HSGFX vs. SH
HSGFX (Hussman Strategic Growth Fund) and SH (ProShares Short S&P500) are both funds - HSGFX is a Long-Short fund managed by Hussman Funds, while SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily). Over the past 10 years, HSGFX returned -2.10%/yr vs -12.47%/yr for SH. Their 0.60 correlation means they have sometimes moved together and sometimes differently. HSGFX charges 1.15%/yr vs 0.89%/yr for SH.
Performance
HSGFX vs. SH - 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 SH's -6.65% return. Over the past 10 years, HSGFX has outperformed SH with an annualized return of -2.10%, while SH has yielded a comparatively lower -12.47% 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%
SH
- 1D
- -0.69%
- 1M
- 0.12%
- 6M
- -5.73%
- YTD
- -6.65%
- 1Y
- -13.19%
- 3Y*
- -10.94%
- 5Y*
- -8.01%
- 10Y*
- -12.47%
- ALL TIME*
- -11.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $271.72M | $244.09M | $301.56M |
HSGFX vs. SH - 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% |
SH ProShares Short S&P500 | -6.65% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
Correlation
The correlation between HSGFX and SH is 0.73, 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. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.73 |
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 | 0.60 |
The correlation between HSGFX and SH shifts across timeframes, from 0.60 (all time) to 0.73 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HSGFX vs. SH — Risk / Return Rank
HSGFX
SH
HSGFX vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hussman Strategic Growth Fund (HSGFX) and ProShares Short S&P500 (SH). 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 | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.86 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | -0.73 | +0.27 |
| Martin ratioReturn relative to average drawdown | -0.85 | -1.30 | +0.45 |
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Drawdowns
HSGFX vs. SH - Drawdown Comparison
The maximum HSGFX drawdown since its inception was -60.61%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for HSGFX and SH.
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Drawdown Indicators
| HSGFX | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -94.66% | +34.05% |
Max Drawdown (1Y)Largest decline over 1 year | -17.20% | -16.06% | -1.14% |
Max Drawdown (3Y)Largest decline over 3 years | -24.52% | -38.82% | +14.30% |
Max Drawdown (5Y)Largest decline over 5 years | -24.52% | -44.53% | +20.01% |
Max Drawdown (10Y)Largest decline over 10 years | -30.86% | -74.80% | +43.94% |
Current DrawdownCurrent decline from peak | -54.46% | -94.54% | +40.08% |
Average DrawdownAverage peak-to-trough decline | -27.03% | -67.93% | +40.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.41% | 9.03% | +0.38% |
Volatility
HSGFX vs. SH - Volatility Comparison
The current volatility for Hussman Strategic Growth Fund (HSGFX) is 3.28%, while ProShares Short S&P500 (SH) has a volatility of 3.51%. This indicates that HSGFX experiences smaller price fluctuations and is considered to be less risky than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSGFX | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 3.51% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 10.36% | 10.08% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.86% | 12.81% | +0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.42% | 16.96% | -5.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.90% | 18.02% | -7.12% |
HSGFX vs. SH - Expense Ratio Comparison
HSGFX has a 1.15% expense ratio, which is higher than SH's 0.89% expense ratio.
Dividends
HSGFX vs. SH - Dividend Comparison
HSGFX's dividend yield for the trailing twelve months is around 2.43%, less than SH's 4.19% 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% |
SH ProShares Short S&P500 | 4.19% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% | 0.00% | 0.00% |
Frequently Asked Questions
HSGFX and SH have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SH has higher volatility (3.51%) compared to HSGFX (3.28%). In terms of maximum drawdown, HSGFX dropped -60.61% vs SH's -94.66%.
HSGFX currently has the higher Sharpe Ratio (-0.62 vs -0.92), 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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