LCEAX vs. HFCVX

Last updated Jun 25, 2026

LCEAX (Invesco Diversified Dividend Fund) and HFCVX (Hennessy Cornerstone Value Fund) are both Large Cap Value Equities funds. Over the past 10 years, LCEAX returned 8.94%/yr vs 11.30%/yr for HFCVX. Their correlation of 0.90 suggests significant overlap in exposure. LCEAX charges 0.81%/yr vs 1.23%/yr for HFCVX.

Performance

LCEAX vs. HFCVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Diversified Dividend Fund (LCEAX) and Hennessy Cornerstone Value Fund (HFCVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LCEAX achieves a 6.04% return, which is significantly lower than HFCVX's 12.39% return. Over the past 10 years, LCEAX has underperformed HFCVX with an annualized return of 8.94%, while HFCVX has yielded a comparatively higher 11.30% annualized return.

LCEAX

• 1D: -0.26%
• 1M: 0.62%
• YTD: 6.04%
• 6M: 4.95%
• 1Y: 16.62%
• 3Y*: 14.47%
• 5Y*: 9.27%
• 10Y*: 8.94%

HFCVX

• 1D: 0.48%
• 1M: -2.42%
• YTD: 12.39%
• 6M: 12.00%
• 1Y: 22.68%
• 3Y*: 15.97%
• 5Y*: 11.84%
• 10Y*: 11.30%

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

LCEAX vs. HFCVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LCEAX Invesco Diversified Dividend Fund	6.04%	15.56%	13.09%	8.88%	-1.67%	18.98%	0.10%	25.05%	-7.84%	7.49%
HFCVX Hennessy Cornerstone Value Fund	12.39%	18.27%	9.59%	5.81%	6.12%	29.94%	-6.39%	20.84%	-9.50%	19.21%

Correlation

The correlation between LCEAX and HFCVX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 3, 2002	0.90

The correlation between LCEAX and HFCVX shifts across timeframes, from 0.74 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

LCEAX vs. HFCVX — Risk / Return Rank

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

LCEAX

LCEAX Risk / Return Rank: 44
LCEAX Sharpe Ratio Rank: 44
LCEAX Sortino Ratio Rank: 46
LCEAX Omega Ratio Rank: 42
LCEAX Calmar Ratio Rank: 43
LCEAX Martin Ratio Rank: 45

HFCVX

HFCVX Risk / Return Rank: 85
HFCVX Sharpe Ratio Rank: 82
HFCVX Sortino Ratio Rank: 82
HFCVX Omega Ratio Rank: 70
HFCVX Calmar Ratio Rank: 97
HFCVX Martin Ratio Rank: 92

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.

LCEAX vs. HFCVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Diversified Dividend Fund (LCEAX) and Hennessy Cornerstone Value Fund (HFCVX). 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.

	LCEAX	HFCVX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.44	-0.67
Sortino ratio: Return per unit of downside risk	2.58	3.48	-0.90
Omega ratio: Gain probability vs. loss probability	1.32	1.42	-0.10
Calmar ratio: Return relative to maximum drawdown	2.36	6.06	-3.71
Martin ratio: Return relative to average drawdown	8.74	17.46	-8.72

LCEAX vs. HFCVX - Sharpe Ratio Comparison

The current LCEAX Sharpe Ratio is 1.77, which is comparable to the HFCVX Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of LCEAX and HFCVX, 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

LCEAX vs. HFCVX - Drawdown Comparison

The maximum LCEAX drawdown since its inception was -50.30%, smaller than the maximum HFCVX drawdown of -65.75%. Use the drawdown chart below to compare losses from any high point for LCEAX and HFCVX.

Drawdown Indicators

	LCEAX	HFCVX	Difference
Max Drawdown Largest peak-to-trough decline	-50.30%	-65.75%	+15.45%
Max Drawdown (1Y) Largest decline over 1 year	-7.50%	-3.77%	-3.73%
Max Drawdown (3Y) Largest decline over 3 years	-14.03%	-11.32%	-2.71%
Max Drawdown (5Y) Largest decline over 5 years	-16.10%	-16.81%	+0.71%
Max Drawdown (10Y) Largest decline over 10 years	-36.16%	-39.39%	+3.23%
Current Drawdown Current decline from peak	-1.02%	-2.42%	+1.40%
Average Drawdown Average peak-to-trough decline	-5.63%	-8.22%	+2.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	1.31%	+0.70%

Volatility

LCEAX vs. HFCVX - Volatility Comparison

Invesco Diversified Dividend Fund (LCEAX) and Hennessy Cornerstone Value Fund (HFCVX) have volatilities of 3.03% and 3.18%, 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

	LCEAX	HFCVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	3.18%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	7.70%	6.99%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	10.02%	9.38%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.65%	13.24%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.34%	16.40%	-1.06%

LCEAX vs. HFCVX - Expense Ratio Comparison

LCEAX has a 0.81% expense ratio, which is lower than HFCVX's 1.23% expense ratio.

Dividends

LCEAX vs. HFCVX - Dividend Comparison

LCEAX's dividend yield for the trailing twelve months is around 11.86%, more than HFCVX's 6.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFCVX Hennessy Cornerstone Value Fund	6.58%	7.39%	4.56%	3.57%	10.33%	4.81%	2.58%	6.58%	17.16%	14.97%	2.26%	2.57%
LCEAX Invesco Diversified Dividend Fund	11.86%	12.54%	12.00%	7.87%	12.23%	18.25%	3.76%	5.02%	7.74%	1.86%	3.51%	5.89%

Frequently Asked Questions

Can I hold both LCEAX and HFCVX in my portfolio?

LCEAX and HFCVX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LCEAX or HFCVX?

HFCVX has higher volatility (3.18%) compared to LCEAX (3.03%). In terms of maximum drawdown, LCEAX dropped -50.30% vs HFCVX's -65.75%.

Which has better risk-adjusted returns?

HFCVX currently has the higher Sharpe Ratio (2.44 vs 1.77), 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.