HNRIX vs. HBFBX

Last updated Jun 3, 2026

HNRIX (Hennessy Energy Transition Fund) and HBFBX (Hennessy Balanced Fund) are both mutual funds - HNRIX is a Energy Equities fund managed by Hennessy, while HBFBX is a Diversified Portfolio fund managed by Hennessy. Over the past 5 years, HNRIX returned 20.93%/yr vs 6.15%/yr for HBFBX. A 0.59 correlation means they provide meaningful diversification when combined. HNRIX charges 1.92%/yr vs 0.49%/yr for HBFBX.

Performance

HNRIX vs. HBFBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hennessy Energy Transition Fund (HNRIX) and Hennessy Balanced Fund (HBFBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HNRIX achieves a 25.58% return, which is significantly higher than HBFBX's 5.49% return.

HNRIX

• 1D: 1.58%
• 1M: -3.40%
• YTD: 25.58%
• 6M: 25.42%
• 1Y: 41.22%
• 3Y*: 21.74%
• 5Y*: 20.93%
• 10Y*: —

HBFBX

• 1D: -0.15%
• 1M: 1.84%
• YTD: 5.49%
• 6M: 5.66%
• 1Y: 12.51%
• 3Y*: 9.52%
• 5Y*: 6.15%
• 10Y*: 5.92%

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

HNRIX vs. HBFBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HNRIX Hennessy Energy Transition Fund	25.58%	12.87%	13.84%	4.09%	47.97%	55.91%	-25.63%	6.05%	-23.32%
HBFBX Hennessy Balanced Fund	5.49%	9.90%	4.81%	7.62%	3.83%	8.07%	-2.98%	9.71%	-1.04%

Correlation

The correlation between HNRIX and HBFBX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Nov 2, 2018	0.59

Over the past year, the correlation between HNRIX and HBFBX has dropped to 0.26 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

HNRIX vs. HBFBX — Risk / Return Rank

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

HNRIX

HNRIX Risk / Return Rank: 66
HNRIX Sharpe Ratio Rank: 64
HNRIX Sortino Ratio Rank: 53
HNRIX Omega Ratio Rank: 50
HNRIX Calmar Ratio Rank: 92
HNRIX Martin Ratio Rank: 68

HBFBX

HBFBX Risk / Return Rank: 65
HBFBX Sharpe Ratio Rank: 61
HBFBX Sortino Ratio Rank: 71
HBFBX Omega Ratio Rank: 59
HBFBX Calmar Ratio Rank: 85
HBFBX 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.

HNRIX vs. HBFBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hennessy Energy Transition Fund (HNRIX) and Hennessy Balanced Fund (HBFBX). 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.

	HNRIX	HBFBX	Difference
Sharpe ratio Return per unit of total volatility	2.36	2.30	+0.06
Sortino ratio Return per unit of downside risk	3.07	3.50	-0.43
Omega ratio Gain probability vs. loss probability	1.39	1.43	-0.04
Calmar ratio Return relative to maximum drawdown	5.10	4.03	+1.07
Martin ratio Return relative to average drawdown	13.19	10.29	+2.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HNRIX vs. HBFBX - Sharpe Ratio Comparison

The current HNRIX Sharpe Ratio is 2.36, which is comparable to the HBFBX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of HNRIX and HBFBX, 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

	HNRIX	HBFBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	2.30	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.85	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.48	-0.14

Drawdowns

HNRIX vs. HBFBX - Drawdown Comparison

The maximum HNRIX drawdown since its inception was -74.75%, which is greater than HBFBX's maximum drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for HNRIX and HBFBX.

Drawdown Indicators

	HNRIX	HBFBX	Difference
Max Drawdown Largest peak-to-trough decline	-74.75%	-41.61%	-33.14%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-3.20%	-5.20%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	-6.10%	-13.09%
Max Drawdown (5Y) Largest decline over 5 years	-28.56%	-10.22%	-18.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.24%	—
Current Drawdown Current decline from peak	-6.02%	-0.57%	-5.45%
Average Drawdown Average peak-to-trough decline	-15.28%	-4.06%	-11.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	1.25%	+2.00%

Volatility

HNRIX vs. HBFBX - Volatility Comparison

Hennessy Energy Transition Fund (HNRIX) has a higher volatility of 6.45% compared to Hennessy Balanced Fund (HBFBX) at 1.80%. This indicates that HNRIX's price experiences larger fluctuations and is considered to be riskier than HBFBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HNRIX	HBFBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.45%	1.80%	+4.65%
Volatility (6M) Calculated over the trailing 6-month period	13.90%	4.13%	+9.77%
Volatility (1Y) Calculated over the trailing 1-year period	18.55%	5.55%	+13.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.52%	7.23%	+19.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.80%	8.14%	+26.66%

HNRIX vs. HBFBX - Expense Ratio Comparison

HNRIX has a 1.92% expense ratio, which is higher than HBFBX's 0.49% expense ratio.

Dividends

HNRIX vs. HBFBX - Dividend Comparison

HNRIX's dividend yield for the trailing twelve months is around 0.61%, less than HBFBX's 1.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBFBX Hennessy Balanced Fund	1.77%	1.90%	5.40%	4.62%	9.50%	3.79%	0.95%	5.20%	5.51%	7.62%	7.76%	2.53%
HNRIX Hennessy Energy Transition Fund	0.61%	0.77%	0.14%	0.00%	0.76%	13.34%	0.00%	0.22%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HNRIX and HBFBX in my portfolio?

HNRIX and HBFBX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HNRIX or HBFBX?

HNRIX has higher volatility (6.45%) compared to HBFBX (1.80%). In terms of maximum drawdown, HNRIX dropped -74.75% vs HBFBX's -41.61%.

Which has better risk-adjusted returns?

HNRIX currently has the higher Sharpe Ratio (2.36 vs 2.30), 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.