HSAFX vs. QMLFX

Last updated Jul 16, 2026

HSAFX (Hussman Strategic Allocation Fund) and QMLFX (Quantified Market Leaders Fund) are both Tactical Allocation funds. Over the past 5 years, HSAFX returned 2.23%/yr vs 1.86%/yr for QMLFX. At a 0.19 correlation, their price movements are largely independent. HSAFX charges 1.25%/yr vs 1.30%/yr for QMLFX.

Performance

HSAFX vs. QMLFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hussman Strategic Allocation Fund (HSAFX) and Quantified Market Leaders Fund (QMLFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSAFX achieves a -0.85% return, which is significantly lower than QMLFX's 15.64% return.

HSAFX

• 1D: -0.51%
• 1M: 0.66%
• 6M: -0.65%
• YTD: -0.85%
• 1Y: 1.17%
• 3Y*: 3.35%
• 5Y*: 2.23%
• 10Y*: —

QMLFX

• 1D: 1.47%
• 1M: -4.31%
• 6M: 9.91%
• YTD: 15.64%
• 1Y: 26.32%
• 3Y*: 9.20%
• 5Y*: 1.86%
• 10Y*: 9.57%

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

HSAFX vs. QMLFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HSAFX Hussman Strategic Allocation Fund	-0.85%	7.78%	1.74%	0.65%	4.42%	7.23%	11.20%	-0.37%
QMLFX Quantified Market Leaders Fund	15.64%	0.97%	11.05%	15.04%	-23.59%	13.22%	37.81%	14.32%

Correlation

The correlation between HSAFX and QMLFX is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Sep 3, 2019	0.19

The correlation between HSAFX and QMLFX shifts across timeframes, from -0.11 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HSAFX vs. QMLFX — Risk / Return Rank

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

HSAFX

HSAFX Risk / Return Rank: 4
HSAFX Sharpe Ratio Rank: 4
HSAFX Sortino Ratio Rank: 3
HSAFX Omega Ratio Rank: 3
HSAFX Calmar Ratio Rank: 4
HSAFX Martin Ratio Rank: 4

QMLFX

QMLFX Risk / Return Rank: 37
QMLFX Sharpe Ratio Rank: 25
QMLFX Sortino Ratio Rank: 23
QMLFX Omega Ratio Rank: 26
QMLFX Calmar Ratio Rank: 69
QMLFX Martin Ratio Rank: 40

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. QMLFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hussman Strategic Allocation Fund (HSAFX) and Quantified Market Leaders Fund (QMLFX). 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	QMLFX	Difference
Sharpe ratio: Return per unit of total volatility	0.08	1.07	-0.99
Sortino ratio: Return per unit of downside risk	0.15	1.50	-1.34
Omega ratio: Gain probability vs. loss probability	1.02	1.20	-0.18
Calmar ratio: Return relative to maximum drawdown	0.09	2.56	-2.47
Martin ratio: Return relative to average drawdown	0.21	6.94	-6.74

HSAFX vs. QMLFX - Sharpe Ratio Comparison

The current HSAFX Sharpe Ratio is 0.08, which is lower than the QMLFX Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of HSAFX and QMLFX, 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. QMLFX - Drawdown Comparison

The maximum HSAFX drawdown since its inception was -5.54%, smaller than the maximum QMLFX drawdown of -36.59%. Use the drawdown chart below to compare losses from any high point for HSAFX and QMLFX.

Drawdown Indicators

	HSAFX	QMLFX	Difference
Max Drawdown Largest peak-to-trough decline	-5.54%	-36.59%	+31.05%
Max Drawdown (1Y) Largest decline over 1 year	-5.34%	-10.07%	+4.73%
Max Drawdown (3Y) Largest decline over 3 years	-5.34%	-27.21%	+21.87%
Max Drawdown (5Y) Largest decline over 5 years	-5.34%	-33.26%	+27.92%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.59%	—
Current Drawdown Current decline from peak	-3.12%	-4.73%	+1.61%
Average Drawdown Average peak-to-trough decline	-1.59%	-12.45%	+10.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	3.70%	-1.51%

Volatility

HSAFX vs. QMLFX - Volatility Comparison

The current volatility for Hussman Strategic Allocation Fund (HSAFX) is 2.44%, while Quantified Market Leaders Fund (QMLFX) has a volatility of 10.24%. This indicates that HSAFX experiences smaller price fluctuations and is considered to be less risky than QMLFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSAFX	QMLFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	10.24%	-7.80%
Volatility (6M) Calculated over the trailing 6-month period	4.31%	19.24%	-14.93%
Volatility (1Y) Calculated over the trailing 1-year period	5.97%	24.08%	-18.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.95%	20.67%	-15.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.18%	21.26%	-16.08%

HSAFX vs. QMLFX - Expense Ratio Comparison

HSAFX has a 1.25% expense ratio, which is lower than QMLFX's 1.30% expense ratio.

Dividends

HSAFX vs. QMLFX - Dividend Comparison

HSAFX's dividend yield for the trailing twelve months is around 2.02%, more than QMLFX's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSAFX Hussman Strategic Allocation Fund	2.02%	1.90%	2.15%	1.60%	19.12%	3.37%	5.55%	0.03%	0.00%	0.00%	0.00%	0.00%
QMLFX Quantified Market Leaders Fund	1.19%	1.37%	0.00%	1.99%	0.00%	26.84%	9.58%	0.00%	15.63%	12.15%	2.22%	1.63%

Frequently Asked Questions

Can I hold both HSAFX and QMLFX in my portfolio?

HSAFX and QMLFX have a correlation of -0.11, 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 QMLFX?

QMLFX has higher volatility (10.24%) compared to HSAFX (2.44%). In terms of maximum drawdown, HSAFX dropped -5.54% vs QMLFX's -36.59%.

Which has better risk-adjusted returns?

QMLFX currently has the higher Sharpe Ratio (1.07 vs 0.08), 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.