PEY vs. HFCGX

Last updated Jul 14, 2026

PEY (Invesco High Yield Equity Dividend Achievers™ ETF) and HFCGX (Hennessy Cornerstone Growth Fund) are both funds - PEY is a Mid Cap Value Equities fund tracking the NASDAQ US Dividend Achievers 50 Index, while HFCGX is a Small Cap Blend Equities fund managed by Hennessy. Over the past 10 years, PEY returned 8.62%/yr vs 11.97%/yr for HFCGX. A 0.69 correlation means they provide meaningful diversification when combined. PEY charges 0.54%/yr vs 1.34%/yr for HFCGX.

Performance

PEY vs. HFCGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco High Yield Equity Dividend Achievers™ ETF (PEY) and Hennessy Cornerstone Growth Fund (HFCGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEY achieves a 19.77% return, which is significantly higher than HFCGX's 11.75% return. Over the past 10 years, PEY has underperformed HFCGX with an annualized return of 8.62%, while HFCGX has yielded a comparatively higher 11.97% annualized return.

PEY

• 1D: 0.64%
• 1M: 2.39%
• 6M: 15.42%
• YTD: 19.77%
• 1Y: 17.53%
• 3Y*: 12.29%
• 5Y*: 8.01%
• 10Y*: 8.62%

HFCGX

• 1D: 0.19%
• 1M: -3.22%
• 6M: 8.00%
• YTD: 11.75%
• 1Y: 18.13%
• 3Y*: 19.18%
• 5Y*: 13.00%
• 10Y*: 11.97%

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

PEY vs. HFCGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEY Invesco High Yield Equity Dividend Achievers™ ETF	19.77%	0.56%	5.25%	7.29%	2.45%	26.15%	-3.85%	24.76%	-7.49%	8.78%
HFCGX Hennessy Cornerstone Growth Fund	11.75%	4.78%	31.45%	19.58%	-4.97%	29.94%	17.73%	20.70%	-21.39%	16.60%

Correlation

The correlation between PEY and HFCGX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Dec 9, 2004	0.69

The correlation between PEY and HFCGX shifts across timeframes, from 0.49 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PEY vs. HFCGX — Risk / Return Rank

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

PEY

PEY Risk / Return Rank: 45
PEY Sharpe Ratio Rank: 44
PEY Sortino Ratio Rank: 47
PEY Omega Ratio Rank: 40
PEY Calmar Ratio Rank: 50
PEY Martin Ratio Rank: 43

HFCGX

HFCGX Risk / Return Rank: 37
HFCGX Sharpe Ratio Rank: 33
HFCGX Sortino Ratio Rank: 33
HFCGX Omega Ratio Rank: 29
HFCGX Calmar Ratio Rank: 52
HFCGX Martin Ratio Rank: 37

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.

PEY vs. HFCGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Equity Dividend Achievers™ ETF (PEY) and Hennessy Cornerstone Growth Fund (HFCGX). 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.

	PEY	HFCGX	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.25	+0.01
Sortino ratio: Return per unit of downside risk	1.92	1.81	+0.11
Omega ratio: Gain probability vs. loss probability	1.21	1.21	0.00
Calmar ratio: Return relative to maximum drawdown	1.98	2.22	-0.24
Martin ratio: Return relative to average drawdown	5.55	6.41	-0.86

PEY vs. HFCGX - Sharpe Ratio Comparison

The current PEY Sharpe Ratio is 1.25, which is comparable to the HFCGX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of PEY and HFCGX, 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

PEY vs. HFCGX - Drawdown Comparison

The maximum PEY drawdown since its inception was -72.81%, which is greater than HFCGX's maximum drawdown of -62.35%. Use the drawdown chart below to compare losses from any high point for PEY and HFCGX.

Drawdown Indicators

	PEY	HFCGX	Difference
Max Drawdown Largest peak-to-trough decline	-72.81%	-62.35%	-10.46%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-7.82%	-1.06%
Max Drawdown (3Y) Largest decline over 3 years	-17.90%	-22.86%	+4.96%
Max Drawdown (5Y) Largest decline over 5 years	-17.90%	-26.30%	+8.40%
Max Drawdown (10Y) Largest decline over 10 years	-41.55%	-54.22%	+12.67%
Current Drawdown Current decline from peak	0.00%	-4.68%	+4.68%
Average Drawdown Average peak-to-trough decline	-12.82%	-15.19%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	2.70%	+0.47%

Volatility

PEY vs. HFCGX - Volatility Comparison

The current volatility for Invesco High Yield Equity Dividend Achievers™ ETF (PEY) is 4.61%, while Hennessy Cornerstone Growth Fund (HFCGX) has a volatility of 5.58%. This indicates that PEY experiences smaller price fluctuations and is considered to be less risky than HFCGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEY	HFCGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	5.58%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	11.16%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	14.06%	13.94%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.38%	24.00%	-7.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.87%	25.83%	-6.96%

PEY vs. HFCGX - Expense Ratio Comparison

PEY has a 0.54% expense ratio, which is lower than HFCGX's 1.34% expense ratio.

Dividends

PEY vs. HFCGX - Dividend Comparison

PEY's dividend yield for the trailing twelve months is around 4.27%, while HFCGX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFCGX Hennessy Cornerstone Growth Fund	0.00%	0.00%	14.11%	0.38%	3.58%	26.58%	0.00%	0.00%	10.47%	0.00%	0.00%	0.11%
PEY Invesco High Yield Equity Dividend Achievers™ ETF	4.27%	4.85%	4.44%	4.58%	4.22%	3.83%	4.30%	3.78%	4.33%	3.21%	3.12%	3.44%

Frequently Asked Questions

Can I hold both PEY and HFCGX in my portfolio?

PEY and HFCGX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEY or HFCGX?

HFCGX has higher volatility (5.58%) compared to PEY (4.61%). In terms of maximum drawdown, PEY dropped -72.81% vs HFCGX's -62.35%.

Which has better risk-adjusted returns?

PEY currently has the higher Sharpe Ratio (1.25 vs 1.25), 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.