HSAFX vs. UPAAX

Last updated Aug 5, 2026

HSAFX (Hussman Strategic Allocation Fund) and UPAAX (Upright Assets Allocation Plus Fund) are both Tactical Allocation funds. Their -0.56 correlation means they have often moved in opposite directions in the past. HSAFX charges 1.25%/yr vs 2.49%/yr for UPAAX.

Performance

HSAFX vs. UPAAX - Performance Comparison

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

Returns By Period

HSAFX

• 1D: 0.40%
• 1M: 2.77%
• 6M: 2.11%
• YTD: 2.00%
• 1Y: 3.76%
• 3Y*: 4.03%
• 5Y*: 2.88%
• 10Y*: —
• ALL TIME*: 4.95%

UPAAX

• 1D: 1.13%
• 1M: -1.06%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HSAFX Hussman Strategic Allocation Fund	$0.00	$0.00	$0.00
UPAAX Upright Assets Allocation Plus Fund	$0.00	$0.00	$0.00

HSAFX vs. UPAAX - Yearly Performance Comparison

	2026 (YTD)
HSAFX Hussman Strategic Allocation Fund	3.45%
UPAAX Upright Assets Allocation Plus Fund	-7.91%

Correlation

The correlation between HSAFX and UPAAX is -0.56, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	-0.56

Return for Risk

HSAFX vs. UPAAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HSAFX

HSAFX Risk / Return Rank: 15
HSAFX Sharpe Ratio Rank: 17
HSAFX Sortino Ratio Rank: 17
HSAFX Omega Ratio Rank: 15
HSAFX Calmar Ratio Rank: 14
HSAFX Martin Ratio Rank: 13

UPAAX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HSAFX vs. UPAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hussman Strategic Allocation Fund (HSAFX) and Upright Assets Allocation Plus Fund (UPAAX). 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	UPAAX	Difference
Sharpe ratio: Return per unit of total volatility	0.71	—	—
Sortino ratio: Return per unit of downside risk	1.09	—	—
Omega ratio: Gain probability vs. loss probability	1.13	—	—
Calmar ratio: Return relative to maximum drawdown	0.79	—	—
Martin ratio: Return relative to average drawdown	1.90	—	—

Drawdowns

HSAFX vs. UPAAX - Drawdown Comparison

The maximum HSAFX drawdown since its inception was -5.54%, smaller than the maximum UPAAX drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for HSAFX and UPAAX.

Drawdown Indicators

	HSAFX	UPAAX	Difference
Max Drawdown Largest peak-to-trough decline	-5.54%	-14.95%	+9.41%
Max Drawdown (1Y) Largest decline over 1 year	-5.34%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-5.34%	—	—
Current Drawdown Current decline from peak	-0.40%	-11.34%	+10.94%
Average Drawdown Average peak-to-trough decline	-1.59%	-8.63%	+7.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	—	—

Volatility

Volatility by Period

	HSAFX	UPAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.39%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.95%	27.42%	-21.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.99%	27.42%	-22.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.19%	27.42%	-22.23%

HSAFX vs. UPAAX - Expense Ratio Comparison

HSAFX has a 1.25% expense ratio, which is lower than UPAAX's 2.49% expense ratio.

Dividends

HSAFX vs. UPAAX - Dividend Comparison

HSAFX's dividend yield for the trailing twelve months is around 1.96%, while UPAAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HSAFX Hussman Strategic Allocation Fund	1.96%	1.90%	2.15%	1.60%	19.12%	3.37%	5.55%	0.03%
UPAAX Upright Assets Allocation Plus Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HSAFX and UPAAX in my portfolio?

HSAFX and UPAAX have a correlation of -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.