HMSIX vs. AMLP

Last updated Jun 24, 2026

HMSIX (Hennessy Midstream Fund) and AMLP (Alerian MLP ETF) are both funds - HMSIX is a Energy Equities fund managed by Hennessy, while AMLP is a MLPs fund tracking the Alerian MLP Infrastructure Index. Over the past 5 years, HMSIX returned 19.16%/yr vs 15.96%/yr for AMLP. Their correlation of 0.92 suggests significant overlap in exposure. HMSIX charges 1.51%/yr vs 0.90%/yr for AMLP.

Performance

HMSIX vs. AMLP - Performance Comparison

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

Returns By Period

In the year-to-date period, HMSIX achieves a 15.65% return, which is significantly higher than AMLP's 14.23% return.

HMSIX

• 1D: 0.89%
• 1M: -5.38%
• YTD: 15.65%
• 6M: 15.56%
• 1Y: 16.32%
• 3Y*: 22.04%
• 5Y*: 19.16%
• 10Y*: —

AMLP

• 1D: 1.95%
• 1M: -5.26%
• YTD: 14.23%
• 6M: 13.82%
• 1Y: 15.28%
• 3Y*: 20.10%
• 5Y*: 15.96%
• 10Y*: 6.53%

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

HMSIX vs. AMLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HMSIX Hennessy Midstream Fund	15.65%	-0.49%	36.21%	23.75%	29.15%	36.58%	-31.00%	11.97%	-20.24%
AMLP Alerian MLP ETF	14.23%	5.78%	22.76%	21.40%	25.47%	39.09%	-32.26%	5.99%	-18.00%

Correlation

The correlation between HMSIX and AMLP is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018	0.92

The correlation between HMSIX and AMLP has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

Return for Risk

HMSIX vs. AMLP — Risk / Return Rank

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

HMSIX

HMSIX Risk / Return Rank: 21
HMSIX Sharpe Ratio Rank: 15
HMSIX Sortino Ratio Rank: 15
HMSIX Omega Ratio Rank: 15
HMSIX Calmar Ratio Rank: 38
HMSIX Martin Ratio Rank: 20

AMLP

AMLP Risk / Return Rank: 35
AMLP Sharpe Ratio Rank: 37
AMLP Sortino Ratio Rank: 36
AMLP Omega Ratio Rank: 34
AMLP Calmar Ratio Rank: 36
AMLP Martin Ratio Rank: 35

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.

HMSIX vs. AMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Midstream Fund (HMSIX) and Alerian MLP ETF (AMLP). 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.

	HMSIX	AMLP	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.27	-0.24
Sortino ratio: Return per unit of downside risk	1.48	1.81	-0.33
Omega ratio: Gain probability vs. loss probability	1.18	1.22	-0.04
Calmar ratio: Return relative to maximum drawdown	2.21	1.72	+0.49
Martin ratio: Return relative to average drawdown	4.72	5.16	-0.45

HMSIX vs. AMLP - Sharpe Ratio Comparison

The current HMSIX Sharpe Ratio is 1.03, which is comparable to the AMLP Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of HMSIX and AMLP, 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

HMSIX vs. AMLP - Drawdown Comparison

The maximum HMSIX drawdown since its inception was -68.43%, smaller than the maximum AMLP drawdown of -77.19%. Use the drawdown chart below to compare losses from any high point for HMSIX and AMLP.

Drawdown Indicators

	HMSIX	AMLP	Difference
Max Drawdown Largest peak-to-trough decline	-68.43%	-77.19%	+8.76%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-8.94%	+2.01%
Max Drawdown (3Y) Largest decline over 3 years	-16.29%	-14.27%	-2.02%
Max Drawdown (5Y) Largest decline over 5 years	-21.17%	-20.92%	-0.25%
Max Drawdown (10Y) Largest decline over 10 years	—	-72.62%	—
Current Drawdown Current decline from peak	-5.70%	-5.82%	+0.12%
Average Drawdown Average peak-to-trough decline	-12.20%	-17.36%	+5.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	2.97%	+0.27%

Volatility

HMSIX vs. AMLP - Volatility Comparison

Hennessy Midstream Fund (HMSIX) and Alerian MLP ETF (AMLP) have volatilities of 5.20% and 5.02%, 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

	HMSIX	AMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	5.02%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	11.52%	9.02%	+2.50%
Volatility (1Y) Calculated over the trailing 1-year period	14.86%	12.11%	+2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.10%	19.77%	+0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.33%	27.68%	+1.65%

HMSIX vs. AMLP - Expense Ratio Comparison

HMSIX has a 1.51% expense ratio, which is higher than AMLP's 0.90% expense ratio.

Dividends

HMSIX vs. AMLP - Dividend Comparison

HMSIX's dividend yield for the trailing twelve months is around 7.56%, less than AMLP's 7.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMLP Alerian MLP ETF	7.78%	8.36%	7.70%	7.86%	7.70%	8.55%	12.31%	9.12%	9.29%	7.97%	8.09%	9.84%
HMSIX Hennessy Midstream Fund	7.56%	8.42%	7.74%	9.70%	10.84%	12.61%	15.17%	9.10%	4.67%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HMSIX and AMLP in my portfolio?

HMSIX and AMLP have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HMSIX or AMLP?

HMSIX has higher volatility (5.20%) compared to AMLP (5.02%). In terms of maximum drawdown, HMSIX dropped -68.43% vs AMLP's -77.19%.

Which has better risk-adjusted returns?

AMLP currently has the higher Sharpe Ratio (1.27 vs 1.03), 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.