HSGFX vs. IAU
HSGFX (Hussman Strategic Growth Fund) and IAU (iShares Gold Trust) are both funds - HSGFX is a Long-Short fund managed by Hussman Funds, while IAU is a Gold fund tracking the LBMA Gold Price. Over the past 10 years, HSGFX returned -2.67%/yr vs 12.31%/yr for IAU. At a 0.01 correlation, their price movements are largely independent. HSGFX charges 1.15%/yr vs 0.25%/yr for IAU.
Performance
HSGFX vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, HSGFX achieves a -6.15% return, which is significantly lower than IAU's -2.44% return. Over the past 10 years, HSGFX has underperformed IAU with an annualized return of -2.67%, while IAU has yielded a comparatively higher 12.31% annualized return.
HSGFX
- 1D
- -1.29%
- 1M
- 4.50%
- YTD
- -6.15%
- 6M
- -7.07%
- 1Y
- -14.76%
- 3Y*
- -3.11%
- 5Y*
- -2.88%
- 10Y*
- -2.67%
IAU
- 1D
- 0.08%
- 1M
- -9.54%
- YTD
- -2.44%
- 6M
- -2.22%
- 1Y
- 22.32%
- 3Y*
- 29.07%
- 5Y*
- 17.23%
- 10Y*
- 12.31%
HSGFX vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSGFX Hussman Strategic Growth Fund | -6.15% | 6.24% | -6.99% | -11.60% | 17.33% | -0.23% | 14.52% | -18.87% | 8.78% | -12.72% |
IAU iShares Gold Trust | -2.44% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between HSGFX and IAU is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2005 | 0.01 |
The correlation between HSGFX and IAU shifts across timeframes, from -0.17 (1 year) to 0.02 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
HSGFX vs. IAU — Risk / Return Rank
HSGFX
IAU
HSGFX vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hussman Strategic Growth Fund (HSGFX) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.11 | ||
| Sortino ratioReturn per unit of downside risk | -3.07 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.19 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | 0.99 | -1.78 |
| Martin ratioReturn relative to average drawdown | -1.58 | 2.83 | -4.41 |
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Drawdowns
HSGFX vs. IAU - Drawdown Comparison
The maximum HSGFX drawdown since its inception was -60.61%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for HSGFX and IAU.
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Drawdown Indicators
| HSGFX | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -45.14% | -15.47% |
Max Drawdown (1Y)Largest decline over 1 year | -18.43% | -24.40% | +5.97% |
Max Drawdown (3Y)Largest decline over 3 years | -24.22% | -24.40% | +0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -24.22% | -24.40% | +0.18% |
Max Drawdown (10Y)Largest decline over 10 years | -33.41% | -24.40% | -9.01% |
Current DrawdownCurrent decline from peak | -55.29% | -22.03% | -33.26% |
Average DrawdownAverage peak-to-trough decline | -26.88% | -15.97% | -10.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.18% | 8.47% | +0.71% |
Volatility
HSGFX vs. IAU - Volatility Comparison
The current volatility for Hussman Strategic Growth Fund (HSGFX) is 5.27%, while iShares Gold Trust (IAU) has a volatility of 7.70%. This indicates that HSGFX experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSGFX | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.27% | 7.70% | -2.43% |
Volatility (6M)Calculated over the trailing 6-month period | 9.70% | 23.94% | -14.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.89% | 27.17% | -15.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.22% | 18.16% | -6.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.78% | 16.02% | -5.24% |
HSGFX vs. IAU - Expense Ratio Comparison
HSGFX has a 1.15% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
HSGFX vs. IAU - Dividend Comparison
HSGFX's dividend yield for the trailing twelve months is around 2.48%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HSGFX Hussman Strategic Growth Fund | 2.48% | 2.33% | 3.00% | 3.10% | 1.08% | 0.42% | 0.16% | 1.84% | 1.19% | 0.50% | 0.28% | 0.56% |
IAU iShares Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HSGFX and IAU have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (7.70%) compared to HSGFX (5.27%). In terms of maximum drawdown, HSGFX dropped -60.61% vs IAU's -45.14%.
IAU currently has the higher Sharpe Ratio (0.89 vs -1.22), 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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