HMSIX vs. HMSFX

Last updated Jun 4, 2026

HMSIX (Hennessy Midstream Fund) and HMSFX (Hennessy Midstream Fund Investor Class) are both mutual funds - HMSIX is a Energy Equities fund managed by Hennessy, while HMSFX is a MLPs fund tracking the Alerian US Midstream Energy Index. Over the past 5 years, HMSIX returned 19.67%/yr vs 19.04%/yr for HMSFX. With a 1.00 correlation, they move nearly in lockstep. HMSIX charges 1.51%/yr vs 1.75%/yr for HMSFX.

Performance

HMSIX vs. HMSFX - Performance Comparison

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

Returns By Period

In the year-to-date period, HMSIX achieves a 16.42% return, which is significantly higher than HMSFX's 14.60% return.

HMSIX

• 1D: 1.48%
• 1M: -1.95%
• YTD: 16.42%
• 6M: 15.10%
• 1Y: 15.99%
• 3Y*: 21.80%
• 5Y*: 19.67%
• 10Y*: —

HMSFX

• 1D: 0.53%
• 1M: -2.41%
• YTD: 14.60%
• 6M: 14.79%
• 1Y: 11.12%
• 3Y*: 20.88%
• 5Y*: 19.04%
• 10Y*: —

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

HMSIX vs. HMSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HMSIX Hennessy Midstream Fund	16.42%	-0.49%	36.21%	23.75%	29.15%	36.58%	-31.00%	11.97%	-20.24%
HMSFX Hennessy Midstream Fund Investor Class	14.60%	-0.76%	35.85%	23.50%	28.88%	36.22%	-31.21%	11.77%	-20.36%

Correlation

The correlation between HMSIX and HMSFX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Sep 5, 2018	1.00

The correlation between HMSIX and HMSFX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

HMSIX vs. HMSFX — Risk / Return Rank

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

HMSIX

HMSIX Risk / Return Rank: 15
HMSIX Sharpe Ratio Rank: 11
HMSIX Sortino Ratio Rank: 10
HMSIX Omega Ratio Rank: 11
HMSIX Calmar Ratio Rank: 26
HMSIX Martin Ratio Rank: 15

HMSFX

HMSFX Risk / Return Rank: 11
HMSFX Sharpe Ratio Rank: 10
HMSFX Sortino Ratio Rank: 10
HMSFX Omega Ratio Rank: 10
HMSFX Calmar Ratio Rank: 16
HMSFX Martin Ratio Rank: 10

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. HMSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Midstream Fund (HMSIX) and Hennessy Midstream Fund Investor Class (HMSFX). 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.

	HMSIX	HMSFX	Difference
Sharpe ratio Return per unit of total volatility	0.87	0.83	+0.04
Sortino ratio Return per unit of downside risk	1.26	1.21	+0.05
Omega ratio Gain probability vs. loss probability	1.16	1.15	+0.01
Calmar ratio Return relative to maximum drawdown	1.89	1.48	+0.41
Martin ratio Return relative to average drawdown	4.36	3.22	+1.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMSIX vs. HMSFX - Sharpe Ratio Comparison

The current HMSIX Sharpe Ratio is 0.87, which is comparable to the HMSFX Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of HMSIX and HMSFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HMSIX	HMSFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	0.83	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	0.95	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.34	+0.02

Drawdowns

HMSIX vs. HMSFX - Drawdown Comparison

The maximum HMSIX drawdown since its inception was -68.43%, roughly equal to the maximum HMSFX drawdown of -68.50%. Use the drawdown chart below to compare losses from any high point for HMSIX and HMSFX.

Drawdown Indicators

	HMSIX	HMSFX	Difference
Max Drawdown Largest peak-to-trough decline	-68.43%	-68.50%	+0.07%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-6.98%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-16.29%	-16.38%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-21.17%	-21.17%	0.00%
Current Drawdown Current decline from peak	-5.08%	-6.41%	+1.33%
Average Drawdown Average peak-to-trough decline	-12.25%	-12.41%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	3.87%	-0.05%

Volatility

HMSIX vs. HMSFX - Volatility Comparison

Hennessy Midstream Fund (HMSIX) and Hennessy Midstream Fund Investor Class (HMSFX) have volatilities of 6.20% and 5.99%, 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	HMSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	5.99%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	11.62%	11.60%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.10%	15.13%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.26%	20.23%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.41%	29.40%	+0.01%

HMSIX vs. HMSFX - Expense Ratio Comparison

HMSIX has a 1.51% expense ratio, which is lower than HMSFX's 1.75% expense ratio.

Dividends

HMSIX vs. HMSFX - Dividend Comparison

HMSIX's dividend yield for the trailing twelve months is around 7.51%, less than HMSFX's 8.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HMSFX Hennessy Midstream Fund Investor Class	8.08%	8.89%	8.12%	10.11%	11.23%	12.99%	15.54%	9.26%	4.74%
HMSIX Hennessy Midstream Fund	7.51%	8.42%	7.74%	9.70%	10.84%	12.61%	15.17%	9.10%	4.67%

Frequently Asked Questions

Can I hold both HMSIX and HMSFX in my portfolio?

With a correlation of 0.99, HMSIX and HMSFX 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.

Which is riskier, HMSIX or HMSFX?

HMSIX has higher volatility (6.20%) compared to HMSFX (5.99%). In terms of maximum drawdown, HMSIX dropped -68.43% vs HMSFX's -68.50%.

Which has better risk-adjusted returns?

HMSIX currently has the higher Sharpe Ratio (0.87 vs 0.83), 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.