HSAFX vs. BOXX
HSAFX (Hussman Strategic Allocation Fund) and BOXX (Alpha Architect 1-3 Month Box ETF) are both funds - HSAFX is a Tactical Allocation fund managed by Hussman Funds, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. Over the past 3 years, HSAFX returned 3.00%/yr vs 4.71%/yr for BOXX. At a 0.06 correlation, their price movements are largely independent. HSAFX charges 1.25%/yr vs 0.19%/yr for BOXX.
Performance
HSAFX vs. BOXX - Performance Comparison
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Returns By Period
In the year-to-date period, HSAFX achieves a -2.51% return, which is significantly lower than BOXX's 1.72% return.
HSAFX
- 1D
- -0.31%
- 1M
- -0.82%
- YTD
- -2.51%
- 6M
- -3.59%
- 1Y
- -1.11%
- 3Y*
- 3.00%
- 5Y*
- 1.74%
- 10Y*
- —
BOXX
- 1D
- 0.02%
- 1M
- 0.18%
- YTD
- 1.72%
- 6M
- 1.87%
- 1Y
- 4.02%
- 3Y*
- 4.71%
- 5Y*
- —
- 10Y*
- —
HSAFX vs. BOXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HSAFX Hussman Strategic Allocation Fund | -2.51% | 7.78% | 1.74% | 0.65% | -0.13% |
BOXX Alpha Architect 1-3 Month Box ETF | 1.72% | 4.37% | 5.16% | 5.04% | 0.07% |
Correlation
The correlation between HSAFX and BOXX is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2022 | 0.06 |
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Return for Risk
HSAFX vs. BOXX — Risk / Return Rank
HSAFX
BOXX
HSAFX vs. BOXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hussman Strategic Allocation Fund (HSAFX) and Alpha Architect 1-3 Month Box ETF (BOXX). 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.
| HSAFX | BOXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.76 | ||
| Sortino ratioReturn per unit of downside risk | -36.05 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 9.07 | -8.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | 58.74 | -58.88 |
| Martin ratioReturn relative to average drawdown | -0.35 | 507.08 | -507.43 |
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Drawdowns
HSAFX vs. BOXX - Drawdown Comparison
The maximum HSAFX drawdown since its inception was -5.54%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for HSAFX and BOXX.
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Drawdown Indicators
| HSAFX | BOXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.54% | -0.12% | -5.42% |
Max Drawdown (1Y)Largest decline over 1 year | -5.34% | -0.07% | -5.27% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -0.12% | -5.22% |
Max Drawdown (5Y)Largest decline over 5 years | -5.34% | — | — |
Current DrawdownCurrent decline from peak | -4.74% | 0.00% | -4.74% |
Average DrawdownAverage peak-to-trough decline | -1.58% | -0.00% | -1.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 0.01% | +2.00% |
Volatility
HSAFX vs. BOXX - Volatility Comparison
Hussman Strategic Allocation Fund (HSAFX) has a higher volatility of 2.03% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.12%. This indicates that HSAFX's price experiences larger fluctuations and is considered to be riskier than BOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSAFX | BOXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 0.12% | +1.91% |
Volatility (6M)Calculated over the trailing 6-month period | 4.06% | 0.26% | +3.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.80% | 0.32% | +5.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.90% | 0.37% | +4.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.15% | 0.37% | +4.78% |
HSAFX vs. BOXX - Expense Ratio Comparison
HSAFX has a 1.25% expense ratio, which is higher than BOXX's 0.19% expense ratio.
Dividends
HSAFX vs. BOXX - Dividend Comparison
HSAFX's dividend yield for the trailing twelve months is around 1.81%, while BOXX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BOXX Alpha Architect 1-3 Month Box ETF | 0.00% | 0.00% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HSAFX Hussman Strategic Allocation Fund | 1.81% | 1.90% | 2.15% | 1.60% | 19.12% | 3.37% | 5.55% | 0.03% |
Frequently Asked Questions
HSAFX and BOXX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HSAFX has higher volatility (2.03%) compared to BOXX (0.12%). In terms of maximum drawdown, HSAFX dropped -5.54% vs BOXX's -0.12%.
BOXX currently has the higher Sharpe Ratio (12.63 vs -0.12), 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.
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