XSVM vs. HFMDX

Last updated Jun 4, 2026

XSVM (Invesco S&P SmallCap Value with Momentum ETF) and HFMDX (Hennessy Cornerstone Mid Cap 30 Fund) are both funds - XSVM is a Momentum fund tracking the S&P SmallCap 600 High Momentum Value Index, while HFMDX is a Mid Cap Blend Equities fund managed by Hennessy. Over the past 10 years, XSVM returned 12.72%/yr vs 14.27%/yr for HFMDX. Their correlation of 0.82 suggests significant overlap in exposure. XSVM charges 0.37%/yr vs 1.36%/yr for HFMDX.

Performance

XSVM vs. HFMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Value with Momentum ETF (XSVM) and Hennessy Cornerstone Mid Cap 30 Fund (HFMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with XSVM having a 16.87% return and HFMDX slightly higher at 17.06%. Over the past 10 years, XSVM has underperformed HFMDX with an annualized return of 12.72%, while HFMDX has yielded a comparatively higher 14.27% annualized return.

XSVM

• 1D: -1.47%
• 1M: 1.71%
• YTD: 16.87%
• 6M: 16.68%
• 1Y: 34.73%
• 3Y*: 15.99%
• 5Y*: 6.37%
• 10Y*: 12.72%

HFMDX

• 1D: -0.19%
• 1M: 3.10%
• YTD: 17.06%
• 6M: 17.55%
• 1Y: 27.66%
• 3Y*: 24.29%
• 5Y*: 16.18%
• 10Y*: 14.27%

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

XSVM vs. HFMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSVM Invesco S&P SmallCap Value with Momentum ETF	16.87%	7.47%	2.30%	20.20%	-13.63%	56.36%	5.08%	30.01%	-12.33%	3.62%
HFMDX Hennessy Cornerstone Mid Cap 30 Fund	17.06%	2.68%	34.13%	30.83%	2.72%	27.23%	23.37%	15.76%	-23.52%	20.71%

Correlation

The correlation between XSVM and HFMDX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Mar 4, 2005	0.82

The correlation between XSVM and HFMDX shifts across timeframes, from 0.74 (1 year) to 0.85 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

XSVM vs. HFMDX — Risk / Return Rank

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

XSVM

XSVM Risk / Return Rank: 58
XSVM Sharpe Ratio Rank: 54
XSVM Sortino Ratio Rank: 56
XSVM Omega Ratio Rank: 53
XSVM Calmar Ratio Rank: 69
XSVM Martin Ratio Rank: 59

HFMDX

HFMDX Risk / Return Rank: 27
HFMDX Sharpe Ratio Rank: 23
HFMDX Sortino Ratio Rank: 21
HFMDX Omega Ratio Rank: 20
HFMDX Calmar Ratio Rank: 37
HFMDX Martin Ratio Rank: 35

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.

XSVM vs. HFMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Value with Momentum ETF (XSVM) and Hennessy Cornerstone Mid Cap 30 Fund (HFMDX). 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.

	XSVM	HFMDX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.36	+0.52
Sortino ratio: Return per unit of downside risk	2.74	1.91	+0.82
Omega ratio: Gain probability vs. loss probability	1.33	1.24	+0.10
Calmar ratio: Return relative to maximum drawdown	3.46	2.31	+1.15
Martin ratio: Return relative to average drawdown	10.66	7.79	+2.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSVM vs. HFMDX - Sharpe Ratio Comparison

The current XSVM Sharpe Ratio is 1.88, which is higher than the HFMDX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of XSVM and HFMDX, 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

	XSVM	HFMDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	1.36	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.70	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.57	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.44	-0.08

Drawdowns

XSVM vs. HFMDX - Drawdown Comparison

The maximum XSVM drawdown since its inception was -62.57%, roughly equal to the maximum HFMDX drawdown of -61.25%. Use the drawdown chart below to compare losses from any high point for XSVM and HFMDX.

Drawdown Indicators

	XSVM	HFMDX	Difference
Max Drawdown Largest peak-to-trough decline	-62.57%	-61.25%	-1.32%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-12.66%	+2.58%
Max Drawdown (3Y) Largest decline over 3 years	-26.21%	-27.76%	+1.55%
Max Drawdown (5Y) Largest decline over 5 years	-26.21%	-27.76%	+1.55%
Max Drawdown (10Y) Largest decline over 10 years	-49.02%	-56.14%	+7.12%
Current Drawdown Current decline from peak	-1.47%	-1.79%	+0.32%
Average Drawdown Average peak-to-trough decline	-11.57%	-12.25%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	3.75%	-0.48%

Volatility

XSVM vs. HFMDX - Volatility Comparison

The current volatility for Invesco S&P SmallCap Value with Momentum ETF (XSVM) is 5.24%, while Hennessy Cornerstone Mid Cap 30 Fund (HFMDX) has a volatility of 6.30%. This indicates that XSVM experiences smaller price fluctuations and is considered to be less risky than HFMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSVM	HFMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	6.30%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	12.05%	15.83%	-3.78%
Volatility (1Y) Calculated over the trailing 1-year period	18.59%	21.47%	-2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.71%	23.36%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.09%	25.09%	0.00%

XSVM vs. HFMDX - Expense Ratio Comparison

XSVM has a 0.37% expense ratio, which is lower than HFMDX's 1.36% expense ratio.

Dividends

XSVM vs. HFMDX - Dividend Comparison

XSVM's dividend yield for the trailing twelve months is around 1.81%, more than HFMDX's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFMDX Hennessy Cornerstone Mid Cap 30 Fund	0.61%	0.72%	18.84%	9.61%	21.66%	1.73%	0.00%	0.00%	40.95%	18.56%	0.64%	0.91%
XSVM Invesco S&P SmallCap Value with Momentum ETF	1.81%	2.29%	1.69%	1.31%	1.79%	1.23%	1.21%	1.22%	2.54%	1.90%	2.29%	2.68%

Frequently Asked Questions

Can I hold both XSVM and HFMDX in my portfolio?

XSVM and HFMDX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSVM or HFMDX?

HFMDX has higher volatility (6.30%) compared to XSVM (5.24%). In terms of maximum drawdown, XSVM dropped -62.57% vs HFMDX's -61.25%.

Which has better risk-adjusted returns?

XSVM currently has the higher Sharpe Ratio (1.88 vs 1.36), 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.