HMSIX vs. HJPNX

Last updated Aug 4, 2026

HMSIX (Hennessy Midstream Fund) and HJPNX (Hennessy Japan Fund) are both mutual funds - HMSIX is a Energy Equities fund managed by Hennessy, while HJPNX is a Japan Equities fund managed by Hennessy. Over the past 5 years, HMSIX returned 21.45%/yr vs 7.46%/yr for HJPNX. Their 0.30 correlation means their historical movements had little consistent relationship. HMSIX charges 1.51%/yr vs 1.44%/yr for HJPNX.

Performance

HMSIX vs. HJPNX - Performance Comparison

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

Returns By Period

In the year-to-date period, HMSIX achieves a 19.47% return, which is significantly lower than HJPNX's 20.51% return.

HMSIX

• 1D: 0.79%
• 1M: 2.10%
• 6M: 12.23%
• YTD: 19.47%
• 1Y: 19.50%
• 3Y*: 19.51%
• 5Y*: 21.45%
• 10Y*: —
• ALL TIME*: 10.35%

HJPNX

• 1D: -1.16%
• 1M: 0.41%
• 6M: 15.50%
• YTD: 20.51%
• 1Y: 34.00%
• 3Y*: 19.82%
• 5Y*: 7.46%
• 10Y*: 9.54%
• ALL TIME*: 8.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HJPNX Hennessy Japan Fund	$0.00	$0.00	$0.00
HMSIX Hennessy Midstream Fund	$0.00	$0.00	$0.00

HMSIX vs. HJPNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HMSIX Hennessy Midstream Fund	19.47%	-0.49%	36.21%	23.75%	29.15%	36.58%	-31.00%	11.97%	-20.24%
HJPNX Hennessy Japan Fund	20.51%	14.58%	18.72%	22.90%	-30.65%	-3.08%	25.52%	18.04%	-9.83%

Correlation

The correlation between HMSIX and HJPNX is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.07
Correlation (3Y) Balances recent behavior with more history.	0.21
Correlation (5Y) Shows whether the relationship held over a longer period.	0.28
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018	0.30

The correlation between HMSIX and HJPNX shifts across timeframes, from -0.07 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HMSIX vs. HJPNX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HMSIX

HMSIX Risk / Return Rank: 45
HMSIX Sharpe Ratio Rank: 37
HMSIX Sortino Ratio Rank: 35
HMSIX Omega Ratio Rank: 34
HMSIX Calmar Ratio Rank: 79
HMSIX Martin Ratio Rank: 38

HJPNX

HJPNX Risk / Return Rank: 55
HJPNX Sharpe Ratio Rank: 50
HJPNX Sortino Ratio Rank: 49
HJPNX Omega Ratio Rank: 46
HJPNX Calmar Ratio Rank: 71
HJPNX Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HMSIX vs. HJPNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Midstream Fund (HMSIX) and Hennessy Japan Fund (HJPNX). 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	HJPNX	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.46	-0.23
Sortino ratio: Return per unit of downside risk	1.76	2.08	-0.32
Omega ratio: Gain probability vs. loss probability	1.22	1.26	-0.04
Calmar ratio: Return relative to maximum drawdown	2.70	2.43	+0.27
Martin ratio: Return relative to average drawdown	5.93	8.19	-2.26

HMSIX vs. HJPNX - Sharpe Ratio Comparison

The current HMSIX Sharpe Ratio is 1.23, which is comparable to the HJPNX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of HMSIX and HJPNX, 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. HJPNX - Drawdown Comparison

The maximum HMSIX drawdown since its inception was -68.43%, which is greater than HJPNX's maximum drawdown of -59.65%. Use the drawdown chart below to compare losses from any high point for HMSIX and HJPNX.

Drawdown Indicators

	HMSIX	HJPNX	Difference
Max Drawdown Largest peak-to-trough decline	-68.43%	-59.65%	-8.78%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-14.18%	+7.25%
Max Drawdown (3Y) Largest decline over 3 years	-16.29%	-20.06%	+3.77%
Max Drawdown (5Y) Largest decline over 5 years	-21.17%	-44.72%	+23.55%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.72%	—
Current Drawdown Current decline from peak	-2.58%	-2.65%	+0.07%
Average Drawdown Average peak-to-trough decline	-12.08%	-15.47%	+3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	4.20%	-1.02%

Volatility

HMSIX vs. HJPNX - Volatility Comparison

The current volatility for Hennessy Midstream Fund (HMSIX) is 5.49%, while Hennessy Japan Fund (HJPNX) has a volatility of 7.20%. This indicates that HMSIX experiences smaller price fluctuations and is considered to be less risky than HJPNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMSIX	HJPNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	7.20%	-1.71%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	18.30%	-5.97%
Volatility (1Y) Calculated over the trailing 1-year period	15.21%	23.64%	-8.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.90%	21.33%	-1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.20%	18.92%	+10.28%

HMSIX vs. HJPNX - Expense Ratio Comparison

HMSIX has a 1.51% expense ratio, which is higher than HJPNX's 1.44% expense ratio.

Dividends

HMSIX vs. HJPNX - Dividend Comparison

HMSIX's dividend yield for the trailing twelve months is around 7.32%, less than HJPNX's 10.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HJPNX Hennessy Japan Fund	10.65%	12.83%	5.80%	5.87%	0.00%	0.89%	0.00%	0.13%	0.04%	0.02%
HMSIX Hennessy Midstream Fund	7.32%	8.42%	7.74%	9.70%	10.84%	12.61%	15.17%	9.10%	4.67%	0.00%

Frequently Asked Questions

Can I hold both HMSIX and HJPNX in my portfolio?

HMSIX and HJPNX have a correlation of -0.07, 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 HJPNX?

HJPNX has higher volatility (7.20%) compared to HMSIX (5.49%). In terms of maximum drawdown, HMSIX dropped -68.43% vs HJPNX's -59.65%.

Which has better risk-adjusted returns?

HJPNX currently has the higher Sharpe Ratio (1.46 vs 1.23), 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.