ICAP vs. HMSIX

Last updated Jun 24, 2026

ICAP (InfraCap Equity Income Fund ETF) and HMSIX (Hennessy Midstream Fund) are both funds - ICAP is a fund fund actively managed by InfraCap, while HMSIX is a Energy Equities fund managed by Hennessy. Over the past 3 years, ICAP returned 17.83%/yr vs 22.04%/yr for HMSIX. A 0.54 correlation means they provide meaningful diversification when combined. ICAP charges 0.80%/yr vs 1.51%/yr for HMSIX.

Performance

ICAP vs. HMSIX - Performance Comparison

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

Returns By Period

In the year-to-date period, ICAP achieves a 6.68% return, which is significantly lower than HMSIX's 15.65% return.

ICAP

• 1D: -0.42%
• 1M: 0.79%
• YTD: 6.68%
• 6M: 6.18%
• 1Y: 21.86%
• 3Y*: 17.83%
• 5Y*: —
• 10Y*: —

HMSIX

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

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

ICAP vs. HMSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ICAP InfraCap Equity Income Fund ETF	6.68%	15.77%	14.83%	8.82%	-10.10%	1.08%
HMSIX Hennessy Midstream Fund	15.65%	-0.49%	36.21%	23.75%	29.15%	0.74%

Correlation

The correlation between ICAP and HMSIX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (All Time) Calculated using the full available price history since Dec 29, 2021	0.54

Over the past year, the correlation between ICAP and HMSIX has dropped to 0.14 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

Return for Risk

ICAP vs. HMSIX — Risk / Return Rank

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

ICAP

ICAP Risk / Return Rank: 48
ICAP Sharpe Ratio Rank: 50
ICAP Sortino Ratio Rank: 49
ICAP Omega Ratio Rank: 46
ICAP Calmar Ratio Rank: 44
ICAP Martin Ratio Rank: 49

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

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.

ICAP vs. HMSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap Equity Income Fund ETF (ICAP) and Hennessy Midstream Fund (HMSIX). 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.

	ICAP	HMSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.03	+0.59
Sortino ratio: Return per unit of downside risk	2.27	1.48	+0.79
Omega ratio: Gain probability vs. loss probability	1.28	1.18	+0.10
Calmar ratio: Return relative to maximum drawdown	2.06	2.21	-0.15
Martin ratio: Return relative to average drawdown	7.81	4.72	+3.10

ICAP vs. HMSIX - Sharpe Ratio Comparison

The current ICAP Sharpe Ratio is 1.63, which is higher than the HMSIX Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of ICAP and HMSIX, 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

ICAP vs. HMSIX - Drawdown Comparison

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

Drawdown Indicators

	ICAP	HMSIX	Difference
Max Drawdown Largest peak-to-trough decline	-24.20%	-68.43%	+44.23%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-6.93%	-3.73%
Max Drawdown (3Y) Largest decline over 3 years	-20.31%	-16.29%	-4.02%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.17%	—
Current Drawdown Current decline from peak	-2.14%	-5.70%	+3.56%
Average Drawdown Average peak-to-trough decline	-7.74%	-12.20%	+4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	3.24%	-0.44%

Volatility

ICAP vs. HMSIX - Volatility Comparison

InfraCap Equity Income Fund ETF (ICAP) and Hennessy Midstream Fund (HMSIX) have volatilities of 5.05% and 5.20%, 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

	ICAP	HMSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	5.20%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	11.52%	-1.05%
Volatility (1Y) Calculated over the trailing 1-year period	13.51%	14.86%	-1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	20.10%	-1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	29.33%	-11.16%

ICAP vs. HMSIX - Expense Ratio Comparison

ICAP has a 0.80% expense ratio, which is lower than HMSIX's 1.51% expense ratio.

Dividends

ICAP vs. HMSIX - Dividend Comparison

ICAP's dividend yield for the trailing twelve months is around 9.58%, more than HMSIX's 7.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HMSIX Hennessy Midstream Fund	7.56%	8.42%	7.74%	9.70%	10.84%	12.61%	15.17%	9.10%	4.67%
ICAP InfraCap Equity Income Fund ETF	9.58%	8.89%	8.30%	8.65%	8.95%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICAP and HMSIX in my portfolio?

ICAP and HMSIX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICAP or HMSIX?

HMSIX has higher volatility (5.20%) compared to ICAP (5.05%). In terms of maximum drawdown, ICAP dropped -24.20% vs HMSIX's -68.43%.

Which has better risk-adjusted returns?

ICAP currently has the higher Sharpe Ratio (1.63 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.