SMIFX vs. HBFBX

Last updated Jun 23, 2026

SMIFX (Sound Mind Investing Fund) and HBFBX (Hennessy Balanced Fund) are both Diversified Portfolio funds. Over the past 10 years, SMIFX returned 9.47%/yr vs 5.82%/yr for HBFBX. A 0.68 correlation means they provide meaningful diversification when combined. SMIFX charges 1.19%/yr vs 0.49%/yr for HBFBX.

Performance

SMIFX vs. HBFBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sound Mind Investing Fund (SMIFX) and Hennessy Balanced Fund (HBFBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMIFX achieves a 15.94% return, which is significantly higher than HBFBX's 5.33% return. Over the past 10 years, SMIFX has outperformed HBFBX with an annualized return of 9.47%, while HBFBX has yielded a comparatively lower 5.82% annualized return.

SMIFX

• 1D: 0.90%
• 1M: 0.54%
• YTD: 15.94%
• 6M: 15.05%
• 1Y: 21.32%
• 3Y*: 12.51%
• 5Y*: 6.77%
• 10Y*: 9.47%

HBFBX

• 1D: -0.38%
• 1M: -0.68%
• YTD: 5.33%
• 6M: 5.50%
• 1Y: 11.97%
• 3Y*: 8.66%
• 5Y*: 6.61%
• 10Y*: 5.82%

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

SMIFX vs. HBFBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMIFX Sound Mind Investing Fund	15.94%	3.16%	16.65%	5.17%	-8.93%	11.15%	20.76%	19.28%	-8.56%	17.49%
HBFBX Hennessy Balanced Fund	5.33%	9.90%	4.81%	7.62%	3.83%	8.07%	-2.98%	9.71%	0.06%	8.34%

Correlation

The correlation between SMIFX and HBFBX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Dec 7, 2005	0.68

Over the past year, the correlation between SMIFX and HBFBX has dropped to 0.33 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

Return for Risk

SMIFX vs. HBFBX — Risk / Return Rank

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

SMIFX

SMIFX Risk / Return Rank: 45
SMIFX Sharpe Ratio Rank: 41
SMIFX Sortino Ratio Rank: 36
SMIFX Omega Ratio Rank: 40
SMIFX Calmar Ratio Rank: 62
SMIFX Martin Ratio Rank: 46

HBFBX

HBFBX Risk / Return Rank: 65
HBFBX Sharpe Ratio Rank: 61
HBFBX Sortino Ratio Rank: 71
HBFBX Omega Ratio Rank: 60
HBFBX Calmar Ratio Rank: 84
HBFBX Martin Ratio Rank: 48

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.

SMIFX vs. HBFBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sound Mind Investing Fund (SMIFX) and Hennessy Balanced Fund (HBFBX). 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.

	SMIFX	HBFBX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	2.13	-0.40
Sortino ratio: Return per unit of downside risk	2.33	3.20	-0.87
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	2.89	3.73	-0.84
Martin ratio: Return relative to average drawdown	9.12	9.48	-0.36

SMIFX vs. HBFBX - Sharpe Ratio Comparison

The current SMIFX Sharpe Ratio is 1.72, which is comparable to the HBFBX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of SMIFX and HBFBX, 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

SMIFX vs. HBFBX - Drawdown Comparison

The maximum SMIFX drawdown since its inception was -54.33%, which is greater than HBFBX's maximum drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for SMIFX and HBFBX.

Drawdown Indicators

	SMIFX	HBFBX	Difference
Max Drawdown Largest peak-to-trough decline	-54.33%	-41.61%	-12.72%
Max Drawdown (1Y) Largest decline over 1 year	-7.42%	-3.20%	-4.22%
Max Drawdown (3Y) Largest decline over 3 years	-19.98%	-6.10%	-13.88%
Max Drawdown (5Y) Largest decline over 5 years	-41.36%	-10.22%	-31.14%
Max Drawdown (10Y) Largest decline over 10 years	-41.36%	-17.24%	-24.12%
Current Drawdown Current decline from peak	-9.47%	-1.71%	-7.76%
Average Drawdown Average peak-to-trough decline	-14.27%	-4.06%	-10.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	1.26%	+1.08%

Volatility

SMIFX vs. HBFBX - Volatility Comparison

Sound Mind Investing Fund (SMIFX) has a higher volatility of 5.23% compared to Hennessy Balanced Fund (HBFBX) at 2.00%. This indicates that SMIFX's price experiences larger fluctuations and is considered to be riskier than HBFBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMIFX	HBFBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.23%	2.00%	+3.23%
Volatility (6M) Calculated over the trailing 6-month period	9.99%	4.10%	+5.89%
Volatility (1Y) Calculated over the trailing 1-year period	12.44%	5.60%	+6.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.07%	7.22%	+21.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.21%	8.15%	+16.06%

SMIFX vs. HBFBX - Expense Ratio Comparison

SMIFX has a 1.19% expense ratio, which is higher than HBFBX's 0.49% expense ratio.

Dividends

SMIFX vs. HBFBX - Dividend Comparison

SMIFX's dividend yield for the trailing twelve months is around 4.60%, more than HBFBX's 1.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBFBX Hennessy Balanced Fund	1.78%	1.90%	5.40%	4.62%	9.50%	3.79%	0.95%	5.20%	5.51%	7.62%	7.76%	2.53%
SMIFX Sound Mind Investing Fund	4.60%	5.33%	1.28%	1.73%	0.97%	46.86%	0.00%	0.48%	26.02%	10.06%	0.00%	14.94%

Frequently Asked Questions

Can I hold both SMIFX and HBFBX in my portfolio?

SMIFX and HBFBX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMIFX or HBFBX?

SMIFX has higher volatility (5.23%) compared to HBFBX (2.00%). In terms of maximum drawdown, SMIFX dropped -54.33% vs HBFBX's -41.61%.

Which has better risk-adjusted returns?

HBFBX currently has the higher Sharpe Ratio (2.13 vs 1.72), 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.