HSGFX vs. BTPIX
HSGFX (Hussman Strategic Growth Fund) and BTPIX (Salient Tactical Plus Fund) are both Long-Short funds. Over the past 10 years, HSGFX returned -2.98%/yr vs 4.45%/yr for BTPIX. At a correlation of -0.46, they often move in opposite directions. HSGFX charges 1.15%/yr vs 1.08%/yr for BTPIX.
Performance
HSGFX vs. BTPIX - Performance Comparison
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Returns By Period
In the year-to-date period, HSGFX achieves a -8.79% return, which is significantly lower than BTPIX's 3.97% return. Over the past 10 years, HSGFX has underperformed BTPIX with an annualized return of -2.98%, while BTPIX has yielded a comparatively higher 4.45% annualized return.
HSGFX
- 1D
- 1.96%
- 1M
- -0.76%
- YTD
- -8.79%
- 6M
- -8.91%
- 1Y
- -16.37%
- 3Y*
- -4.12%
- 5Y*
- -3.09%
- 10Y*
- -2.98%
BTPIX
- 1D
- -1.40%
- 1M
- -1.32%
- YTD
- 3.97%
- 6M
- 2.24%
- 1Y
- 7.77%
- 3Y*
- 2.44%
- 5Y*
- 1.95%
- 10Y*
- 4.45%
HSGFX vs. BTPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSGFX Hussman Strategic Growth Fund | -8.79% | 6.24% | -6.99% | -11.60% | 17.33% | -0.23% | 14.52% | -18.87% | 8.78% | -12.72% |
BTPIX Salient Tactical Plus Fund | 3.97% | -2.44% | 3.17% | 4.22% | -1.65% | 6.48% | 7.46% | 7.54% | 2.94% | 0.26% |
Correlation
The correlation between HSGFX and BTPIX is -0.62, 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 | -0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.42 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013 | -0.46 |
The correlation between HSGFX and BTPIX shifts across timeframes, from -0.62 (1 year) to -0.39 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HSGFX vs. BTPIX — Risk / Return Rank
HSGFX
BTPIX
HSGFX vs. BTPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hussman Strategic Growth Fund (HSGFX) and Salient Tactical Plus Fund (BTPIX). 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 | BTPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.11 | ||
| Sortino ratioReturn per unit of downside risk | -3.08 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.14 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 1.07 | -2.00 |
| Martin ratioReturn relative to average drawdown | -1.89 | 3.20 | -5.09 |
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Drawdowns
HSGFX vs. BTPIX - Drawdown Comparison
The maximum HSGFX drawdown since its inception was -60.61%, which is greater than BTPIX's maximum drawdown of -13.30%. Use the drawdown chart below to compare losses from any high point for HSGFX and BTPIX.
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Drawdown Indicators
| HSGFX | BTPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -13.30% | -47.31% |
Max Drawdown (1Y)Largest decline over 1 year | -17.46% | -6.84% | -10.62% |
Max Drawdown (3Y)Largest decline over 3 years | -24.52% | -8.90% | -15.62% |
Max Drawdown (5Y)Largest decline over 5 years | -24.52% | -8.90% | -15.62% |
Max Drawdown (10Y)Largest decline over 10 years | -33.41% | -11.04% | -22.37% |
Current DrawdownCurrent decline from peak | -56.55% | -2.77% | -53.78% |
Average DrawdownAverage peak-to-trough decline | -26.92% | -3.87% | -23.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.26% | 2.28% | +6.98% |
Volatility
HSGFX vs. BTPIX - Volatility Comparison
Hussman Strategic Growth Fund (HSGFX) has a higher volatility of 5.97% compared to Salient Tactical Plus Fund (BTPIX) at 3.17%. This indicates that HSGFX's price experiences larger fluctuations and is considered to be riskier than BTPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSGFX | BTPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.97% | 3.17% | +2.80% |
Volatility (6M)Calculated over the trailing 6-month period | 10.19% | 7.17% | +3.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.42% | 9.62% | +2.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.33% | 6.31% | +5.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.84% | 8.60% | +2.24% |
HSGFX vs. BTPIX - Expense Ratio Comparison
HSGFX has a 1.15% expense ratio, which is higher than BTPIX's 1.08% expense ratio.
Dividends
HSGFX vs. BTPIX - Dividend Comparison
HSGFX's dividend yield for the trailing twelve months is around 2.55%, less than BTPIX's 2.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTPIX Salient Tactical Plus Fund | 2.70% | 2.81% | 3.80% | 4.93% | 7.72% | 0.00% | 6.10% | 6.16% | 3.08% | 0.00% | 4.14% | 0.00% |
HSGFX Hussman Strategic Growth Fund | 2.55% | 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 BTPIX 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.
HSGFX has higher volatility (5.97%) compared to BTPIX (3.17%). In terms of maximum drawdown, HSGFX dropped -60.61% vs BTPIX's -13.30%.
BTPIX currently has the higher Sharpe Ratio (0.76 vs -1.35), 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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