HSGFX vs. ^GSPC
HSGFX (Hussman Strategic Growth Fund) is Long-Short fund managed by Hussman Funds, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, HSGFX returned -2.10%/yr vs 13.26%/yr for ^GSPC. Their -0.46 correlation means they have often moved in opposite directions in the past.
Performance
HSGFX vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, HSGFX achieves a -4.39% return, which is significantly lower than ^GSPC's 9.41% return. Over the past 10 years, HSGFX has underperformed ^GSPC with an annualized return of -2.10%, while ^GSPC has yielded a comparatively higher 13.26% annualized return.
HSGFX
- 1D
- -0.55%
- 1M
- 4.82%
- 6M
- -2.51%
- YTD
- -4.39%
- 1Y
- -9.64%
- 3Y*
- -2.40%
- 5Y*
- -1.73%
- 10Y*
- -2.10%
- ALL TIME*
- 0.26%
^GSPC
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
^GSPC S&P 500 Index | $37.98T | $37.61T | $41.48T |
| $0.00 | $0.00 | $0.00 |
HSGFX vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSGFX Hussman Strategic Growth Fund | -4.39% | 6.24% | -6.99% | -11.60% | 17.33% | -0.23% | 14.52% | -18.87% | 8.78% | -12.72% |
^GSPC S&P 500 Index | 9.41% | 16.39% | 23.31% | 24.23% | -19.44% | 26.89% | 16.26% | 28.88% | -6.24% | 19.42% |
Correlation
The correlation between HSGFX and ^GSPC is -0.72, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.72 |
Correlation (3Y) Balances recent behavior with more history. | -0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.73 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.67 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2000 | -0.46 |
Over the past year, the inverse relationship between HSGFX and ^GSPC has strengthened: their correlation has moved from -0.46 to -0.72, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
HSGFX vs. ^GSPC — Risk / Return Rank
HSGFX
^GSPC
HSGFX vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hussman Strategic Growth Fund (HSGFX) and S&P 500 Index (^GSPC). 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.
| HSGFX | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.04 | ||
| Sortino ratioReturn per unit of downside risk | -2.83 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.25 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | 2.00 | -2.47 |
| Martin ratioReturn relative to average drawdown | -0.85 | 8.49 | -9.34 |
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Drawdowns
HSGFX vs. ^GSPC - Drawdown Comparison
The maximum HSGFX drawdown since its inception was -60.61%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for HSGFX and ^GSPC.
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Drawdown Indicators
| HSGFX | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -56.78% | -3.83% |
Max Drawdown (1Y)Largest decline over 1 year | -17.20% | -9.10% | -8.10% |
Max Drawdown (3Y)Largest decline over 3 years | -24.52% | -18.90% | -5.62% |
Max Drawdown (5Y)Largest decline over 5 years | -24.52% | -25.43% | +0.91% |
Max Drawdown (10Y)Largest decline over 10 years | -30.86% | -33.92% | +3.06% |
Current DrawdownCurrent decline from peak | -54.46% | -1.58% | -52.88% |
Average DrawdownAverage peak-to-trough decline | -27.03% | -10.70% | -16.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.41% | 2.14% | +7.27% |
Volatility
HSGFX vs. ^GSPC - Volatility Comparison
The current volatility for Hussman Strategic Growth Fund (HSGFX) is 3.28%, while S&P 500 Index (^GSPC) has a volatility of 3.51%. This indicates that HSGFX experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSGFX | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 3.51% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 10.36% | 10.11% | +0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.86% | 12.87% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.42% | 17.01% | -5.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.90% | 18.07% | -7.17% |
Frequently Asked Questions
HSGFX and ^GSPC 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.
^GSPC has higher volatility (3.51%) compared to HSGFX (3.28%). In terms of maximum drawdown, HSGFX dropped -60.61% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (1.42 vs -0.62), 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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