HSGFX vs. QAI
HSGFX (Hussman Strategic Growth Fund) and QAI (NYLI Hedge Multi-Strategy Tracker ETF) are both Long-Short funds. Over the past 10 years, HSGFX returned -2.10%/yr vs 3.74%/yr for QAI. Their -0.49 correlation means they have often moved in opposite directions in the past. HSGFX charges 1.15%/yr vs 0.79%/yr for QAI.
Performance
HSGFX vs. QAI - Performance Comparison
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Returns By Period
In the year-to-date period, HSGFX achieves a -4.39% return, which is significantly lower than QAI's 7.67% return. Over the past 10 years, HSGFX has underperformed QAI with an annualized return of -2.10%, while QAI has yielded a comparatively higher 3.74% 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%
QAI
- 1D
- 0.25%
- 1M
- -0.72%
- 6M
- 5.22%
- YTD
- 7.67%
- 1Y
- 12.58%
- 3Y*
- 8.67%
- 5Y*
- 4.39%
- 10Y*
- 3.74%
- ALL TIME*
- 3.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $2.04M | $2.05M | $2.17M |
HSGFX vs. QAI - 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% |
QAI NYLI Hedge Multi-Strategy Tracker ETF | 7.67% | 8.29% | 6.67% | 10.07% | -8.68% | -0.16% | 5.73% | 8.68% | -3.32% | 6.17% |
Correlation
The correlation between HSGFX and QAI is -0.68, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.68 |
Correlation (3Y) Balances recent behavior with more history. | -0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.56 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.50 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 2009 | -0.49 |
The correlation between HSGFX and QAI shifts across timeframes, from -0.68 (1 year) to -0.49 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HSGFX vs. QAI — Risk / Return Rank
HSGFX
QAI
HSGFX vs. QAI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hussman Strategic Growth Fund (HSGFX) and NYLI Hedge Multi-Strategy Tracker ETF (QAI). 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 | QAI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.46 | ||
| Sortino ratioReturn per unit of downside risk | -3.42 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.35 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | 3.39 | -3.86 |
| Martin ratioReturn relative to average drawdown | -0.85 | 11.62 | -12.47 |
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Drawdowns
HSGFX vs. QAI - Drawdown Comparison
The maximum HSGFX drawdown since its inception was -60.61%, which is greater than QAI's maximum drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for HSGFX and QAI.
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Drawdown Indicators
| HSGFX | QAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -14.95% | -45.66% |
Max Drawdown (1Y)Largest decline over 1 year | -17.20% | -3.71% | -13.49% |
Max Drawdown (3Y)Largest decline over 3 years | -24.52% | -7.78% | -16.74% |
Max Drawdown (5Y)Largest decline over 5 years | -24.52% | -14.32% | -10.20% |
Max Drawdown (10Y)Largest decline over 10 years | -30.86% | -14.95% | -15.91% |
Current DrawdownCurrent decline from peak | -54.46% | -1.90% | -52.56% |
Average DrawdownAverage peak-to-trough decline | -27.03% | -2.56% | -24.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.41% | 1.08% | +8.33% |
Volatility
HSGFX vs. QAI - Volatility Comparison
Hussman Strategic Growth Fund (HSGFX) has a higher volatility of 3.28% compared to NYLI Hedge Multi-Strategy Tracker ETF (QAI) at 1.82%. This indicates that HSGFX's price experiences larger fluctuations and is considered to be riskier than QAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSGFX | QAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 1.82% | +1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 10.36% | 5.78% | +4.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.86% | 6.85% | +6.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.42% | 6.71% | +4.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.90% | 6.24% | +4.66% |
HSGFX vs. QAI - Expense Ratio Comparison
HSGFX has a 1.15% expense ratio, which is higher than QAI's 0.79% expense ratio.
Dividends
HSGFX vs. QAI - Dividend Comparison
HSGFX's dividend yield for the trailing twelve months is around 2.43%, more than QAI's 1.40% 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% |
QAI NYLI Hedge Multi-Strategy Tracker ETF | 1.40% | 1.50% | 2.22% | 4.08% | 2.00% | 0.28% | 1.98% | 1.91% | 1.90% | 0.00% | 0.00% | 0.48% |
Frequently Asked Questions
HSGFX and QAI have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HSGFX has higher volatility (3.28%) compared to QAI (1.82%). In terms of maximum drawdown, HSGFX dropped -60.61% vs QAI's -14.95%.
QAI currently has the higher Sharpe Ratio (1.84 vs -0.62), 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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