HSGFX vs. PSQ
HSGFX (Hussman Strategic Growth Fund) and PSQ (ProShares Short QQQ) are both funds - HSGFX is a Long-Short fund managed by Hussman Funds, while PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%). Over the past 10 years, HSGFX returned -2.10%/yr vs -18.20%/yr for PSQ. Their 0.55 correlation means they have sometimes moved together and sometimes differently. HSGFX charges 1.15%/yr vs 0.95%/yr for PSQ.
Performance
HSGFX vs. PSQ - Performance Comparison
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Returns By Period
In the year-to-date period, HSGFX achieves a -4.39% return, which is significantly higher than PSQ's -9.94% return. Over the past 10 years, HSGFX has outperformed PSQ with an annualized return of -2.10%, while PSQ has yielded a comparatively lower -18.20% annualized return.
HSGFX
- 1D
- -0.55%
- 1M
- 4.82%
- 6M
- -2.51%
- YTD
- -4.39%
- 1Y
- -9.64%
- 3Y*
- -2.40%
- 5Y*
- -1.73%
- 10Y*
- -2.10%
- ALL TIME*
- 0.26%
PSQ
- 1D
- -0.59%
- 1M
- 3.63%
- 6M
- -9.19%
- YTD
- -9.94%
- 1Y
- -17.36%
- 3Y*
- -15.05%
- 5Y*
- -11.74%
- 10Y*
- -18.20%
- ALL TIME*
- -16.38%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $270.27M | $217.80M | $219.49M |
HSGFX vs. PSQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSGFX Hussman Strategic Growth Fund | -4.39% | 6.24% | -6.99% | -11.60% | 17.33% | -0.23% | 14.52% | -18.87% | 8.78% | -12.72% |
PSQ ProShares Short QQQ | -9.94% | -15.51% | -15.68% | -32.01% | 36.40% | -24.84% | -41.23% | -27.49% | -2.34% | -24.77% |
Correlation
The correlation between HSGFX and PSQ is 0.77, 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. | 0.77 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.74 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | 0.55 |
Over the past year, HSGFX and PSQ have become more correlated (0.77) than their long-term average of 0.55, meaning their price movements have been converging.
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Return for Risk
HSGFX vs. PSQ — Risk / Return Rank
HSGFX
PSQ
HSGFX vs. PSQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hussman Strategic Growth Fund (HSGFX) and ProShares Short QQQ (PSQ). 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 | PSQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.88 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | -0.63 | +0.17 |
| Martin ratioReturn relative to average drawdown | -0.85 | -1.23 | +0.38 |
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Drawdowns
HSGFX vs. PSQ - Drawdown Comparison
The maximum HSGFX drawdown since its inception was -60.61%, smaller than the maximum PSQ drawdown of -98.26%. Use the drawdown chart below to compare losses from any high point for HSGFX and PSQ.
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Drawdown Indicators
| HSGFX | PSQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -98.26% | +37.65% |
Max Drawdown (1Y)Largest decline over 1 year | -17.20% | -24.83% | +7.63% |
Max Drawdown (3Y)Largest decline over 3 years | -24.52% | -49.65% | +25.13% |
Max Drawdown (5Y)Largest decline over 5 years | -24.52% | -60.91% | +36.39% |
Max Drawdown (10Y)Largest decline over 10 years | -30.86% | -87.66% | +56.80% |
Current DrawdownCurrent decline from peak | -54.46% | -98.12% | +43.66% |
Average DrawdownAverage peak-to-trough decline | -27.03% | -74.15% | +47.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.41% | 12.73% | -3.32% |
Volatility
HSGFX vs. PSQ - Volatility Comparison
The current volatility for Hussman Strategic Growth Fund (HSGFX) is 3.28%, while ProShares Short QQQ (PSQ) has a volatility of 6.96%. This indicates that HSGFX experiences smaller price fluctuations and is considered to be less risky than PSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSGFX | PSQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 6.96% | -3.68% |
Volatility (6M)Calculated over the trailing 6-month period | 10.36% | 16.03% | -5.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.86% | 19.38% | -6.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.42% | 22.93% | -11.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.90% | 22.46% | -11.56% |
HSGFX vs. PSQ - Expense Ratio Comparison
HSGFX has a 1.15% expense ratio, which is higher than PSQ's 0.95% expense ratio.
Dividends
HSGFX vs. PSQ - Dividend Comparison
HSGFX's dividend yield for the trailing twelve months is around 2.43%, less than PSQ's 4.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HSGFX Hussman Strategic Growth Fund | 2.43% | 2.33% | 3.00% | 3.10% | 1.08% | 0.42% | 0.16% | 1.84% | 1.19% | 0.50% | 0.28% | 0.56% |
PSQ ProShares Short QQQ | 4.26% | 4.97% | 7.15% | 6.01% | 0.35% | 0.00% | 0.31% | 1.75% | 0.95% | 0.02% | 0.00% | 0.00% |
Frequently Asked Questions
HSGFX and PSQ have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSQ has higher volatility (6.96%) compared to HSGFX (3.28%). In terms of maximum drawdown, HSGFX dropped -60.61% vs PSQ's -98.26%.
HSGFX currently has the higher Sharpe Ratio (-0.62 vs -0.81), 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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