HMSIX vs. HFCGX

Last updated Jun 24, 2026

HMSIX (Hennessy Midstream Fund) and HFCGX (Hennessy Cornerstone Growth Fund) are both mutual funds - HMSIX is a Energy Equities fund managed by Hennessy, while HFCGX is a Small Cap Blend Equities fund managed by Hennessy. Over the past 5 years, HMSIX returned 19.16%/yr vs 13.33%/yr for HFCGX. A 0.59 correlation means they provide meaningful diversification when combined. HMSIX charges 1.51%/yr vs 1.34%/yr for HFCGX.

Performance

HMSIX vs. HFCGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Midstream Fund (HMSIX) and Hennessy Cornerstone Growth Fund (HFCGX). 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 HFCGX's 13.58% return.

HMSIX

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

HFCGX

• 1D: 0.80%
• 1M: 1.86%
• YTD: 13.58%
• 6M: 12.54%
• 1Y: 19.12%
• 3Y*: 22.97%
• 5Y*: 13.33%
• 10Y*: 12.81%

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

HMSIX vs. HFCGX - 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%
HFCGX Hennessy Cornerstone Growth Fund	13.58%	4.78%	31.45%	19.58%	-4.97%	29.94%	17.73%	20.70%	-24.28%

Correlation

The correlation between HMSIX and HFCGX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018	0.59

Over the past year, the correlation between HMSIX and HFCGX has dropped to 0.13 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

HMSIX vs. HFCGX — 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

HFCGX

HFCGX Risk / Return Rank: 37
HFCGX Sharpe Ratio Rank: 33
HFCGX Sortino Ratio Rank: 32
HFCGX Omega Ratio Rank: 29
HFCGX Calmar Ratio Rank: 51
HFCGX Martin Ratio Rank: 41

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. HFCGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Midstream Fund (HMSIX) and Hennessy Cornerstone Growth Fund (HFCGX). 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	HFCGX	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.52	-0.49
Sortino ratio: Return per unit of downside risk	1.48	2.19	-0.70
Omega ratio: Gain probability vs. loss probability	1.18	1.26	-0.08
Calmar ratio: Return relative to maximum drawdown	2.21	2.62	-0.42
Martin ratio: Return relative to average drawdown	4.72	8.30	-3.59

HMSIX vs. HFCGX - Sharpe Ratio Comparison

The current HMSIX Sharpe Ratio is 1.03, which is lower than the HFCGX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of HMSIX and HFCGX, 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. HFCGX - Drawdown Comparison

The maximum HMSIX drawdown since its inception was -68.43%, which is greater than HFCGX's maximum drawdown of -62.35%. Use the drawdown chart below to compare losses from any high point for HMSIX and HFCGX.

Drawdown Indicators

	HMSIX	HFCGX	Difference
Max Drawdown Largest peak-to-trough decline	-68.43%	-62.35%	-6.08%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-7.82%	+0.89%
Max Drawdown (3Y) Largest decline over 3 years	-16.29%	-22.86%	+6.57%
Max Drawdown (5Y) Largest decline over 5 years	-21.17%	-26.30%	+5.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-54.22%	—
Current Drawdown Current decline from peak	-5.70%	-3.12%	-2.58%
Average Drawdown Average peak-to-trough decline	-12.20%	-15.21%	+3.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	2.46%	+0.78%

Volatility

HMSIX vs. HFCGX - Volatility Comparison

The current volatility for Hennessy Midstream Fund (HMSIX) is 5.20%, while Hennessy Cornerstone Growth Fund (HFCGX) has a volatility of 5.87%. This indicates that HMSIX experiences smaller price fluctuations and is considered to be less risky than HFCGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMSIX	HFCGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	5.87%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	11.52%	10.42%	+1.10%
Volatility (1Y) Calculated over the trailing 1-year period	14.86%	13.52%	+1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.10%	24.04%	-3.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.33%	25.85%	+3.48%

HMSIX vs. HFCGX - Expense Ratio Comparison

HMSIX has a 1.51% expense ratio, which is higher than HFCGX's 1.34% expense ratio.

Dividends

HMSIX vs. HFCGX - Dividend Comparison

HMSIX's dividend yield for the trailing twelve months is around 7.56%, while HFCGX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFCGX Hennessy Cornerstone Growth Fund	0.00%	0.00%	14.11%	0.38%	3.58%	26.58%	0.00%	0.00%	10.47%	0.00%	0.00%	0.11%
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 HFCGX in my portfolio?

HMSIX and HFCGX have a correlation of 0.13, 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 HFCGX?

HFCGX has higher volatility (5.87%) compared to HMSIX (5.20%). In terms of maximum drawdown, HMSIX dropped -68.43% vs HFCGX's -62.35%.

Which has better risk-adjusted returns?

HFCGX currently has the higher Sharpe Ratio (1.52 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.