BTPIX vs. HSGFX
BTPIX (Salient Tactical Plus Fund) and HSGFX (Hussman Strategic Growth Fund) are both Long-Short funds. Over the past 10 years, BTPIX returned 4.45%/yr vs -2.98%/yr for HSGFX. At a correlation of -0.46, they often move in opposite directions. BTPIX charges 1.08%/yr vs 1.15%/yr for HSGFX.
Performance
BTPIX vs. HSGFX - Performance Comparison
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Returns By Period
In the year-to-date period, BTPIX achieves a 3.97% return, which is significantly higher than HSGFX's -8.79% return. Over the past 10 years, BTPIX has outperformed HSGFX with an annualized return of 4.45%, while HSGFX has yielded a comparatively lower -2.98% annualized return.
BTPIX
- 1D
- -1.40%
- 1M
- -1.32%
- YTD
- 3.97%
- 6M
- 2.24%
- 1Y
- 7.77%
- 3Y*
- 2.44%
- 5Y*
- 1.95%
- 10Y*
- 4.45%
HSGFX
- 1D
- 1.96%
- 1M
- -0.76%
- YTD
- -8.79%
- 6M
- -8.91%
- 1Y
- -16.37%
- 3Y*
- -4.12%
- 5Y*
- -3.09%
- 10Y*
- -2.98%
BTPIX vs. HSGFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTPIX Salient Tactical Plus Fund | 3.97% | -2.44% | 3.17% | 4.22% | -1.65% | 6.48% | 7.46% | 7.54% | 2.94% | 0.26% |
HSGFX Hussman Strategic Growth Fund | -8.79% | 6.24% | -6.99% | -11.60% | 17.33% | -0.23% | 14.52% | -18.87% | 8.78% | -12.72% |
Correlation
The correlation between BTPIX and HSGFX is -0.62, 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 | -0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.42 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013 | -0.46 |
The correlation between BTPIX and HSGFX shifts across timeframes, from -0.62 (1 year) to -0.39 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BTPIX vs. HSGFX — Risk / Return Rank
BTPIX
HSGFX
BTPIX vs. HSGFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Salient Tactical Plus Fund (BTPIX) 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.
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.
| BTPIX | HSGFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.11 | ||
| Sortino ratioReturn per unit of downside risk | +3.08 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 0.79 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 1.07 | -0.94 | +2.00 |
| Martin ratioReturn relative to average drawdown | 3.20 | -1.89 | +5.09 |
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Drawdowns
BTPIX vs. HSGFX - Drawdown Comparison
The maximum BTPIX drawdown since its inception was -13.30%, smaller than the maximum HSGFX drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for BTPIX and HSGFX.
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Drawdown Indicators
| BTPIX | HSGFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.30% | -60.61% | +47.31% |
Max Drawdown (1Y)Largest decline over 1 year | -6.84% | -17.46% | +10.62% |
Max Drawdown (3Y)Largest decline over 3 years | -8.90% | -24.52% | +15.62% |
Max Drawdown (5Y)Largest decline over 5 years | -8.90% | -24.52% | +15.62% |
Max Drawdown (10Y)Largest decline over 10 years | -11.04% | -33.41% | +22.37% |
Current DrawdownCurrent decline from peak | -2.77% | -56.55% | +53.78% |
Average DrawdownAverage peak-to-trough decline | -3.87% | -26.92% | +23.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 9.26% | -6.98% |
Volatility
BTPIX vs. HSGFX - Volatility Comparison
The current volatility for Salient Tactical Plus Fund (BTPIX) is 3.17%, while Hussman Strategic Growth Fund (HSGFX) has a volatility of 5.97%. This indicates that BTPIX 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.
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Volatility by Period
| BTPIX | HSGFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.17% | 5.97% | -2.80% |
Volatility (6M)Calculated over the trailing 6-month period | 7.17% | 10.19% | -3.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.62% | 12.42% | -2.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.31% | 11.33% | -5.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.60% | 10.84% | -2.24% |
BTPIX vs. HSGFX - Expense Ratio Comparison
BTPIX has a 1.08% expense ratio, which is lower than HSGFX's 1.15% expense ratio.
Dividends
BTPIX vs. HSGFX - Dividend Comparison
BTPIX's dividend yield for the trailing twelve months is around 2.70%, more than HSGFX's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTPIX Salient Tactical Plus Fund | 2.70% | 2.81% | 3.80% | 4.93% | 7.72% | 0.00% | 6.10% | 6.16% | 3.08% | 0.00% | 4.14% | 0.00% |
HSGFX Hussman Strategic Growth Fund | 2.55% | 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
BTPIX and HSGFX have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HSGFX has higher volatility (5.97%) compared to BTPIX (3.17%). In terms of maximum drawdown, BTPIX dropped -13.30% vs HSGFX's -60.61%.
BTPIX currently has the higher Sharpe Ratio (0.76 vs -1.35), 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.
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