HCYAX vs. HCYIX

Last updated Jun 3, 2026

HCYAX (Hilton Tactical Income Fund) and HCYIX (Hilton Tactical Income Fund Institutional Class) are both Tactical Allocation funds from Direxion. Over the past 10 years, HCYAX returned 5.35%/yr vs 5.58%/yr for HCYIX. With a 0.99 correlation, they move nearly in lockstep. HCYAX charges 1.12%/yr vs 0.87%/yr for HCYIX.

Performance

HCYAX vs. HCYIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hilton Tactical Income Fund (HCYAX) and Hilton Tactical Income Fund Institutional Class (HCYIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HCYAX achieves a 2.19% return, which is significantly lower than HCYIX's 2.31% return. Both investments have delivered pretty close results over the past 10 years, with HCYAX having a 5.35% annualized return and HCYIX not far ahead at 5.58%.

HCYAX

• 1D: -0.21%
• 1M: 0.88%
• YTD: 2.19%
• 6M: 2.55%
• 1Y: 9.83%
• 3Y*: 8.61%
• 5Y*: 4.28%
• 10Y*: 5.35%

HCYIX

• 1D: -0.24%
• 1M: 0.90%
• YTD: 2.31%
• 6M: 2.68%
• 1Y: 10.09%
• 3Y*: 8.85%
• 5Y*: 4.52%
• 10Y*: 5.58%

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

HCYAX vs. HCYIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HCYAX Hilton Tactical Income Fund	2.19%	8.41%	10.12%	6.81%	-10.88%	15.51%	-1.78%	15.34%	-2.96%	8.06%
HCYIX Hilton Tactical Income Fund Institutional Class	2.31%	8.62%	10.38%	7.07%	-10.69%	15.81%	-1.63%	15.59%	-2.78%	8.36%

Correlation

The correlation between HCYAX and HCYIX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 6, 2014	0.99

The correlation between HCYAX and HCYIX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

HCYAX vs. HCYIX — Risk / Return Rank

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

HCYAX

HCYAX Risk / Return Rank: 38
HCYAX Sharpe Ratio Rank: 42
HCYAX Sortino Ratio Rank: 42
HCYAX Omega Ratio Rank: 42
HCYAX Calmar Ratio Rank: 27
HCYAX Martin Ratio Rank: 36

HCYIX

HCYIX Risk / Return Rank: 40
HCYIX Sharpe Ratio Rank: 43
HCYIX Sortino Ratio Rank: 44
HCYIX Omega Ratio Rank: 44
HCYIX Calmar Ratio Rank: 29
HCYIX Martin Ratio Rank: 38

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.

HCYAX vs. HCYIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hilton Tactical Income Fund (HCYAX) and Hilton Tactical Income Fund Institutional Class (HCYIX). 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.

	HCYAX	HCYIX	Difference
Sharpe ratio Return per unit of total volatility	1.88	1.92	-0.05
Sortino ratio Return per unit of downside risk	2.72	2.79	-0.07
Omega ratio Gain probability vs. loss probability	1.35	1.36	-0.01
Calmar ratio Return relative to maximum drawdown	1.97	2.03	-0.07
Martin ratio Return relative to average drawdown	8.08	8.34	-0.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HCYAX vs. HCYIX - Sharpe Ratio Comparison

The current HCYAX Sharpe Ratio is 1.88, which is comparable to the HCYIX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of HCYAX and HCYIX, 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

	HCYAX	HCYIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	1.92	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.71	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.69	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.68	-0.03

Drawdowns

HCYAX vs. HCYIX - Drawdown Comparison

The maximum HCYAX drawdown since its inception was -25.70%, roughly equal to the maximum HCYIX drawdown of -25.70%. Use the drawdown chart below to compare losses from any high point for HCYAX and HCYIX.

Drawdown Indicators

	HCYAX	HCYIX	Difference
Max Drawdown Largest peak-to-trough decline	-25.70%	-25.70%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-5.14%	-5.12%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-7.73%	-7.73%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-13.90%	-13.75%	-0.15%
Max Drawdown (10Y) Largest decline over 10 years	-25.70%	-25.70%	0.00%
Current Drawdown Current decline from peak	-0.39%	-0.36%	-0.03%
Average Drawdown Average peak-to-trough decline	-3.25%	-3.16%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	1.25%	0.00%

Volatility

HCYAX vs. HCYIX - Volatility Comparison

Hilton Tactical Income Fund (HCYAX) and Hilton Tactical Income Fund Institutional Class (HCYIX) have volatilities of 1.36% and 1.31%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCYAX	HCYIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	1.31%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	4.15%	4.16%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	5.32%	5.31%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.39%	6.39%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.10%	8.09%	+0.01%

HCYAX vs. HCYIX - Expense Ratio Comparison

HCYAX has a 1.12% expense ratio, which is higher than HCYIX's 0.87% expense ratio.

Dividends

HCYAX vs. HCYIX - Dividend Comparison

HCYAX's dividend yield for the trailing twelve months is around 6.42%, less than HCYIX's 6.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HCYAX Hilton Tactical Income Fund	6.42%	6.26%	3.22%	2.81%	2.77%	2.40%	3.26%	2.64%	3.98%	2.54%	3.63%	4.28%
HCYIX Hilton Tactical Income Fund Institutional Class	6.66%	6.51%	3.46%	3.05%	3.01%	2.61%	3.36%	2.87%	4.22%	2.75%	3.87%	4.54%

Frequently Asked Questions

Can I hold both HCYAX and HCYIX in my portfolio?

With a correlation of 0.99, HCYAX and HCYIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HCYAX or HCYIX?

HCYAX has higher volatility (1.36%) compared to HCYIX (1.31%). In terms of maximum drawdown, HCYAX dropped -25.70% vs HCYIX's -25.70%.

Which has better risk-adjusted returns?

HCYIX currently has the higher Sharpe Ratio (1.92 vs 1.88), 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.