- ISIN
- US4481085060
- Issuer
- Hussman Funds
- Inception Date
- Aug 26, 2019
- Category
- Tactical Allocation
- Min. Investment
- $1,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Value
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
HSAFX Performance Chart
Hussman Strategic Allocation Fund (HSAFX) is down 2.5% since the beginning of the year. HSAFX is currently trading at $10 per share. Investors who bought $1,000 worth of HSAFX shares 5 years ago would now be looking at an investment worth $1,090.
Loading charts...
Returns By Period
Hussman Strategic Allocation Fund (HSAFX) has returned -2.51% so far this year and -1.11% over the past 12 months.
Hussman Strategic Allocation Fund
- 1D
- -0.31%
- 1M
- -0.82%
- YTD
- -2.51%
- 6M
- -3.59%
- 1Y
- -1.11%
- 3Y*
- 3.00%
- 5Y*
- 1.74%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
HSAFX Monthly Returns History
Based on dividend-adjusted daily data since Sep 3, 2019, HSAFX's average daily return is +0.02%, while the average monthly return is +0.36%. At this rate, an investment would double in approximately 16.1 years.
Historically, 56% of months were positive and 44% were negative. The best month was Jan 2021 with a return of +7.1%, while the worst month was Apr 2026 at -2.7%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 4 months.
On a daily basis, HSAFX closed higher 44% of trading days. The best single day was Mar 24, 2020 with a return of +1.7%, while the worst single day was Nov 9, 2020 at -2.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.50% | 1.93% | 0.42% | -2.68% | -0.71% | -0.92% | -2.51% | ||||||
| 2025 | 1.92% | 0.84% | 2.66% | 0.51% | 0.91% | -0.38% | -1.41% | 4.00% | -1.26% | -2.31% | 1.64% | 0.59% | 7.78% |
| 2024 | -0.21% | 0.21% | 1.42% | -0.53% | 0.11% | -1.50% | 0.76% | -0.43% | 1.16% | 0.53% | 1.28% | -1.02% | 1.74% |
| 2023 | 1.37% | -1.14% | 0.15% | -0.95% | -1.91% | 1.23% | 1.39% | -0.53% | -0.85% | -0.86% | 0.54% | 2.29% | 0.65% |
| 2022 | 1.84% | 0.54% | -0.99% | 0.27% | 0.73% | -1.36% | -0.00% | 0.00% | -0.98% | 1.30% | 3.11% | -0.03% | 4.42% |
| 2021 | 7.07% | -0.71% | 3.06% | -1.57% | 2.57% | 1.12% | -1.79% | -0.35% | -0.61% | -1.85% | 0.18% | 0.23% | 7.23% |
Benchmark Metrics
Hussman Strategic Allocation Fund has an annualized alpha of 3.79%, beta of 0.04, and R2 of 0.03 versus S&P 500 Index. Calculated based on daily prices since September 03, 2019.
- This fund captured 7.24% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -10.58%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.04 may look defensive, but with R2 of 0.03 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.03 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.79%
- Beta
- 0.04
- R²
- 0.03
- Upside Capture
- 7.24%
- Downside Capture
- -10.58%
Expense Ratio
HSAFX has a high expense ratio of 1.25%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
HSAFX ranks 2 for risk / return — in the bottom 2% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Hussman Strategic Allocation Fund (HSAFX) and compare them to S&P 500 Index.
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.
| HSAFX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -2.89 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.37 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | 2.78 | -2.92 |
| Martin ratioReturn relative to average drawdown | -0.35 | 12.44 | -12.79 |
Dividends
Dividend History
Hussman Strategic Allocation Fund provided a 1.81% dividend yield over the last twelve months, with an annual payout of $0.17 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $0.17 | $0.19 | $0.20 | $0.15 | $1.82 | $0.37 | $0.58 | $0.00 |
Dividend yield | 1.81% | 1.90% | 2.15% | 1.60% | 19.12% | 3.37% | 5.55% | 0.03% |
Monthly Dividends
The table displays the monthly dividend distributions for Hussman Strategic Allocation Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.03 | $0.00 | $0.00 | $0.00 | $0.03 | ||||||
| 2025 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.04 | $0.19 |
| 2024 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.05 | $0.20 |
| 2023 | $0.00 | $0.00 | $0.03 | $0.00 | $0.00 | $0.03 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.04 | $0.15 |
| 2022 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $1.77 | $1.82 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.37 | $0.37 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the Hussman Strategic Allocation Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Hussman Strategic Allocation Fund was 5.54%, occurring on Sep 26, 2022. Recovery took 52 trading sessions.
The current Hussman Strategic Allocation Fund drawdown is 4.74%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -5.54%Sep 2022 | 1y 3mo | 2mo 13d | 1y 6moJun 2021 - Dec 2022 |
2026 pullback2026 | -5.34%May 2026 | 1mo 7d | — | 2mo 17dApr 2026 - now |
2023 pullback2023 | -4.90%Nov 2023 | 10mo 8d | 3mo 29d | 1y 2moJan 2023 - Mar 2024 |
2025 pullback2025 | -3.74%Oct 2025 | 1mo 19d | 4mo | 5mo 19dSep 2025 - Feb 2026 |
2024 pullback2024 | -2.86%Jul 2024 | 3mo 1d | 4mo 23d | 7mo 24dApr 2024 - Nov 2024 |
Drawdown Indicators
| HSAFX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.54% | -56.78% | +51.24% |
Max Drawdown (1Y)Largest decline over 1 year | -5.34% | -9.10% | +3.76% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -18.90% | +13.56% |
Max Drawdown (5Y)Largest decline over 5 years | -5.34% | -25.43% | +20.09% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -4.74% | -1.80% | -2.94% |
Average DrawdownAverage peak-to-trough decline | -1.58% | -10.71% | +9.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 2.03% | -0.02% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with HSAFX
Add Hussman Strategic Allocation Fund to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with HSAFX