HSGFX vs. TLT
HSGFX (Hussman Strategic Growth Fund) and TLT (iShares 20+ Year Treasury Bond ETF) are both funds - HSGFX is a Long-Short fund managed by Hussman Funds, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Over the past 10 years, HSGFX returned -2.97%/yr vs -1.66%/yr for TLT. At a 0.14 correlation, their price movements are largely independent. HSGFX charges 1.15%/yr vs 0.15%/yr for TLT.
Performance
HSGFX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, HSGFX achieves a -9.84% return, which is significantly lower than TLT's -0.27% return. Over the past 10 years, HSGFX has underperformed TLT with an annualized return of -2.97%, while TLT has yielded a comparatively higher -1.66% annualized return.
HSGFX
- 1D
- -0.77%
- 1M
- -4.47%
- YTD
- -9.84%
- 6M
- -9.50%
- 1Y
- -18.99%
- 3Y*
- -4.49%
- 5Y*
- -3.66%
- 10Y*
- -2.97%
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
HSGFX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSGFX Hussman Strategic Growth Fund | -9.84% | 6.24% | -6.99% | -11.60% | 17.33% | -0.23% | 14.52% | -18.87% | 8.78% | -12.72% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between HSGFX and TLT is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jul 29, 2002 | 0.14 |
The correlation between HSGFX and TLT shifts across timeframes, from -0.08 (3 years) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HSGFX vs. TLT — Risk / Return Rank
HSGFX
TLT
HSGFX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hussman Strategic Growth Fund (HSGFX) and iShares 20+ Year Treasury Bond ETF (TLT). 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.
| HSGFX | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.27 | ||
| Sortino ratioReturn per unit of downside risk | -3.40 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 1.09 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 0.65 | -1.65 |
| Martin ratioReturn relative to average drawdown | -1.93 | 1.63 | -3.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HSGFX | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.77 | 0.51 | -2.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.33 | -0.40 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.28 | -0.11 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.00 | 0.26 | -0.25 |
Drawdowns
HSGFX vs. TLT - Drawdown Comparison
The maximum HSGFX drawdown since its inception was -60.61%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for HSGFX and TLT.
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Drawdown Indicators
| HSGFX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -48.35% | -12.26% |
Max Drawdown (1Y)Largest decline over 1 year | -19.80% | -7.58% | -12.22% |
Max Drawdown (3Y)Largest decline over 3 years | -24.22% | -19.18% | -5.04% |
Max Drawdown (5Y)Largest decline over 5 years | -24.22% | -43.70% | +19.48% |
Max Drawdown (10Y)Largest decline over 10 years | -33.41% | -48.35% | +14.94% |
Current DrawdownCurrent decline from peak | -57.05% | -40.44% | -16.61% |
Average DrawdownAverage peak-to-trough decline | -26.86% | -13.82% | -13.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.29% | 3.04% | +7.25% |
Volatility
HSGFX vs. TLT - Volatility Comparison
Hussman Strategic Growth Fund (HSGFX) has a higher volatility of 3.89% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. This indicates that HSGFX's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSGFX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.89% | 2.76% | +1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 8.72% | 6.50% | +2.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.14% | 9.77% | +1.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.06% | 15.87% | -4.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.70% | 14.91% | -4.21% |
HSGFX vs. TLT - Expense Ratio Comparison
HSGFX has a 1.15% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
HSGFX vs. TLT - Dividend Comparison
HSGFX's dividend yield for the trailing twelve months is around 2.58%, less than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HSGFX Hussman Strategic Growth Fund | 2.58% | 2.33% | 3.00% | 3.10% | 1.08% | 0.42% | 0.16% | 1.84% | 1.19% | 0.50% | 0.28% | 0.56% |
TLT iShares 20+ Year Treasury Bond ETF | 4.59% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
HSGFX and TLT have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HSGFX has higher volatility (3.89%) compared to TLT (2.76%). In terms of maximum drawdown, HSGFX dropped -60.61% vs TLT's -48.35%.
TLT currently has the higher Sharpe Ratio (0.51 vs -1.77), 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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