NML vs. HMSFX
NML (Neuberger Berman MLP) and HMSFX (Hennessy Midstream Fund Investor Class) are both MLPs funds. NML is actively managed, while HMSFX is passively managed. Over the past 5 years, NML returned 26.21%/yr vs 20.93%/yr for HMSFX. Their correlation of 0.81 means they have usually moved in the same direction. NML charges 2.72%/yr vs 1.75%/yr for HMSFX.
Performance
NML vs. HMSFX - Performance Comparison
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Returns By Period
In the year-to-date period, NML achieves a 28.84% return, which is significantly higher than HMSFX's 18.28% return.
NML
- 1D
- 1.65%
- 1M
- 4.26%
- 6M
- 15.85%
- YTD
- 28.84%
- 1Y
- 30.58%
- 3Y*
- 24.05%
- 5Y*
- 26.21%
- 10Y*
- 10.71%
- ALL TIME*
- 2.88%
HMSFX
- 1D
- -0.08%
- 1M
- 1.23%
- 6M
- 9.75%
- YTD
- 18.28%
- 1Y
- 18.21%
- 3Y*
- 18.56%
- 5Y*
- 20.93%
- 10Y*
- —
- ALL TIME*
- 9.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $1.26M | $1.11M | $1.30M |
NML vs. HMSFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
NML Neuberger Berman MLP | 28.84% | 4.36% | 40.55% | 14.61% | 32.75% | 61.76% | -45.84% | 10.60% | -22.48% |
HMSFX Hennessy Midstream Fund Investor Class | 18.28% | -0.76% | 35.85% | 23.50% | 28.88% | 36.22% | -31.21% | 11.77% | -20.36% |
Correlation
The correlation between NML and HMSFX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018 | 0.81 |
The correlation between NML and HMSFX shifts across timeframes, from 0.66 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NML vs. HMSFX — Risk / Return Rank
NML
HMSFX
NML vs. HMSFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman MLP (NML) and Hennessy Midstream Fund Investor Class (HMSFX). 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.
| NML | HMSFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.21 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 2.69 | +0.39 |
| Martin ratioReturn relative to average drawdown | 8.41 | 5.80 | +2.61 |
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Drawdowns
NML vs. HMSFX - Drawdown Comparison
The maximum NML drawdown since its inception was -90.48%, which is greater than HMSFX's maximum drawdown of -68.50%. Use the drawdown chart below to compare losses from any high point for NML and HMSFX.
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Drawdown Indicators
| NML | HMSFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.48% | -68.50% | -21.98% |
Max Drawdown (1Y)Largest decline over 1 year | -9.57% | -6.91% | -2.66% |
Max Drawdown (3Y)Largest decline over 3 years | -16.92% | -16.38% | -0.54% |
Max Drawdown (5Y)Largest decline over 5 years | -21.40% | -21.17% | -0.23% |
Max Drawdown (10Y)Largest decline over 10 years | -84.84% | — | — |
Current DrawdownCurrent decline from peak | -2.43% | -3.40% | +0.97% |
Average DrawdownAverage peak-to-trough decline | -36.68% | -12.23% | -24.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.51% | 3.19% | +0.32% |
Volatility
NML vs. HMSFX - Volatility Comparison
Neuberger Berman MLP (NML) has a higher volatility of 6.97% compared to Hennessy Midstream Fund Investor Class (HMSFX) at 5.53%. This indicates that NML's price experiences larger fluctuations and is considered to be riskier than HMSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NML | HMSFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.97% | 5.53% | +1.44% |
Volatility (6M)Calculated over the trailing 6-month period | 14.90% | 12.26% | +2.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.33% | 15.20% | +3.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.73% | 19.89% | +3.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.00% | 29.19% | +5.81% |
NML vs. HMSFX - Expense Ratio Comparison
NML has a 2.72% expense ratio, which is higher than HMSFX's 1.75% expense ratio.
Dividends
NML vs. HMSFX - Dividend Comparison
NML's dividend yield for the trailing twelve months is around 7.15%, less than HMSFX's 7.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HMSFX Hennessy Midstream Fund Investor Class | 7.83% | 8.89% | 8.12% | 10.11% | 11.23% | 12.99% | 15.54% | 9.26% | 4.74% | 0.00% | 0.00% | 0.00% |
NML Neuberger Berman MLP | 7.15% | 8.24% | 7.94% | 10.19% | 4.26% | 3.54% | 8.33% | 9.76% | 9.87% | 7.04% | 8.63% | 15.44% |
Frequently Asked Questions
NML and HMSFX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NML has higher volatility (6.97%) compared to HMSFX (5.53%). In terms of maximum drawdown, NML dropped -90.48% vs HMSFX's -68.50%.
NML currently has the higher Sharpe Ratio (1.61 vs 1.22), 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.
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