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 -3.17%/yr vs 13.71%/yr for ^GSPC. At a correlation of -0.46, they often move in opposite directions.
Performance
HSGFX vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, HSGFX achieves a -10.54% return, which is significantly lower than ^GSPC's 7.60% return. Over the past 10 years, HSGFX has underperformed ^GSPC with an annualized return of -3.17%, while ^GSPC has yielded a comparatively higher 13.71% annualized return.
HSGFX
- 1D
- -0.20%
- 1M
- -2.68%
- YTD
- -10.54%
- 6M
- -10.66%
- 1Y
- -18.37%
- 3Y*
- -4.74%
- 5Y*
- -3.50%
- 10Y*
- -3.17%
^GSPC
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
HSGFX vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSGFX Hussman Strategic Growth Fund | -10.54% | 6.24% | -6.99% | -11.60% | 17.33% | -0.23% | 14.52% | -18.87% | 8.78% | -12.72% |
^GSPC S&P 500 Index | 7.60% | 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 -0.67, 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 | -0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 -0.67, 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 | -3.30 | ||
| Sortino ratioReturn per unit of downside risk | -4.68 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.32 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 2.46 | -3.47 |
| Martin ratioReturn relative to average drawdown | -2.01 | 10.92 | -12.93 |
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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 | -17.98% | -9.10% | -8.88% |
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 | -33.41% | -33.92% | +0.51% |
Current DrawdownCurrent decline from peak | -57.39% | -3.21% | -54.18% |
Average DrawdownAverage peak-to-trough decline | -26.91% | -10.71% | -16.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.33% | 2.04% | +7.29% |
Volatility
HSGFX vs. ^GSPC - Volatility Comparison
Hussman Strategic Growth Fund (HSGFX) has a higher volatility of 5.62% compared to S&P 500 Index (^GSPC) at 4.89%. This indicates that HSGFX's price experiences larger fluctuations and is considered to be riskier 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 | 5.62% | 4.89% | +0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 10.01% | 9.93% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.28% | 12.57% | -0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.29% | 17.00% | -5.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.83% | 18.08% | -7.25% |
Frequently Asked Questions
HSGFX and ^GSPC have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HSGFX has higher volatility (5.62%) compared to ^GSPC (4.89%). In terms of maximum drawdown, HSGFX dropped -60.61% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (1.78 vs -1.51), 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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