ETFOX vs. HFSAX

Last updated Aug 1, 2026

ETFOX (North Square Tactical Growth Fund) and HFSAX (Hundredfold Select Alternative Fund Investor Class) are both Tactical Allocation funds. Over the past 10 years, ETFOX returned 9.10%/yr vs 8.17%/yr for HFSAX. Their 0.71 correlation means they have sometimes moved together and sometimes differently. ETFOX charges 1.30%/yr vs 1.75%/yr for HFSAX.

Performance

ETFOX vs. HFSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in North Square Tactical Growth Fund (ETFOX) and Hundredfold Select Alternative Fund Investor Class (HFSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETFOX achieves a 7.08% return, which is significantly higher than HFSAX's 0.62% return. Over the past 10 years, ETFOX has outperformed HFSAX with an annualized return of 9.10%, while HFSAX has yielded a comparatively lower 8.17% annualized return.

ETFOX

• 1D: 1.57%
• 1M: -1.07%
• 6M: 5.22%
• YTD: 7.08%
• 1Y: 16.81%
• 3Y*: 13.17%
• 5Y*: 7.94%
• 10Y*: 9.10%
• ALL TIME*: 7.27%

HFSAX

• 1D: 0.37%
• 1M: -0.21%
• 6M: -0.45%
• YTD: 0.62%
• 1Y: 7.69%
• 3Y*: 7.99%
• 5Y*: 3.52%
• 10Y*: 8.17%
• ALL TIME*: 7.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETFOX North Square Tactical Growth Fund	$0.00	$0.00	$0.00
HFSAX Hundredfold Select Alternative Fund Investor Class	$0.00	$0.00	$0.00

ETFOX vs. HFSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETFOX North Square Tactical Growth Fund	7.08%	14.69%	15.45%	16.55%	-14.19%	12.43%	15.74%	15.00%	-4.12%	12.23%
HFSAX Hundredfold Select Alternative Fund Investor Class	0.62%	11.97%	3.75%	10.93%	-9.44%	9.05%	38.71%	10.35%	-1.97%	9.91%

Correlation

The correlation between ETFOX and HFSAX is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (10Y) Provides a long-term view across more market conditions.	0.72
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.71

The correlation between ETFOX and HFSAX has been stable across timeframes, ranging from 0.71 to 0.81 - a consistent structural relationship.

Return for Risk

ETFOX vs. HFSAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETFOX

ETFOX Risk / Return Rank: 51
ETFOX Sharpe Ratio Rank: 52
ETFOX Sortino Ratio Rank: 50
ETFOX Omega Ratio Rank: 47
ETFOX Calmar Ratio Rank: 50
ETFOX Martin Ratio Rank: 55

HFSAX

HFSAX Risk / Return Rank: 58
HFSAX Sharpe Ratio Rank: 68
HFSAX Sortino Ratio Rank: 59
HFSAX Omega Ratio Rank: 70
HFSAX Calmar Ratio Rank: 61
HFSAX Martin Ratio Rank: 35

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETFOX vs. HFSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for North Square Tactical Growth Fund (ETFOX) and Hundredfold Select Alternative Fund Investor Class (HFSAX). 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.

	ETFOX	HFSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.57	-0.22
Sortino ratio: Return per unit of downside risk	1.92	2.07	-0.15
Omega ratio: Gain probability vs. loss probability	1.24	1.30	-0.06
Calmar ratio: Return relative to maximum drawdown	1.84	2.03	-0.19
Martin ratio: Return relative to average drawdown	7.35	5.01	+2.34

ETFOX vs. HFSAX - Sharpe Ratio Comparison

The current ETFOX Sharpe Ratio is 1.35, which is comparable to the HFSAX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of ETFOX and HFSAX, 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

ETFOX vs. HFSAX - Drawdown Comparison

The maximum ETFOX drawdown since its inception was -41.32%, which is greater than HFSAX's maximum drawdown of -12.81%. Use the drawdown chart below to compare losses from any high point for ETFOX and HFSAX.

Drawdown Indicators

	ETFOX	HFSAX	Difference
Max Drawdown Largest peak-to-trough decline	-41.32%	-12.81%	-28.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	-3.68%	-4.47%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-5.67%	-8.96%
Max Drawdown (5Y) Largest decline over 5 years	-17.86%	-12.13%	-5.73%
Max Drawdown (10Y) Largest decline over 10 years	-18.47%	-12.81%	-5.66%
Current Drawdown Current decline from peak	-2.17%	-2.18%	+0.01%
Average Drawdown Average peak-to-trough decline	-5.40%	-2.38%	-3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	1.48%	+0.56%

Volatility

ETFOX vs. HFSAX - Volatility Comparison

North Square Tactical Growth Fund (ETFOX) has a higher volatility of 3.20% compared to Hundredfold Select Alternative Fund Investor Class (HFSAX) at 0.98%. This indicates that ETFOX's price experiences larger fluctuations and is considered to be riskier than HFSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETFOX	HFSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	0.98%	+2.22%
Volatility (6M) Calculated over the trailing 6-month period	8.86%	3.59%	+5.27%
Volatility (1Y) Calculated over the trailing 1-year period	11.12%	4.75%	+6.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.54%	6.20%	+6.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.43%	6.23%	+6.20%

ETFOX vs. HFSAX - Expense Ratio Comparison

ETFOX has a 1.30% expense ratio, which is lower than HFSAX's 1.75% expense ratio.

Dividends

ETFOX vs. HFSAX - Dividend Comparison

ETFOX's dividend yield for the trailing twelve months is around 1.21%, less than HFSAX's 9.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETFOX North Square Tactical Growth Fund	1.21%	1.29%	2.36%	0.98%	7.75%	4.75%	0.02%	4.81%	2.65%	0.00%	0.20%	0.64%
HFSAX Hundredfold Select Alternative Fund Investor Class	9.69%	9.75%	5.87%	5.17%	4.92%	10.98%	13.58%	6.44%	3.11%	11.06%	5.60%	1.85%

Frequently Asked Questions

Can I hold both ETFOX and HFSAX in my portfolio?

ETFOX and HFSAX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETFOX or HFSAX?

ETFOX has higher volatility (3.20%) compared to HFSAX (0.98%). In terms of maximum drawdown, ETFOX dropped -41.32% vs HFSAX's -12.81%.

Which has better risk-adjusted returns?

HFSAX currently has the higher Sharpe Ratio (1.57 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.