- ISIN
- US3176092464
- CUSIP
- 317609246
- Issuer
- Emerald
- Inception Date
- Feb 18, 1997
- Category
- Financials Equities
- Min. Investment
- $2,000
- Distribution Policy
- Accumulating
- Asset Class
- Equity
Share Price Chart
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Performance
HSSAX Performance Chart
Emerald Finance and Banking Innovation Fund (HSSAX) is up 0.8% since the beginning of the year. HSSAX is currently trading at $32 per share. Investors who bought $1,000 worth of HSSAX shares 5 years ago would now be looking at an investment worth $754.
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Returns By Period
Emerald Finance and Banking Innovation Fund (HSSAX) has returned 0.76% so far this year and 13.89% over the past 12 months. Over the last ten years, HSSAX has returned 4.46% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Emerald Finance and Banking Innovation Fund
- 1D
- 1.62%
- 1M
- 6.09%
- YTD
- 0.76%
- 6M
- -3.16%
- 1Y
- 13.89%
- 3Y*
- 17.92%
- 5Y*
- -5.48%
- 10Y*
- 4.46%
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%
HSSAX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 1998, HSSAX's average daily return is +0.04%, while the average monthly return is +0.88%. At this rate, an investment would double in approximately 6.6 years.
Historically, 60% of months were positive and 40% were negative. The best month was Aug 2000 with a return of +51.8%, while the worst month was Mar 2020 at -32.7%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 6 months.
On a daily basis, HSSAX closed higher 51% of trading days. The best single day was Aug 16, 2000 with a return of +45.5%, while the worst single day was Mar 18, 2020 at -15.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.92% | -10.05% | -1.36% | 8.54% | 0.32% | 3.34% | 0.76% | ||||||
| 2025 | 4.00% | -1.43% | -5.32% | -2.12% | 5.03% | 5.11% | 2.06% | 8.27% | -2.29% | -4.22% | 1.34% | 2.00% | 12.11% |
| 2024 | -2.49% | -3.01% | 2.09% | -7.25% | 2.43% | 1.32% | 19.45% | -0.19% | -0.22% | 1.38% | 13.25% | -8.22% | 16.47% |
| 2023 | 4.56% | -1.16% | -14.18% | -1.68% | -4.21% | 8.69% | 16.55% | -7.82% | -6.25% | -5.29% | 13.53% | 17.55% | 15.58% |
| 2022 | -14.86% | 1.81% | -5.83% | -16.22% | -11.73% | -17.21% | 12.07% | -3.44% | -11.80% | 3.01% | -2.34% | -8.04% | -55.87% |
| 2021 | 5.28% | 16.62% | 8.12% | -0.94% | -4.13% | 0.81% | -0.82% | 10.42% | -2.93% | 19.35% | -3.91% | -10.40% | 38.83% |
Benchmark Metrics
Emerald Finance and Banking Innovation Fund has an annualized alpha of 3.03%, beta of 0.87, and R2 of 0.45 versus S&P 500 Index. Calculated based on daily prices since January 02, 1998.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (89.09%) than losses (86.45%) - typical of diversified or defensive assets.
- R2 of 0.45 means the benchmark explains less than half of this fund's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 3.03%
- Beta
- 0.87
- R²
- 0.45
- Upside Capture
- 89.09%
- Downside Capture
- 86.45%
Expense Ratio
HSSAX has a high expense ratio of 1.71%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
HSSAX ranks 8 for risk / return — in the bottom 8% 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 Emerald Finance and Banking Innovation Fund (HSSAX) 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.
| HSSAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.42 | ||
| Sortino ratioReturn per unit of downside risk | -1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.37 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.76 | 2.78 | -2.02 |
| Martin ratioReturn relative to average drawdown | 1.63 | 12.44 | -10.81 |
Dividends
Dividend History
Emerald Finance and Banking Innovation Fund provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.00 | $0.00 | $0.56 | $0.00 | $0.00 | $5.59 | $0.00 | $0.00 | $7.71 | $1.29 |
Dividend yield | 0.00% | 0.00% | 1.98% | 0.00% | 0.00% | 11.48% | 0.00% | 0.00% | 26.56% | 2.83% |
Monthly Dividends
The table displays the monthly dividend distributions for Emerald Finance and Banking Innovation 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 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.56 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.56 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.59 | $5.59 |
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.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Emerald Finance and Banking Innovation 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 Emerald Finance and Banking Innovation Fund was 73.01%, occurring on May 4, 2023. The portfolio has not yet recovered.
The current Emerald Finance and Banking Innovation Fund drawdown is 47.69%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 bear market2023 | -73.01%May 2023 | 1y 5mo | — | 4y 7moNov 2021 - now |
COVID crash2020 | -54.88%Mar 2020 | 1y 9mo | 9mo 24d | 2y 6moJun 2018 - Jan 2021 |
Financial crisis2007–2009 | -53.90%Mar 2009 | 2y 15d | 4y 3mo | 6y 4moFeb 2007 - Jul 2013 |
1998 bear market1998 | -41.03%Oct 1998 | 5mo 19d | 1y 10mo | 2y 3moApr 1998 - Aug 2000 |
2016 bear market2016 | -21.04%Feb 2016 | 2mo 11d | 9mo 3d | 11mo 14dDec 2015 - Nov 2016 |
Drawdown Indicators
| HSSAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.01% | -56.78% | -16.23% |
Max Drawdown (1Y)Largest decline over 1 year | -19.61% | -9.10% | -10.51% |
Max Drawdown (3Y)Largest decline over 3 years | -22.17% | -18.90% | -3.27% |
Max Drawdown (5Y)Largest decline over 5 years | -73.01% | -25.43% | -47.58% |
Max Drawdown (10Y)Largest decline over 10 years | -73.01% | -33.92% | -39.09% |
Current DrawdownCurrent decline from peak | -47.69% | -1.80% | -45.89% |
Average DrawdownAverage peak-to-trough decline | -19.01% | -10.71% | -8.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.11% | 2.03% | +7.08% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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