HSGFX vs. BIVIX
HSGFX (Hussman Strategic Growth Fund) and BIVIX (Invenomic Fund Institutional Class) are both Long-Short funds. Over the past 5 years, HSGFX returned -1.91%/yr vs 15.96%/yr for BIVIX. Their 0.19 correlation means their historical movements had little consistent relationship. HSGFX charges 1.15%/yr vs 3.17%/yr for BIVIX.
Performance
HSGFX vs. BIVIX - Performance Comparison
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Returns By Period
In the year-to-date period, HSGFX achieves a -5.27% return, which is significantly lower than BIVIX's 6.78% return.
HSGFX
- 1D
- -0.92%
- 1M
- 3.85%
- 6M
- -3.58%
- YTD
- -5.27%
- 1Y
- -10.47%
- 3Y*
- -2.65%
- 5Y*
- -1.91%
- 10Y*
- -2.22%
- ALL TIME*
- 0.22%
BIVIX
- 1D
- -1.10%
- 1M
- 14.34%
- 6M
- 9.88%
- YTD
- 6.78%
- 1Y
- 15.80%
- 3Y*
- 2.90%
- 5Y*
- 15.96%
- 10Y*
- —
- ALL TIME*
- 16.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
HSGFX vs. BIVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSGFX Hussman Strategic Growth Fund | -5.27% | 6.24% | -6.99% | -11.60% | 17.33% | -0.23% | 14.52% | -18.87% | 8.78% | -5.10% |
BIVIX Invenomic Fund Institutional Class | 6.78% | 4.63% | -8.81% | 16.80% | 50.01% | 63.81% | 11.46% | 11.59% | 3.68% | 8.93% |
Correlation
The correlation between HSGFX and BIVIX is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.62 |
Correlation (3Y) Balances recent behavior with more history. | 0.48 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017 | 0.19 |
Over the past year, HSGFX and BIVIX have become more correlated (0.62) than their long-term average of 0.19, meaning their price movements have been converging.
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Return for Risk
HSGFX vs. BIVIX — Risk / Return Rank
HSGFX
BIVIX
HSGFX vs. BIVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hussman Strategic Growth Fund (HSGFX) and Invenomic Fund Institutional Class (BIVIX). 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 | BIVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.19 | ||
| Sortino ratioReturn per unit of downside risk | -1.96 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.11 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 0.58 | -1.11 |
| Martin ratioReturn relative to average drawdown | -0.97 | 1.58 | -2.55 |
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Drawdowns
HSGFX vs. BIVIX - Drawdown Comparison
The maximum HSGFX drawdown since its inception was -60.61%, which is greater than BIVIX's maximum drawdown of -26.95%. Use the drawdown chart below to compare losses from any high point for HSGFX and BIVIX.
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Drawdown Indicators
| HSGFX | BIVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -26.95% | -33.66% |
Max Drawdown (1Y)Largest decline over 1 year | -17.20% | -26.95% | +9.75% |
Max Drawdown (3Y)Largest decline over 3 years | -24.52% | -26.95% | +2.43% |
Max Drawdown (5Y)Largest decline over 5 years | -24.52% | -26.95% | +2.43% |
Max Drawdown (10Y)Largest decline over 10 years | -30.86% | — | — |
Current DrawdownCurrent decline from peak | -54.87% | -6.71% | -48.16% |
Average DrawdownAverage peak-to-trough decline | -27.04% | -6.03% | -21.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.44% | 9.90% | -0.46% |
Volatility
HSGFX vs. BIVIX - Volatility Comparison
The current volatility for Hussman Strategic Growth Fund (HSGFX) is 3.49%, while Invenomic Fund Institutional Class (BIVIX) has a volatility of 17.23%. This indicates that HSGFX experiences smaller price fluctuations and is considered to be less risky than BIVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSGFX | BIVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.49% | 17.23% | -13.74% |
Volatility (6M)Calculated over the trailing 6-month period | 10.40% | 29.33% | -18.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.89% | 32.70% | -19.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.43% | 19.36% | -7.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.90% | 18.61% | -7.71% |
HSGFX vs. BIVIX - Expense Ratio Comparison
HSGFX has a 1.15% expense ratio, which is lower than BIVIX's 3.17% expense ratio.
Dividends
HSGFX vs. BIVIX - Dividend Comparison
HSGFX's dividend yield for the trailing twelve months is around 2.46%, more than BIVIX's 2.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIVIX Invenomic Fund Institutional Class | 2.06% | 2.20% | 3.95% | 20.15% | 27.91% | 16.08% | 3.15% | 3.19% | 4.79% | 1.21% | 0.00% | 0.00% |
HSGFX Hussman Strategic Growth Fund | 2.46% | 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
HSGFX and BIVIX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIVIX has higher volatility (17.23%) compared to HSGFX (3.49%). In terms of maximum drawdown, HSGFX dropped -60.61% vs BIVIX's -26.95%.
BIVIX currently has the higher Sharpe Ratio (0.48 vs -0.71), 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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