RYKIX vs. HLFNX

Last updated Jun 4, 2026

RYKIX (Rydex Banking Fund) and HLFNX (Hennessy Large Cap Financial Fund) are both Financials Equities funds. Over the past 10 years, RYKIX returned 9.54%/yr vs 10.70%/yr for HLFNX. Their correlation of 0.91 suggests significant overlap in exposure. RYKIX charges 1.36%/yr vs 1.68%/yr for HLFNX.

Performance

RYKIX vs. HLFNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rydex Banking Fund (RYKIX) and Hennessy Large Cap Financial Fund (HLFNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYKIX achieves a 3.07% return, which is significantly higher than HLFNX's -4.75% return. Over the past 10 years, RYKIX has underperformed HLFNX with an annualized return of 9.54%, while HLFNX has yielded a comparatively higher 10.70% annualized return.

RYKIX

• 1D: 1.32%
• 1M: 1.12%
• YTD: 3.07%
• 6M: 6.27%
• 1Y: 25.50%
• 3Y*: 24.72%
• 5Y*: 5.99%
• 10Y*: 9.54%

HLFNX

• 1D: 0.86%
• 1M: 0.83%
• YTD: -4.75%
• 6M: -2.88%
• 1Y: 9.08%
• 3Y*: 21.66%
• 5Y*: 3.52%
• 10Y*: 10.70%

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

RYKIX vs. HLFNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYKIX Rydex Banking Fund	3.07%	23.92%	23.33%	2.95%	-16.81%	33.70%	-7.85%	28.51%	-19.19%	12.47%
HLFNX Hennessy Large Cap Financial Fund	-4.75%	22.07%	28.45%	4.58%	-24.88%	18.96%	16.55%	29.75%	-11.78%	19.42%

Correlation

The correlation between RYKIX and HLFNX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 5, 1999	0.91

The correlation between RYKIX and HLFNX has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

Return for Risk

RYKIX vs. HLFNX — Risk / Return Rank

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

RYKIX

RYKIX Risk / Return Rank: 23
RYKIX Sharpe Ratio Rank: 25
RYKIX Sortino Ratio Rank: 22
RYKIX Omega Ratio Rank: 24
RYKIX Calmar Ratio Rank: 23
RYKIX Martin Ratio Rank: 20

HLFNX

HLFNX Risk / Return Rank: 6
HLFNX Sharpe Ratio Rank: 7
HLFNX Sortino Ratio Rank: 7
HLFNX Omega Ratio Rank: 7
HLFNX Calmar Ratio Rank: 6
HLFNX Martin Ratio Rank: 6

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.

RYKIX vs. HLFNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rydex Banking Fund (RYKIX) and Hennessy Large Cap Financial Fund (HLFNX). 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.

	RYKIX	HLFNX	Difference
Sharpe ratio: Return per unit of total volatility	1.43	0.54	+0.89
Sortino ratio: Return per unit of downside risk	1.98	0.84	+1.14
Omega ratio: Gain probability vs. loss probability	1.26	1.10	+0.15
Calmar ratio: Return relative to maximum drawdown	1.78	0.57	+1.21
Martin ratio: Return relative to average drawdown	5.17	1.43	+3.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RYKIX vs. HLFNX - Sharpe Ratio Comparison

The current RYKIX Sharpe Ratio is 1.43, which is higher than the HLFNX Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of RYKIX and HLFNX, 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

	RYKIX	HLFNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	0.54	+0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.15	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.44	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.20	-0.12

Drawdowns

RYKIX vs. HLFNX - Drawdown Comparison

The maximum RYKIX drawdown since its inception was -80.14%, which is greater than HLFNX's maximum drawdown of -71.74%. Use the drawdown chart below to compare losses from any high point for RYKIX and HLFNX.

Drawdown Indicators

	RYKIX	HLFNX	Difference
Max Drawdown Largest peak-to-trough decline	-80.14%	-71.74%	-8.40%
Max Drawdown (1Y) Largest decline over 1 year	-15.25%	-18.44%	+3.19%
Max Drawdown (3Y) Largest decline over 3 years	-23.79%	-24.02%	+0.23%
Max Drawdown (5Y) Largest decline over 5 years	-43.99%	-44.03%	+0.04%
Max Drawdown (10Y) Largest decline over 10 years	-51.08%	-44.03%	-7.05%
Current Drawdown Current decline from peak	-5.27%	-8.82%	+3.55%
Average Drawdown Average peak-to-trough decline	-27.46%	-21.29%	-6.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.24%	7.38%	-2.14%

Volatility

RYKIX vs. HLFNX - Volatility Comparison

Rydex Banking Fund (RYKIX) has a higher volatility of 5.14% compared to Hennessy Large Cap Financial Fund (HLFNX) at 4.16%. This indicates that RYKIX's price experiences larger fluctuations and is considered to be riskier than HLFNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYKIX	HLFNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	4.16%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	14.21%	14.21%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	19.00%	19.77%	-0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.18%	23.85%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.03%	24.20%	+3.83%

RYKIX vs. HLFNX - Expense Ratio Comparison

RYKIX has a 1.36% expense ratio, which is lower than HLFNX's 1.68% expense ratio.

Dividends

RYKIX vs. HLFNX - Dividend Comparison

RYKIX's dividend yield for the trailing twelve months is around 3.23%, less than HLFNX's 8.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLFNX Hennessy Large Cap Financial Fund	8.32%	7.92%	0.56%	1.72%	7.39%	5.16%	0.00%	0.00%	3.15%	4.60%	0.54%	10.23%
RYKIX Rydex Banking Fund	3.23%	3.32%	3.29%	1.46%	3.11%	0.48%	2.90%	0.59%	2.32%	0.36%	0.41%	0.48%

Frequently Asked Questions

Can I hold both RYKIX and HLFNX in my portfolio?

RYKIX and HLFNX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYKIX or HLFNX?

RYKIX has higher volatility (5.14%) compared to HLFNX (4.16%). In terms of maximum drawdown, RYKIX dropped -80.14% vs HLFNX's -71.74%.

Which has better risk-adjusted returns?

RYKIX currently has the higher Sharpe Ratio (1.43 vs 0.54), 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.