HFSAX vs. TFAQX

Last updated Jun 23, 2026

HFSAX (Hundredfold Select Alternative Fund Investor Class) and TFAQX (TFA Quantitative Fund) are both Tactical Allocation funds. Over the past 5 years, HFSAX returned 3.32%/yr vs 8.39%/yr for TFAQX. A 0.63 correlation means they provide meaningful diversification when combined. HFSAX charges 1.75%/yr vs 1.98%/yr for TFAQX.

Performance

HFSAX vs. TFAQX - Performance Comparison

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

Returns By Period

In the year-to-date period, HFSAX achieves a 1.71% return, which is significantly lower than TFAQX's 10.10% return.

HFSAX

• 1D: 0.33%
• 1M: 0.16%
• YTD: 1.71%
• 6M: 1.66%
• 1Y: 10.14%
• 3Y*: 9.07%
• 5Y*: 3.32%
• 10Y*: 8.29%

TFAQX

• 1D: 1.97%
• 1M: 3.24%
• YTD: 10.10%
• 6M: 8.89%
• 1Y: 26.99%
• 3Y*: 16.11%
• 5Y*: 8.39%
• 10Y*: —

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

HFSAX vs. TFAQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HFSAX Hundredfold Select Alternative Fund Investor Class	1.71%	11.97%	3.75%	10.93%	-9.44%	9.05%	30.73%
TFAQX TFA Quantitative Fund	10.10%	11.41%	22.12%	23.25%	-25.11%	10.88%	18.19%

Correlation

The correlation between HFSAX and TFAQX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since May 18, 2020	0.63

The correlation between HFSAX and TFAQX has been stable across timeframes, ranging from 0.63 to 0.72 - a consistent structural relationship.

Return for Risk

HFSAX vs. TFAQX — Risk / Return Rank

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

HFSAX

HFSAX Risk / Return Rank: 55
HFSAX Sharpe Ratio Rank: 63
HFSAX Sortino Ratio Rank: 53
HFSAX Omega Ratio Rank: 69
HFSAX Calmar Ratio Rank: 56
HFSAX Martin Ratio Rank: 36

TFAQX

TFAQX Risk / Return Rank: 35
TFAQX Sharpe Ratio Rank: 38
TFAQX Sortino Ratio Rank: 32
TFAQX Omega Ratio Rank: 37
TFAQX Calmar Ratio Rank: 34
TFAQX Martin Ratio Rank: 33

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.

HFSAX vs. TFAQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hundredfold Select Alternative Fund Investor Class (HFSAX) and TFA Quantitative Fund (TFAQX). 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.

	HFSAX	TFAQX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	1.67	+0.47
Sortino ratio: Return per unit of downside risk	2.82	2.21	+0.61
Omega ratio: Gain probability vs. loss probability	1.42	1.30	+0.12
Calmar ratio: Return relative to maximum drawdown	2.75	2.10	+0.65
Martin ratio: Return relative to average drawdown	7.51	7.11	+0.40

HFSAX vs. TFAQX - Sharpe Ratio Comparison

The current HFSAX Sharpe Ratio is 2.14, which is comparable to the TFAQX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of HFSAX and TFAQX, 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

HFSAX vs. TFAQX - Drawdown Comparison

The maximum HFSAX drawdown since its inception was -12.81%, smaller than the maximum TFAQX drawdown of -27.78%. Use the drawdown chart below to compare losses from any high point for HFSAX and TFAQX.

Drawdown Indicators

	HFSAX	TFAQX	Difference
Max Drawdown Largest peak-to-trough decline	-12.81%	-27.78%	+14.97%
Max Drawdown (1Y) Largest decline over 1 year	-3.68%	-12.85%	+9.17%
Max Drawdown (3Y) Largest decline over 3 years	-5.67%	-21.59%	+15.92%
Max Drawdown (5Y) Largest decline over 5 years	-12.16%	-27.78%	+15.62%
Max Drawdown (10Y) Largest decline over 10 years	-12.81%	—	—
Current Drawdown Current decline from peak	-1.13%	-0.40%	-0.73%
Average Drawdown Average peak-to-trough decline	-2.38%	-8.44%	+6.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	3.78%	-2.44%

Volatility

HFSAX vs. TFAQX - Volatility Comparison

The current volatility for Hundredfold Select Alternative Fund Investor Class (HFSAX) is 1.72%, while TFA Quantitative Fund (TFAQX) has a volatility of 7.12%. This indicates that HFSAX experiences smaller price fluctuations and is considered to be less risky than TFAQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFSAX	TFAQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	7.12%	-5.40%
Volatility (6M) Calculated over the trailing 6-month period	3.84%	12.59%	-8.75%
Volatility (1Y) Calculated over the trailing 1-year period	4.74%	16.20%	-11.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.21%	17.61%	-11.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.27%	17.43%	-11.16%

HFSAX vs. TFAQX - Expense Ratio Comparison

HFSAX has a 1.75% expense ratio, which is lower than TFAQX's 1.98% expense ratio.

Dividends

HFSAX vs. TFAQX - Dividend Comparison

HFSAX's dividend yield for the trailing twelve months is around 9.58%, more than TFAQX's 9.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFSAX Hundredfold Select Alternative Fund Investor Class	9.58%	9.75%	5.87%	5.17%	4.92%	10.98%	13.58%	6.44%	3.11%	11.06%	5.60%	1.85%
TFAQX TFA Quantitative Fund	9.23%	10.16%	0.00%	0.03%	5.06%	20.52%	4.62%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFSAX and TFAQX in my portfolio?

HFSAX and TFAQX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFSAX or TFAQX?

TFAQX has higher volatility (7.12%) compared to HFSAX (1.72%). In terms of maximum drawdown, HFSAX dropped -12.81% vs TFAQX's -27.78%.

Which has better risk-adjusted returns?

HFSAX currently has the higher Sharpe Ratio (2.14 vs 1.67), 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.