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 -2.22%/yr vs 8.56%/yr for SPEDX. Their -0.56 correlation means they have often moved in opposite directions in the past. 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 -5.27% return, which is significantly lower than SPEDX's 3.38% return. Over the past 10 years, HSGFX has underperformed SPEDX with an annualized return of -2.22%, while SPEDX has yielded a comparatively higher 8.56% annualized return.
HSGFX
- 1D
- -0.92%
- 1M
- 3.85%
- 6M
- -3.58%
- YTD
- -5.27%
- 1Y
- -10.47%
- 3Y*
- -2.65%
- 5Y*
- -1.91%
- 10Y*
- -2.22%
- ALL TIME*
- 0.22%
SPEDX
- 1D
- 1.06%
- 1M
- -2.96%
- 6M
- 4.56%
- YTD
- 3.38%
- 1Y
- 4.04%
- 3Y*
- 12.07%
- 5Y*
- 3.09%
- 10Y*
- 8.56%
- ALL TIME*
- 6.20%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
HSGFX vs. SPEDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSGFX Hussman Strategic Growth Fund | -5.27% | 6.24% | -6.99% | -11.60% | 17.33% | -0.23% | 14.52% | -18.87% | 8.78% | -12.72% |
SPEDX Alger Dynamic Opportunities Fund | 3.38% | 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 -0.65, 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. | -0.65 |
Correlation (3Y) Balances recent behavior with more history. | -0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.61 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.52 |
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 -0.65 (1 year) to -0.52 (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 | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.36 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.04 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 0.27 | -0.80 |
| Martin ratioReturn relative to average drawdown | -0.97 | 0.68 | -1.65 |
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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 | -54.87% | -5.80% | -49.07% |
Average DrawdownAverage peak-to-trough decline | -27.04% | -6.91% | -20.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.44% | 3.65% | +5.79% |
Volatility
HSGFX vs. SPEDX - Volatility Comparison
The current volatility for Hussman Strategic Growth Fund (HSGFX) is 3.49%, while Alger Dynamic Opportunities Fund (SPEDX) has a volatility of 4.45%. 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 | 3.49% | 4.45% | -0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 10.40% | 10.37% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.89% | 12.78% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.43% | 12.17% | -0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.90% | 12.99% | -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 2.46%, 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 | 2.46% | 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 -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPEDX has higher volatility (4.45%) compared to HSGFX (3.49%). In terms of maximum drawdown, HSGFX dropped -60.61% vs SPEDX's -29.02%.
SPEDX currently has the higher Sharpe Ratio (0.19 vs -0.71), 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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