68% | 7.88% | 9.20% |
Frequently Asked Questions
With a correlation of 0.95, HMSFX and MLPLX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
HMSFX has higher volatility (5.53%) compared to MLPLX (5.52%). In terms of maximum drawdown, HMSFX dropped -68.50% vs MLPLX's -88.76%.
MLPLX currently has the higher Sharpe Ratio (1.91 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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