HSGFX vs. SPEDX
HSGFX (Hussman Strategic Growth Fund) and SPEDX (Alger Dynamic Opportunities Fund) are both Long-Short funds. Over the past 10 years, HSGFX returned -2.55%/yr vs 8.80%/yr for SPEDX. At a correlation of -0.56, they often move in opposite directions. HSGFX charges 1.15%/yr vs 0.91%/yr for SPEDX.
Performance
HSGFX vs. SPEDX - Performance Comparison
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Returns By Period
In the year-to-date period, HSGFX achieves a -8.08% return, which is significantly lower than SPEDX's 4.69% return. Over the past 10 years, HSGFX has underperformed SPEDX with an annualized return of -2.55%, while SPEDX has yielded a comparatively higher 8.80% annualized return.
HSGFX
- 1D
- 1.16%
- 1M
- -1.51%
- 6M
- -5.94%
- YTD
- -8.08%
- 1Y
- -13.96%
- 3Y*
- -3.67%
- 5Y*
- -2.68%
- 10Y*
- -2.55%
SPEDX
- 1D
- -1.36%
- 1M
- -0.60%
- 6M
- 2.70%
- YTD
- 4.69%
- 1Y
- 8.00%
- 3Y*
- 11.68%
- 5Y*
- 3.70%
- 10Y*
- 8.80%
HSGFX vs. SPEDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSGFX Hussman Strategic Growth Fund | -8.08% | 6.24% | -6.99% | -11.60% | 17.33% | -0.23% | 14.52% | -18.87% | 8.78% | -12.72% |
SPEDX Alger Dynamic Opportunities Fund | 4.69% | 6.22% | 23.03% | 4.24% | -13.90% | 3.96% | 47.30% | 12.79% | -2.32% | 9.46% |
Correlation
The correlation between HSGFX and SPEDX is -0.62, 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 | -0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.51 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2009 | -0.56 |
The correlation between HSGFX and SPEDX shifts across timeframes, from -0.62 (1 year) to -0.51 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
HSGFX vs. SPEDX — Risk / Return Rank
HSGFX
SPEDX
HSGFX vs. SPEDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hussman Strategic Growth Fund (HSGFX) and Alger Dynamic Opportunities Fund (SPEDX). 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 | SPEDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.13 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 0.95 | -1.73 |
| Martin ratioReturn relative to average drawdown | -1.51 | 2.59 | -4.11 |
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Drawdowns
HSGFX vs. SPEDX - Drawdown Comparison
The maximum HSGFX drawdown since its inception was -60.61%, which is greater than SPEDX's maximum drawdown of -29.02%. Use the drawdown chart below to compare losses from any high point for HSGFX and SPEDX.
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Drawdown Indicators
| HSGFX | SPEDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -29.02% | -31.59% |
Max Drawdown (1Y)Largest decline over 1 year | -17.20% | -9.18% | -8.02% |
Max Drawdown (3Y)Largest decline over 3 years | -24.52% | -13.23% | -11.29% |
Max Drawdown (5Y)Largest decline over 5 years | -24.52% | -29.02% | +4.50% |
Max Drawdown (10Y)Largest decline over 10 years | -30.86% | -29.02% | -1.84% |
Current DrawdownCurrent decline from peak | -56.21% | -4.60% | -51.61% |
Average DrawdownAverage peak-to-trough decline | -26.98% | -6.91% | -20.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.87% | 3.35% | +5.52% |
Volatility
HSGFX vs. SPEDX - Volatility Comparison
The current volatility for Hussman Strategic Growth Fund (HSGFX) is 4.95%, while Alger Dynamic Opportunities Fund (SPEDX) has a volatility of 5.89%. This indicates that HSGFX experiences smaller price fluctuations and is considered to be less risky than SPEDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSGFX | SPEDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.95% | 5.89% | -0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 10.46% | 9.92% | +0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.68% | 12.47% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.38% | 12.14% | -0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.86% | 12.95% | -2.09% |
HSGFX vs. SPEDX - Expense Ratio Comparison
HSGFX has a 1.15% expense ratio, which is higher than SPEDX's 0.91% expense ratio.
Dividends
HSGFX vs. SPEDX - Dividend Comparison
HSGFX's dividend yield for the trailing twelve months is around 2.53%, more than SPEDX's 0.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HSGFX Hussman Strategic Growth Fund | 2.53% | 2.33% | 3.00% | 3.10% | 1.08% | 0.42% | 0.16% | 1.84% | 1.19% | 0.50% | 0.28% | 0.56% |
SPEDX Alger Dynamic Opportunities Fund | 0.09% | 0.09% | 0.00% | 0.00% | 0.00% | 5.69% | 4.94% | 3.75% | 1.92% | 0.00% | 0.32% | 0.00% |
Frequently Asked Questions
HSGFX and SPEDX have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPEDX has higher volatility (5.89%) compared to HSGFX (4.95%). In terms of maximum drawdown, HSGFX dropped -60.61% vs SPEDX's -29.02%.
SPEDX currently has the higher Sharpe Ratio (0.70 vs -1.06), 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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