HSAFX vs. HSGFX

Last updated Jun 23, 2026

HSAFX (Hussman Strategic Allocation Fund) and HSGFX (Hussman Strategic Growth Fund) are both mutual funds - HSAFX is a Tactical Allocation fund managed by Hussman Funds, while HSGFX is a Long-Short fund managed by Hussman Funds. Over the past 5 years, HSAFX returned 1.74%/yr vs -3.66%/yr for HSGFX. At a 0.43 correlation, their price movements are largely independent. HSAFX charges 1.25%/yr vs 1.15%/yr for HSGFX.

Performance

HSAFX vs. HSGFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hussman Strategic Allocation Fund (HSAFX) 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, HSAFX achieves a -2.51% return, which is significantly higher than HSGFX's -10.37% return.

HSAFX

• 1D: -0.31%
• 1M: -0.82%
• YTD: -2.51%
• 6M: -3.59%
• 1Y: -1.11%
• 3Y*: 3.00%
• 5Y*: 1.74%
• 10Y*: —

HSGFX

• 1D: -1.35%
• 1M: -2.49%
• YTD: -10.37%
• 6M: -11.70%
• 1Y: -18.33%
• 3Y*: -4.63%
• 5Y*: -3.66%
• 10Y*: -3.11%

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

HSAFX vs. HSGFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HSAFX Hussman Strategic Allocation Fund	-2.51%	7.78%	1.74%	0.65%	4.42%	7.23%	11.20%	-0.37%
HSGFX Hussman Strategic Growth Fund	-10.37%	6.24%	-6.99%	-11.60%	17.33%	-0.23%	14.52%	-6.84%

Correlation

The correlation between HSAFX and HSGFX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Sep 3, 2019	0.43

Over the past year, HSAFX and HSGFX have become more correlated (0.65) than their long-term average of 0.43, meaning their price movements have been converging.

Return for Risk

HSAFX vs. HSGFX — Risk / Return Rank

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

HSAFX

HSAFX Risk / Return Rank: 2
HSAFX Sharpe Ratio Rank: 2
HSAFX Sortino Ratio Rank: 2
HSAFX Omega Ratio Rank: 2
HSAFX Calmar Ratio Rank: 2
HSAFX Martin Ratio Rank: 2

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.

HSAFX vs. HSGFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hussman Strategic Allocation Fund (HSAFX) 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.

	HSAFX	HSGFX	Difference
Sharpe ratio: Return per unit of total volatility	-0.12	-1.47	+1.35
Sortino ratio: Return per unit of downside risk	-0.13	-2.17	+2.03
Omega ratio: Gain probability vs. loss probability	0.98	0.77	+0.21
Calmar ratio: Return relative to maximum drawdown	-0.13	-0.98	+0.85
Martin ratio: Return relative to average drawdown	-0.35	-1.94	+1.59

HSAFX vs. HSGFX - Sharpe Ratio Comparison

The current HSAFX Sharpe Ratio is -0.12, which is higher than the HSGFX Sharpe Ratio of -1.47. The chart below compares the historical Sharpe Ratios of HSAFX 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

HSAFX vs. HSGFX - Drawdown Comparison

The maximum HSAFX drawdown since its inception was -5.54%, smaller than the maximum HSGFX drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for HSAFX and HSGFX.

Drawdown Indicators

	HSAFX	HSGFX	Difference
Max Drawdown Largest peak-to-trough decline	-5.54%	-60.61%	+55.07%
Max Drawdown (1Y) Largest decline over 1 year	-5.34%	-18.21%	+12.87%
Max Drawdown (3Y) Largest decline over 3 years	-5.34%	-24.37%	+19.03%
Max Drawdown (5Y) Largest decline over 5 years	-5.34%	-24.37%	+19.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.41%	—
Current Drawdown Current decline from peak	-4.74%	-57.30%	+52.56%
Average Drawdown Average peak-to-trough decline	-1.58%	-26.91%	+25.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	9.26%	-7.25%

Volatility

HSAFX vs. HSGFX - Volatility Comparison

The current volatility for Hussman Strategic Allocation Fund (HSAFX) is 2.03%, while Hussman Strategic Growth Fund (HSGFX) has a volatility of 5.62%. This indicates that HSAFX 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

	HSAFX	HSGFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.03%	5.62%	-3.59%
Volatility (6M) Calculated over the trailing 6-month period	4.06%	10.11%	-6.05%
Volatility (1Y) Calculated over the trailing 1-year period	5.80%	12.27%	-6.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.90%	11.30%	-6.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	10.83%	-5.68%

HSAFX vs. HSGFX - Expense Ratio Comparison

HSAFX has a 1.25% expense ratio, which is higher than HSGFX's 1.15% expense ratio.

Dividends

HSAFX vs. HSGFX - Dividend Comparison

HSAFX's dividend yield for the trailing twelve months is around 1.81%, less than HSGFX's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSAFX Hussman Strategic Allocation Fund	1.81%	1.90%	2.15%	1.60%	19.12%	3.37%	5.55%	0.03%	0.00%	0.00%	0.00%	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 HSAFX and HSGFX in my portfolio?

HSAFX and HSGFX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HSAFX or HSGFX?

HSGFX has higher volatility (5.62%) compared to HSAFX (2.03%). In terms of maximum drawdown, HSAFX dropped -5.54% vs HSGFX's -60.61%.

Which has better risk-adjusted returns?

HSAFX currently has the higher Sharpe Ratio (-0.12 vs -1.47), 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.