COTZX vs. HSAFX

Last updated Jun 25, 2026

COTZX (Columbia Thermostat Fund) and HSAFX (Hussman Strategic Allocation Fund) are both Tactical Allocation funds. Over the past 5 years, COTZX returned 4.45%/yr vs 1.82%/yr for HSAFX. At a 0.23 correlation, their price movements are largely independent. COTZX charges 0.24%/yr vs 1.25%/yr for HSAFX.

Performance

COTZX vs. HSAFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Thermostat Fund (COTZX) and Hussman Strategic Allocation Fund (HSAFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COTZX achieves a 2.36% return, which is significantly higher than HSAFX's -1.90% return.

COTZX

• 1D: -0.39%
• 1M: -0.01%
• YTD: 2.36%
• 6M: 1.96%
• 1Y: 9.48%
• 3Y*: 10.23%
• 5Y*: 4.45%
• 10Y*: 7.40%

HSAFX

• 1D: 0.62%
• 1M: -0.21%
• YTD: -1.90%
• 6M: -2.41%
• 1Y: -1.09%
• 3Y*: 3.40%
• 5Y*: 1.82%
• 10Y*: —

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

COTZX vs. HSAFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
COTZX Columbia Thermostat Fund	2.36%	15.02%	7.98%	11.66%	-12.92%	6.44%	29.61%	3.34%
HSAFX Hussman Strategic Allocation Fund	-1.90%	7.78%	1.74%	0.65%	4.42%	7.23%	11.20%	-0.37%

Correlation

The correlation between COTZX and HSAFX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Sep 3, 2019	0.23

The correlation between COTZX and HSAFX shifts across timeframes, from 0.07 (1 year) to 0.25 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

COTZX vs. HSAFX — Risk / Return Rank

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

COTZX

COTZX Risk / Return Rank: 56
COTZX Sharpe Ratio Rank: 52
COTZX Sortino Ratio Rank: 57
COTZX Omega Ratio Rank: 56
COTZX Calmar Ratio Rank: 51
COTZX Martin Ratio Rank: 66

HSAFX

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

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.

COTZX vs. HSAFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Thermostat Fund (COTZX) and Hussman Strategic Allocation Fund (HSAFX). 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.

	COTZX	HSAFX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	-0.15	+2.08
Sortino ratio: Return per unit of downside risk	2.83	-0.18	+3.00
Omega ratio: Gain probability vs. loss probability	1.37	0.98	+0.39
Calmar ratio: Return relative to maximum drawdown	2.56	-0.17	+2.73
Martin ratio: Return relative to average drawdown	11.75	-0.44	+12.18

COTZX vs. HSAFX - Sharpe Ratio Comparison

The current COTZX Sharpe Ratio is 1.92, which is higher than the HSAFX Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of COTZX and HSAFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

COTZX vs. HSAFX - Drawdown Comparison

The maximum COTZX drawdown since its inception was -47.48%, which is greater than HSAFX's maximum drawdown of -5.54%. Use the drawdown chart below to compare losses from any high point for COTZX and HSAFX.

Drawdown Indicators

	COTZX	HSAFX	Difference
Max Drawdown Largest peak-to-trough decline	-47.48%	-5.54%	-41.94%
Max Drawdown (1Y) Largest decline over 1 year	-4.02%	-5.34%	+1.32%
Max Drawdown (3Y) Largest decline over 3 years	-6.93%	-5.34%	-1.59%
Max Drawdown (5Y) Largest decline over 5 years	-17.80%	-5.34%	-12.46%
Max Drawdown (10Y) Largest decline over 10 years	-17.80%	—	—
Current Drawdown Current decline from peak	-1.09%	-4.15%	+3.06%
Average Drawdown Average peak-to-trough decline	-3.46%	-1.58%	-1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	2.05%	-1.18%

Volatility

COTZX vs. HSAFX - Volatility Comparison

Columbia Thermostat Fund (COTZX) has a higher volatility of 2.23% compared to Hussman Strategic Allocation Fund (HSAFX) at 2.08%. This indicates that COTZX's price experiences larger fluctuations and is considered to be riskier than HSAFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COTZX	HSAFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.23%	2.08%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	4.39%	4.09%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	5.38%	5.82%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.39%	4.91%	+2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.41%	5.15%	+2.26%

COTZX vs. HSAFX - Expense Ratio Comparison

COTZX has a 0.24% expense ratio, which is lower than HSAFX's 1.25% expense ratio.

Dividends

COTZX vs. HSAFX - Dividend Comparison

COTZX's dividend yield for the trailing twelve months is around 3.29%, more than HSAFX's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COTZX Columbia Thermostat Fund	3.29%	3.37%	3.55%	2.74%	3.28%	14.82%	6.92%	5.57%	4.45%	3.13%	2.66%	4.26%
HSAFX Hussman Strategic Allocation Fund	1.80%	1.90%	2.15%	1.60%	19.12%	3.37%	5.55%	0.03%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both COTZX and HSAFX in my portfolio?

COTZX and HSAFX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COTZX or HSAFX?

COTZX has higher volatility (2.23%) compared to HSAFX (2.08%). In terms of maximum drawdown, COTZX dropped -47.48% vs HSAFX's -5.54%.

Which has better risk-adjusted returns?

COTZX currently has the higher Sharpe Ratio (1.92 vs -0.15), 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.