GTRFX vs. HSGFX

Last updated Jun 24, 2026

GTRFX (Gotham Total Return Fund) and HSGFX (Hussman Strategic Growth Fund) are both Long-Short funds. Over the past 10 years, GTRFX returned 9.35%/yr vs -3.17%/yr for HSGFX. At a correlation of -0.48, they often move in opposite directions. GTRFX charges 0.00%/yr vs 1.15%/yr for HSGFX.

Performance

GTRFX vs. HSGFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Total Return Fund (GTRFX) 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, GTRFX achieves a 5.78% return, which is significantly higher than HSGFX's -10.54% return. Over the past 10 years, GTRFX has outperformed HSGFX with an annualized return of 9.35%, while HSGFX has yielded a comparatively lower -3.17% annualized return.

GTRFX

• 1D: -0.28%
• 1M: -0.77%
• YTD: 5.78%
• 6M: 4.99%
• 1Y: 16.81%
• 3Y*: 16.28%
• 5Y*: 10.72%
• 10Y*: 9.35%

HSGFX

• 1D: -0.20%
• 1M: -2.68%
• YTD: -10.54%
• 6M: -10.66%
• 1Y: -18.37%
• 3Y*: -4.74%
• 5Y*: -3.50%
• 10Y*: -3.17%

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

GTRFX vs. HSGFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTRFX Gotham Total Return Fund	5.78%	15.31%	15.73%	15.29%	-9.82%	27.83%	-11.41%	12.57%	-1.73%	18.93%
HSGFX Hussman Strategic Growth Fund	-10.54%	6.24%	-6.99%	-11.60%	17.33%	-0.23%	14.52%	-18.87%	8.78%	-12.72%

Correlation

The correlation between GTRFX and HSGFX is -0.32, 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	-0.32
Correlation (3Y) Calculated over the trailing 3-year period	-0.41
Correlation (5Y) Calculated over the trailing 5-year period	-0.52
Correlation (10Y) Calculated over the trailing 10-year period	-0.47
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	-0.48

The correlation between GTRFX and HSGFX shifts across timeframes, from -0.52 (5 years) to -0.32 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GTRFX vs. HSGFX — Risk / Return Rank

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

GTRFX

GTRFX Risk / Return Rank: 48
GTRFX Sharpe Ratio Rank: 43
GTRFX Sortino Ratio Rank: 44
GTRFX Omega Ratio Rank: 40
GTRFX Calmar Ratio Rank: 56
GTRFX Martin Ratio Rank: 58

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.

GTRFX vs. HSGFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Total Return Fund (GTRFX) 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.

	GTRFX	HSGFX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	-1.51	+3.30
Sortino ratio: Return per unit of downside risk	2.59	-2.24	+4.84
Omega ratio: Gain probability vs. loss probability	1.31	0.77	+0.55
Calmar ratio: Return relative to maximum drawdown	2.75	-1.01	+3.77
Martin ratio: Return relative to average drawdown	10.89	-2.01	+12.90

GTRFX vs. HSGFX - Sharpe Ratio Comparison

The current GTRFX Sharpe Ratio is 1.79, which is higher than the HSGFX Sharpe Ratio of -1.51. The chart below compares the historical Sharpe Ratios of GTRFX 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.

Drawdowns

GTRFX vs. HSGFX - Drawdown Comparison

The maximum GTRFX drawdown since its inception was -29.58%, smaller than the maximum HSGFX drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for GTRFX and HSGFX.

Drawdown Indicators

	GTRFX	HSGFX	Difference
Max Drawdown Largest peak-to-trough decline	-29.58%	-60.61%	+31.03%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-17.98%	+11.51%
Max Drawdown (3Y) Largest decline over 3 years	-14.48%	-24.52%	+10.04%
Max Drawdown (5Y) Largest decline over 5 years	-18.51%	-24.52%	+6.01%
Max Drawdown (10Y) Largest decline over 10 years	-29.58%	-33.41%	+3.83%
Current Drawdown Current decline from peak	-1.95%	-57.39%	+55.44%
Average Drawdown Average peak-to-trough decline	-4.27%	-26.91%	+22.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	9.33%	-7.70%

Volatility

GTRFX vs. HSGFX - Volatility Comparison

The current volatility for Gotham Total Return Fund (GTRFX) is 3.23%, while Hussman Strategic Growth Fund (HSGFX) has a volatility of 5.62%. This indicates that GTRFX 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

	GTRFX	HSGFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	5.62%	-2.39%
Volatility (6M) Calculated over the trailing 6-month period	7.53%	10.01%	-2.48%
Volatility (1Y) Calculated over the trailing 1-year period	9.98%	12.28%	-2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.54%	11.29%	+2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.90%	10.83%	+3.07%

GTRFX vs. HSGFX - Expense Ratio Comparison

GTRFX has a 0.00% expense ratio, which is lower than HSGFX's 1.15% expense ratio.

Dividends

GTRFX vs. HSGFX - Dividend Comparison

GTRFX's dividend yield for the trailing twelve months is around 9.01%, more than HSGFX's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTRFX Gotham Total Return Fund	9.01%	9.53%	11.50%	7.27%	10.25%	4.66%	0.71%	6.06%	1.48%	0.33%	0.05%	0.00%
HSGFX Hussman Strategic Growth Fund	2.60%	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 GTRFX and HSGFX in my portfolio?

GTRFX and HSGFX have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTRFX or HSGFX?

HSGFX has higher volatility (5.62%) compared to GTRFX (3.23%). In terms of maximum drawdown, GTRFX dropped -29.58% vs HSGFX's -60.61%.

Which has better risk-adjusted returns?

GTRFX currently has the higher Sharpe Ratio (1.79 vs -1.51), 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.