HSGFX vs. AVDV

Last updated Jun 24, 2026

HSGFX (Hussman Strategic Growth Fund) and AVDV (Avantis International Small Cap Value ETF) are both funds - HSGFX is a Long-Short fund managed by Hussman Funds, while AVDV is a Foreign Small & Mid Cap Equities fund actively managed by Avantis. Over the past 5 years, HSGFX returned -3.50%/yr vs 13.85%/yr for AVDV. At a correlation of -0.43, they often move in opposite directions. HSGFX charges 1.15%/yr vs 0.36%/yr for AVDV.

Performance

HSGFX vs. AVDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hussman Strategic Growth Fund (HSGFX) and Avantis International Small Cap Value ETF (AVDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSGFX achieves a -10.54% return, which is significantly lower than AVDV's 13.23% 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%

AVDV

• 1D: -2.28%
• 1M: -1.84%
• YTD: 13.23%
• 6M: 12.69%
• 1Y: 40.80%
• 3Y*: 27.46%
• 5Y*: 13.85%
• 10Y*: —

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

HSGFX vs. AVDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HSGFX Hussman Strategic Growth Fund	-10.54%	6.24%	-6.99%	-11.60%	17.33%	-0.23%	14.52%	-5.55%
AVDV Avantis International Small Cap Value ETF	13.23%	49.37%	8.67%	16.85%	-11.47%	15.80%	5.01%	11.78%

Correlation

The correlation between HSGFX and AVDV is -0.44, 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	-0.44
Correlation (3Y) Calculated over the trailing 3-year period	-0.38
Correlation (5Y) Calculated over the trailing 5-year period	-0.45
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	-0.43

Return for Risk

HSGFX vs. AVDV — Risk / Return Rank

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

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

AVDV

AVDV Risk / Return Rank: 74
AVDV Sharpe Ratio Rank: 81
AVDV Sortino Ratio Rank: 77
AVDV Omega Ratio Rank: 79
AVDV Calmar Ratio Rank: 65
AVDV Martin Ratio Rank: 69

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.

HSGFX vs. AVDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hussman Strategic Growth Fund (HSGFX) and Avantis International Small Cap Value ETF (AVDV). 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	AVDV	Difference
Sharpe ratio: Return per unit of total volatility	-1.51	2.50	-4.01
Sortino ratio: Return per unit of downside risk	-2.24	3.29	-5.53
Omega ratio: Gain probability vs. loss probability	0.77	1.45	-0.68
Calmar ratio: Return relative to maximum drawdown	-1.01	3.11	-4.12
Martin ratio: Return relative to average drawdown	-2.01	12.36	-14.37

HSGFX vs. AVDV - Sharpe Ratio Comparison

The current HSGFX Sharpe Ratio is -1.51, which is lower than the AVDV Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of HSGFX and AVDV, 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

HSGFX vs. AVDV - Drawdown Comparison

The maximum HSGFX drawdown since its inception was -60.61%, which is greater than AVDV's maximum drawdown of -43.01%. Use the drawdown chart below to compare losses from any high point for HSGFX and AVDV.

Drawdown Indicators

	HSGFX	AVDV	Difference
Max Drawdown Largest peak-to-trough decline	-60.61%	-43.01%	-17.60%
Max Drawdown (1Y) Largest decline over 1 year	-17.98%	-13.19%	-4.79%
Max Drawdown (3Y) Largest decline over 3 years	-24.52%	-14.17%	-10.35%
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	-28.08%	+3.56%
Max Drawdown (10Y) Largest decline over 10 years	-33.41%	—	—
Current Drawdown Current decline from peak	-57.39%	-3.73%	-53.66%
Average Drawdown Average peak-to-trough decline	-26.91%	-6.74%	-20.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.33%	3.31%	+6.02%

Volatility

HSGFX vs. AVDV - Volatility Comparison

The current volatility for Hussman Strategic Growth Fund (HSGFX) is 5.62%, while Avantis International Small Cap Value ETF (AVDV) has a volatility of 6.23%. This indicates that HSGFX experiences smaller price fluctuations and is considered to be less risky than AVDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSGFX	AVDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	6.23%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	10.01%	14.14%	-4.13%
Volatility (1Y) Calculated over the trailing 1-year period	12.28%	16.42%	-4.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.29%	17.41%	-6.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.83%	19.76%	-8.93%

HSGFX vs. AVDV - Expense Ratio Comparison

HSGFX has a 1.15% expense ratio, which is higher than AVDV's 0.36% expense ratio.

Dividends

HSGFX vs. AVDV - Dividend Comparison

HSGFX's dividend yield for the trailing twelve months is around 2.60%, less than AVDV's 4.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVDV Avantis International Small Cap Value ETF	4.17%	3.05%	4.31%	3.29%	3.17%	2.39%	1.67%	0.36%	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 HSGFX and AVDV in my portfolio?

HSGFX and AVDV have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HSGFX or AVDV?

AVDV has higher volatility (6.23%) compared to HSGFX (5.62%). In terms of maximum drawdown, HSGFX dropped -60.61% vs AVDV's -43.01%.

Which has better risk-adjusted returns?

AVDV currently has the higher Sharpe Ratio (2.50 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.