BGX vs. HSGFX

Last updated Jun 4, 2026

BGX (Blackstone Long-Short Credit Income Fund) and HSGFX (Hussman Strategic Growth Fund) are both Long-Short funds. Over the past 10 years, BGX returned 6.31%/yr vs -2.97%/yr for HSGFX. At a correlation of -0.22, they often move in opposite directions. BGX charges 1.46%/yr vs 1.15%/yr for HSGFX.

Performance

BGX vs. HSGFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blackstone Long-Short Credit Income Fund (BGX) and Hussman Strategic Growth Fund (HSGFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BGX achieves a -4.34% return, which is significantly higher than HSGFX's -9.84% return. Over the past 10 years, BGX has outperformed HSGFX with an annualized return of 6.31%, while HSGFX has yielded a comparatively lower -2.97% annualized return.

BGX

• 1D: -0.09%
• 1M: -0.09%
• YTD: -4.34%
• 6M: -3.89%
• 1Y: -2.62%
• 3Y*: 10.06%
• 5Y*: 3.44%
• 10Y*: 6.31%

HSGFX

• 1D: -0.77%
• 1M: -4.47%
• YTD: -9.84%
• 6M: -9.50%
• 1Y: -18.99%
• 3Y*: -4.49%
• 5Y*: -3.66%
• 10Y*: -2.97%

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

BGX vs. HSGFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGX Blackstone Long-Short Credit Income Fund	-4.34%	2.09%	19.83%	18.92%	-20.57%	17.54%	-5.67%	24.98%	-4.19%	7.28%
HSGFX Hussman Strategic Growth Fund	-9.84%	6.24%	-6.99%	-11.60%	17.33%	-0.23%	14.52%	-18.87%	8.78%	-12.72%

Correlation

The correlation between BGX and HSGFX is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.21
Correlation (5Y) Calculated over the trailing 5-year period	-0.29
Correlation (10Y) Calculated over the trailing 10-year period	-0.24
Correlation (All Time) Calculated using the full available price history since Jan 28, 2011	-0.22

Return for Risk

BGX vs. HSGFX — Risk / Return Rank

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

BGX

BGX Risk / Return Rank: 2
BGX Sharpe Ratio Rank: 1
BGX Sortino Ratio Rank: 1
BGX Omega Ratio Rank: 1
BGX Calmar Ratio Rank: 2
BGX Martin Ratio Rank: 2

HSGFX

HSGFX Risk / Return Rank: 0
HSGFX Sharpe Ratio Rank: 0
HSGFX Sortino Ratio Rank: 0
HSGFX Omega Ratio Rank: 0
HSGFX Calmar Ratio Rank: 0
HSGFX Martin Ratio Rank: 0

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.

BGX vs. HSGFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blackstone Long-Short Credit Income Fund (BGX) and Hussman Strategic Growth Fund (HSGFX). 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.

	BGX	HSGFX	Difference
Sharpe ratio Return per unit of total volatility	-0.33	-1.77	+1.44
Sortino ratio Return per unit of downside risk	-0.42	-2.60	+2.18
Omega ratio Gain probability vs. loss probability	0.95	0.73	+0.22
Calmar ratio Return relative to maximum drawdown	-0.21	-0.99	+0.78
Martin ratio Return relative to average drawdown	-0.45	-1.93	+1.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BGX vs. HSGFX - Sharpe Ratio Comparison

The current BGX Sharpe Ratio is -0.33, which is higher than the HSGFX Sharpe Ratio of -1.77. The chart below compares the historical Sharpe Ratios of BGX and HSGFX, 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

	BGX	HSGFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.33	-1.77	+1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	-0.33	+0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	-0.28	+0.64
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.00	+0.28

Drawdowns

BGX vs. HSGFX - Drawdown Comparison

The maximum BGX drawdown since its inception was -47.40%, smaller than the maximum HSGFX drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for BGX and HSGFX.

Drawdown Indicators

	BGX	HSGFX	Difference
Max Drawdown Largest peak-to-trough decline	-47.40%	-60.61%	+13.21%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-19.80%	+7.37%
Max Drawdown (3Y) Largest decline over 3 years	-14.08%	-24.22%	+10.14%
Max Drawdown (5Y) Largest decline over 5 years	-25.94%	-24.22%	-1.72%
Max Drawdown (10Y) Largest decline over 10 years	-47.40%	-33.41%	-13.99%
Current Drawdown Current decline from peak	-8.00%	-57.05%	+49.05%
Average Drawdown Average peak-to-trough decline	-6.99%	-26.86%	+19.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.88%	10.29%	-4.41%

Volatility

BGX vs. HSGFX - Volatility Comparison

The current volatility for Blackstone Long-Short Credit Income Fund (BGX) is 1.41%, while Hussman Strategic Growth Fund (HSGFX) has a volatility of 3.89%. This indicates that BGX experiences smaller price fluctuations and is considered to be less risky than HSGFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGX	HSGFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	3.89%	-2.48%
Volatility (6M) Calculated over the trailing 6-month period	5.95%	8.72%	-2.77%
Volatility (1Y) Calculated over the trailing 1-year period	7.98%	11.14%	-3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.79%	11.06%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.54%	10.70%	+6.84%

BGX vs. HSGFX - Expense Ratio Comparison

BGX has a 1.46% expense ratio, which is higher than HSGFX's 1.15% expense ratio.

Dividends

BGX vs. HSGFX - Dividend Comparison

BGX's dividend yield for the trailing twelve months is around 9.04%, more than HSGFX's 2.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGX Blackstone Long-Short Credit Income Fund	9.04%	8.87%	9.89%	11.71%	8.15%	7.01%	8.76%	9.35%	11.74%	7.12%	9.01%	8.72%
HSGFX Hussman Strategic Growth Fund	2.58%	2.33%	3.00%	3.10%	1.08%	0.42%	0.16%	1.84%	1.19%	0.50%	0.28%	0.56%

Frequently Asked Questions

Can I hold both BGX and HSGFX in my portfolio?

BGX and HSGFX have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BGX or HSGFX?

HSGFX has higher volatility (3.89%) compared to BGX (1.41%). In terms of maximum drawdown, BGX dropped -47.40% vs HSGFX's -60.61%.

Which has better risk-adjusted returns?

BGX currently has the higher Sharpe Ratio (-0.33 vs -1.77), 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.