HMSIX vs. ICAP

Last updated Aug 4, 2026

HMSIX (Hennessy Midstream Fund) and ICAP (Infrastructure Capital Equity Income ETF) are both funds - HMSIX is a Energy Equities fund managed by Hennessy, while ICAP is a Derivative Income fund actively managed by InfraCap. Over the past 3 years, HMSIX returned 19.51%/yr vs 16.73%/yr for ICAP. Their 0.52 correlation means they have sometimes moved together and sometimes differently. HMSIX charges 1.51%/yr vs 2.47%/yr for ICAP.

Performance

HMSIX vs. ICAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Midstream Fund (HMSIX) and Infrastructure Capital Equity Income ETF (ICAP). 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 higher than ICAP's 10.56% 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%

ICAP

• 1D: 1.76%
• 1M: 2.90%
• 6M: 6.81%
• YTD: 10.56%
• 1Y: 20.36%
• 3Y*: 16.73%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.48%

*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)
HMSIX Hennessy Midstream Fund	$0.00	$0.00	$0.00
ICAP Infrastructure Capital Equity Income ETF	$755.17K	$730.76K	$957.37K

HMSIX vs. ICAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HMSIX Hennessy Midstream Fund	19.47%	-0.49%	36.21%	23.75%	29.15%	0.74%
ICAP Infrastructure Capital Equity Income ETF	10.56%	15.77%	14.83%	8.82%	-10.10%	1.08%

Correlation

The correlation between HMSIX and ICAP is 0.06, 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.	0.06
Correlation (3Y) Balances recent behavior with more history.	0.36
Correlation (All Time) Calculated using the full available price history since Dec 29, 2021	0.52

Over the past year, the correlation between HMSIX and ICAP has dropped to 0.06 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.

Return for Risk

HMSIX vs. ICAP — 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

ICAP

ICAP Risk / Return Rank: 58
ICAP Sharpe Ratio Rank: 62
ICAP Sortino Ratio Rank: 60
ICAP Omega Ratio Rank: 58
ICAP Calmar Ratio Rank: 51
ICAP 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. ICAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Midstream Fund (HMSIX) and Infrastructure Capital Equity Income ETF (ICAP). 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	ICAP	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.50	-0.27
Sortino ratio: Return per unit of downside risk	1.76	2.10	-0.34
Omega ratio: Gain probability vs. loss probability	1.22	1.26	-0.05
Calmar ratio: Return relative to maximum drawdown	2.70	1.92	+0.79
Martin ratio: Return relative to average drawdown	5.93	7.24	-1.31

HMSIX vs. ICAP - Sharpe Ratio Comparison

The current HMSIX Sharpe Ratio is 1.23, which is comparable to the ICAP Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of HMSIX and ICAP, 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. ICAP - Drawdown Comparison

The maximum HMSIX drawdown since its inception was -68.43%, which is greater than ICAP's maximum drawdown of -24.20%. Use the drawdown chart below to compare losses from any high point for HMSIX and ICAP.

Drawdown Indicators

	HMSIX	ICAP	Difference
Max Drawdown Largest peak-to-trough decline	-68.43%	-24.20%	-44.23%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-10.66%	+3.73%
Max Drawdown (3Y) Largest decline over 3 years	-16.29%	-20.31%	+4.02%
Max Drawdown (5Y) Largest decline over 5 years	-21.17%	—	—
Current Drawdown Current decline from peak	-2.58%	0.00%	-2.58%
Average Drawdown Average peak-to-trough decline	-12.08%	-7.59%	-4.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	2.82%	+0.36%

Volatility

HMSIX vs. ICAP - Volatility Comparison

Hennessy Midstream Fund (HMSIX) has a higher volatility of 5.49% compared to Infrastructure Capital Equity Income ETF (ICAP) at 4.34%. This indicates that HMSIX's price experiences larger fluctuations and is considered to be riskier than ICAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMSIX	ICAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	4.34%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	10.65%	+1.68%
Volatility (1Y) Calculated over the trailing 1-year period	15.21%	13.63%	+1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.90%	18.07%	+1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.20%	18.07%	+11.13%

HMSIX vs. ICAP - Expense Ratio Comparison

HMSIX has a 1.51% expense ratio, which is lower than ICAP's 2.47% expense ratio.

Dividends

HMSIX vs. ICAP - Dividend Comparison

HMSIX's dividend yield for the trailing twelve months is around 7.32%, less than ICAP's 9.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HMSIX Hennessy Midstream Fund	7.32%	8.42%	7.74%	9.70%	10.84%	12.61%	15.17%	9.10%	4.67%
ICAP Infrastructure Capital Equity Income ETF	9.76%	8.89%	8.30%	8.65%	8.95%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HMSIX and ICAP in my portfolio?

HMSIX and ICAP have a correlation of 0.06, 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 ICAP?

HMSIX has higher volatility (5.49%) compared to ICAP (4.34%). In terms of maximum drawdown, HMSIX dropped -68.43% vs ICAP's -24.20%.

Which has better risk-adjusted returns?

ICAP currently has the higher Sharpe Ratio (1.50 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.