HSGFX vs. KCEIX

Last updated Jun 4, 2026

HSGFX (Hussman Strategic Growth Fund) and KCEIX (Knights of Columbus Long/Short Equity Fund) are both Long-Short funds. Over the past 5 years, HSGFX returned -3.66%/yr vs 8.85%/yr for KCEIX. At a correlation of -0.10, they often move in opposite directions. HSGFX charges 1.15%/yr vs 1.50%/yr for KCEIX.

Performance

HSGFX vs. KCEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hussman Strategic Growth Fund (HSGFX) and Knights of Columbus Long/Short Equity Fund (KCEIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSGFX achieves a -9.84% return, which is significantly lower than KCEIX's 6.89% return.

HSGFX

• 1D: -0.77%
• 1M: -4.47%
• YTD: -9.84%
• 6M: -9.50%
• 1Y: -18.99%
• 3Y*: -4.49%
• 5Y*: -3.66%
• 10Y*: -2.97%

KCEIX

• 1D: -0.52%
• 1M: 2.94%
• YTD: 6.89%
• 6M: 7.85%
• 1Y: 11.72%
• 3Y*: 10.93%
• 5Y*: 8.85%
• 10Y*: —

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

HSGFX vs. KCEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HSGFX Hussman Strategic Growth Fund	-9.84%	6.24%	-6.99%	-11.60%	17.33%	-0.23%	14.52%	-1.11%
KCEIX Knights of Columbus Long/Short Equity Fund	6.89%	5.51%	15.09%	2.84%	10.41%	16.74%	-11.05%	0.20%

Correlation

The correlation between HSGFX and KCEIX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (5Y) Calculated over the trailing 5-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Dec 3, 2019	-0.10

The correlation between HSGFX and KCEIX shifts across timeframes, from -0.10 (3 years) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HSGFX vs. KCEIX — 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

KCEIX

KCEIX Risk / Return Rank: 60
KCEIX Sharpe Ratio Rank: 50
KCEIX Sortino Ratio Rank: 53
KCEIX Omega Ratio Rank: 49
KCEIX Calmar Ratio Rank: 88
KCEIX Martin Ratio Rank: 62

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. KCEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hussman Strategic Growth Fund (HSGFX) and Knights of Columbus Long/Short Equity Fund (KCEIX). 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.

	HSGFX	KCEIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.77	2.08	-3.85
Sortino ratio: Return per unit of downside risk	-2.60	3.09	-5.69
Omega ratio: Gain probability vs. loss probability	0.73	1.39	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.99	4.31	-5.30
Martin ratio: Return relative to average drawdown	-1.93	12.26	-14.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HSGFX vs. KCEIX - Sharpe Ratio Comparison

The current HSGFX Sharpe Ratio is -1.77, which is lower than the KCEIX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of HSGFX and KCEIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HSGFX	KCEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.77	2.08	-3.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	1.29	-1.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.85	-0.85

Drawdowns

HSGFX vs. KCEIX - Drawdown Comparison

The maximum HSGFX drawdown since its inception was -60.61%, which is greater than KCEIX's maximum drawdown of -16.07%. Use the drawdown chart below to compare losses from any high point for HSGFX and KCEIX.

Drawdown Indicators

	HSGFX	KCEIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.61%	-16.07%	-44.54%
Max Drawdown (1Y) Largest decline over 1 year	-19.80%	-2.82%	-16.98%
Max Drawdown (3Y) Largest decline over 3 years	-24.22%	-6.12%	-18.10%
Max Drawdown (5Y) Largest decline over 5 years	-24.22%	-7.12%	-17.10%
Max Drawdown (10Y) Largest decline over 10 years	-33.41%	—	—
Current Drawdown Current decline from peak	-57.05%	-0.52%	-56.53%
Average Drawdown Average peak-to-trough decline	-26.86%	-3.47%	-23.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.29%	0.99%	+9.30%

Volatility

HSGFX vs. KCEIX - Volatility Comparison

Hussman Strategic Growth Fund (HSGFX) has a higher volatility of 3.89% compared to Knights of Columbus Long/Short Equity Fund (KCEIX) at 2.84%. This indicates that HSGFX's price experiences larger fluctuations and is considered to be riskier than KCEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSGFX	KCEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	2.84%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	8.72%	4.26%	+4.46%
Volatility (1Y) Calculated over the trailing 1-year period	11.14%	5.85%	+5.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.06%	6.91%	+4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.70%	8.06%	+2.64%

HSGFX vs. KCEIX - Expense Ratio Comparison

HSGFX has a 1.15% expense ratio, which is lower than KCEIX's 1.50% expense ratio.

Dividends

HSGFX vs. KCEIX - Dividend Comparison

HSGFX's dividend yield for the trailing twelve months is around 2.58%, more than KCEIX's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSGFX Hussman Strategic Growth Fund	2.58%	2.33%	3.00%	3.10%	1.08%	0.42%	0.16%	1.84%	1.19%	0.50%	0.28%	0.56%
KCEIX Knights of Columbus Long/Short Equity Fund	1.52%	1.66%	2.35%	2.20%	7.60%	0.00%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HSGFX and KCEIX in my portfolio?

HSGFX and KCEIX 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.

Which is riskier, HSGFX or KCEIX?

HSGFX has higher volatility (3.89%) compared to KCEIX (2.84%). In terms of maximum drawdown, HSGFX dropped -60.61% vs KCEIX's -16.07%.

Which has better risk-adjusted returns?

KCEIX currently has the higher Sharpe Ratio (2.08 vs -1.77), 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.