HMSIX vs. HEIIX

Last updated Jul 17, 2026

HMSIX (Hennessy Midstream Fund) and HEIIX (Hennessy Equity and Income Fund) are both mutual funds - HMSIX is a Energy Equities fund managed by Hennessy, while HEIIX is a Diversified Portfolio fund managed by Hennessy. Over the past 5 years, HMSIX returned 21.27%/yr vs 5.97%/yr for HEIIX. At a 0.46 correlation, their price movements are largely independent. HMSIX charges 1.51%/yr vs 1.13%/yr for HEIIX.

Performance

HMSIX vs. HEIIX - Performance Comparison

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

Returns By Period

In the year-to-date period, HMSIX achieves a 17.86% return, which is significantly higher than HEIIX's 8.17% return.

HMSIX

• 1D: -1.07%
• 1M: 2.59%
• 6M: 14.86%
• YTD: 17.86%
• 1Y: 18.91%
• 3Y*: 20.55%
• 5Y*: 21.27%
• 10Y*: —

HEIIX

• 1D: 0.08%
• 1M: 0.35%
• 6M: 5.86%
• YTD: 8.17%
• 1Y: 13.01%
• 3Y*: 9.60%
• 5Y*: 5.97%
• 10Y*: 7.67%

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

HMSIX vs. HEIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HMSIX Hennessy Midstream Fund	17.86%	-0.49%	36.21%	23.75%	29.15%	36.58%	-31.00%	11.97%	-20.24%
HEIIX Hennessy Equity and Income Fund	8.17%	7.23%	10.50%	10.95%	-11.22%	17.08%	9.35%	16.55%	-7.42%

Correlation

The correlation between HMSIX and HEIIX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018	0.46

Over the past year, the correlation between HMSIX and HEIIX has dropped to 0.04 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

Return for Risk

HMSIX vs. HEIIX — Risk / Return Rank

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

HMSIX

HMSIX Risk / Return Rank: 38
HMSIX Sharpe Ratio Rank: 30
HMSIX Sortino Ratio Rank: 28
HMSIX Omega Ratio Rank: 27
HMSIX Calmar Ratio Rank: 73
HMSIX Martin Ratio Rank: 33

HEIIX

HEIIX Risk / Return Rank: 52
HEIIX Sharpe Ratio Rank: 54
HEIIX Sortino Ratio Rank: 58
HEIIX Omega Ratio Rank: 51
HEIIX Calmar Ratio Rank: 51
HEIIX Martin Ratio Rank: 49

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. HEIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Midstream Fund (HMSIX) and Hennessy Equity and Income Fund (HEIIX). 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	HEIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.70	-0.48
Sortino ratio: Return per unit of downside risk	1.74	2.48	-0.74
Omega ratio: Gain probability vs. loss probability	1.21	1.31	-0.10
Calmar ratio: Return relative to maximum drawdown	2.69	2.31	+0.38
Martin ratio: Return relative to average drawdown	5.92	8.36	-2.45

HMSIX vs. HEIIX - Sharpe Ratio Comparison

The current HMSIX Sharpe Ratio is 1.22, which is comparable to the HEIIX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of HMSIX and HEIIX, 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. HEIIX - Drawdown Comparison

The maximum HMSIX drawdown since its inception was -68.43%, which is greater than HEIIX's maximum drawdown of -47.88%. Use the drawdown chart below to compare losses from any high point for HMSIX and HEIIX.

Drawdown Indicators

	HMSIX	HEIIX	Difference
Max Drawdown Largest peak-to-trough decline	-68.43%	-47.88%	-20.55%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-5.89%	-1.04%
Max Drawdown (3Y) Largest decline over 3 years	-16.29%	-10.19%	-6.10%
Max Drawdown (5Y) Largest decline over 5 years	-21.17%	-19.66%	-1.51%
Max Drawdown (10Y) Largest decline over 10 years	—	-24.12%	—
Current Drawdown Current decline from peak	-3.90%	-0.52%	-3.38%
Average Drawdown Average peak-to-trough decline	-12.13%	-8.33%	-3.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	1.62%	+1.52%

Volatility

HMSIX vs. HEIIX - Volatility Comparison

Hennessy Midstream Fund (HMSIX) has a higher volatility of 5.69% compared to Hennessy Equity and Income Fund (HEIIX) at 1.82%. This indicates that HMSIX's price experiences larger fluctuations and is considered to be riskier than HEIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMSIX	HEIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.69%	1.82%	+3.87%
Volatility (6M) Calculated over the trailing 6-month period	12.22%	6.11%	+6.11%
Volatility (1Y) Calculated over the trailing 1-year period	15.32%	8.07%	+7.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.08%	10.58%	+9.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.27%	10.86%	+18.41%

HMSIX vs. HEIIX - Expense Ratio Comparison

HMSIX has a 1.51% expense ratio, which is higher than HEIIX's 1.13% expense ratio.

Dividends

HMSIX vs. HEIIX - Dividend Comparison

HMSIX's dividend yield for the trailing twelve months is around 7.42%, less than HEIIX's 11.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEIIX Hennessy Equity and Income Fund	11.70%	12.43%	13.03%	9.71%	6.49%	7.42%	7.01%	8.25%	9.71%	6.44%	10.31%	3.83%
HMSIX Hennessy Midstream Fund	7.42%	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 HEIIX in my portfolio?

HMSIX and HEIIX have a correlation of 0.04, 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 HEIIX?

HMSIX has higher volatility (5.69%) compared to HEIIX (1.82%). In terms of maximum drawdown, HMSIX dropped -68.43% vs HEIIX's -47.88%.

Which has better risk-adjusted returns?

HEIIX currently has the higher Sharpe Ratio (1.70 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.