MSA.TO vs. HJPSX

Last updated Jun 10, 2026

MSA.TO (Mineros S.A.) is a stock, while HJPSX (Hennessy Japan Small Cap Fund) is Japan Equities fund managed by Hennessy. Over the past 3 years, MSA.TO returned 127.12%/yr vs 20.78%/yr for HJPSX. At a 0.09 correlation, their price movements are largely independent.

Performance

MSA.TO vs. HJPSX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mineros S.A. (MSA.TO) and Hennessy Japan Small Cap Fund (HJPSX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MSA.TO is traded in CAD, while HJPSX is traded in USD. To make them comparable, the HJPSX values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MSA.TO achieves a -0.47% return, which is significantly lower than HJPSX's 14.69% return.

MSA.TO

• 1D: 4.34%
• 1M: -3.83%
• YTD: -0.47%
• 6M: 0.78%
• 1Y: 131.32%
• 3Y*: 127.12%
• 5Y*: —
• 10Y*: —

HJPSX

• 1D: -1.12%
• 1M: 1.06%
• YTD: 14.69%
• 6M: 16.92%
• 1Y: 32.28%
• 3Y*: 20.78%
• 5Y*: 11.10%
• 10Y*: 11.22%

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

MSA.TO vs. HJPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MSA.TO Mineros S.A.	-0.47%	300.72%	158.75%	7.02%	-32.00%	-1.74%
HJPSX Hennessy Japan Small Cap Fund	14.69%	23.13%	17.40%	13.54%	-11.05%	-2.88%

Correlation

The correlation between MSA.TO and HJPSX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Nov 19, 2021	0.09

Return for Risk

MSA.TO vs. HJPSX — Risk / Return Rank

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

MSA.TO

MSA.TO Risk / Return Rank: 87
MSA.TO Sharpe Ratio Rank: 93
MSA.TO Sortino Ratio Rank: 86
MSA.TO Omega Ratio Rank: 86
MSA.TO Calmar Ratio Rank: 85
MSA.TO Martin Ratio Rank: 85

HJPSX

HJPSX Risk / Return Rank: 37
HJPSX Sharpe Ratio Rank: 42
HJPSX Sortino Ratio Rank: 39
HJPSX Omega Ratio Rank: 40
HJPSX Calmar Ratio Rank: 34
HJPSX Martin Ratio Rank: 29

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.

MSA.TO vs. HJPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mineros S.A. (MSA.TO) and Hennessy Japan Small Cap Fund (HJPSX). 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.

	MSA.TO	HJPSX	Difference
Sharpe ratio: Return per unit of total volatility	2.41	1.81	+0.60
Sortino ratio: Return per unit of downside risk	2.63	2.48	+0.15
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.03
Calmar ratio: Return relative to maximum drawdown	3.24	2.33	+0.92
Martin ratio: Return relative to average drawdown	8.19	7.29	+0.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSA.TO vs. HJPSX - Sharpe Ratio Comparison

The current MSA.TO Sharpe Ratio is 2.41, which is higher than the HJPSX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of MSA.TO and HJPSX, 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

	MSA.TO	HJPSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	1.81	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.57	+0.48

Drawdowns

MSA.TO vs. HJPSX - Drawdown Comparison

The maximum MSA.TO drawdown since its inception was -49.92%, which is greater than HJPSX's maximum drawdown of -37.03%. Use the drawdown chart below to compare losses from any high point for MSA.TO and HJPSX.

Drawdown Indicators

	MSA.TO	HJPSX	Difference
Max Drawdown Largest peak-to-trough decline	-49.92%	-37.03%	-12.89%
Max Drawdown (1Y) Largest decline over 1 year	-40.74%	-13.79%	-26.95%
Max Drawdown (3Y) Largest decline over 3 years	-40.74%	-13.79%	-26.95%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.89%	—
Current Drawdown Current decline from peak	-26.37%	-2.87%	-23.50%
Average Drawdown Average peak-to-trough decline	-19.05%	-8.47%	-10.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.10%	4.39%	+11.71%

Volatility

MSA.TO vs. HJPSX - Volatility Comparison

Mineros S.A. (MSA.TO) has a higher volatility of 19.28% compared to Hennessy Japan Small Cap Fund (HJPSX) at 4.13%. This indicates that MSA.TO's price experiences larger fluctuations and is considered to be riskier than HJPSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSA.TO	HJPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.28%	4.13%	+15.15%
Volatility (6M) Calculated over the trailing 6-month period	41.16%	13.65%	+27.51%
Volatility (1Y) Calculated over the trailing 1-year period	54.87%	17.76%	+37.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.97%	18.27%	+34.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.97%	18.89%	+34.08%

Dividends

MSA.TO vs. HJPSX - Dividend Comparison

MSA.TO's dividend yield for the trailing twelve months is around 2.49%, less than HJPSX's 11.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HJPSX Hennessy Japan Small Cap Fund	11.73%	13.25%	3.64%	0.85%	0.61%	0.43%	0.23%	1.30%	3.46%	2.09%	2.03%	3.34%
MSA.TO Mineros S.A.	2.49%	2.49%	8.48%	14.20%	13.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSA.TO and HJPSX in my portfolio?

MSA.TO and HJPSX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.