HSGFX vs. VMNIX
HSGFX (Hussman Strategic Growth Fund) and VMNIX (Vanguard Market Neutral Fund Institutional Shares) are both Long-Short funds. Over the past 10 years, HSGFX returned -2.22%/yr vs 5.49%/yr for VMNIX. Their 0.07 correlation means their historical movements had little consistent relationship. HSGFX charges 1.15%/yr vs 1.25%/yr for VMNIX.
Performance
HSGFX vs. VMNIX - 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 VMNIX's 16.18% return. Over the past 10 years, HSGFX has underperformed VMNIX with an annualized return of -2.22%, while VMNIX has yielded a comparatively higher 5.49% 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%
VMNIX
- 1D
- -0.43%
- 1M
- 2.80%
- 6M
- 15.85%
- YTD
- 16.18%
- 1Y
- 24.82%
- 3Y*
- 14.00%
- 5Y*
- 14.08%
- 10Y*
- 5.49%
- ALL TIME*
- 2.82%
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. VMNIX - 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% |
VMNIX Vanguard Market Neutral Fund Institutional Shares | 16.18% | 9.36% | 5.84% | 12.33% | 13.47% | 23.39% | -11.58% | -9.48% | 0.66% | -4.83% |
Correlation
The correlation between HSGFX and VMNIX is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.02 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2000 | 0.07 |
The correlation between HSGFX and VMNIX shifts across timeframes, from -0.06 (3 years) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HSGFX vs. VMNIX — Risk / Return Rank
HSGFX
VMNIX
HSGFX vs. VMNIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hussman Strategic Growth Fund (HSGFX) and Vanguard Market Neutral Fund Institutional Shares (VMNIX). 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 | VMNIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.97 | ||
| Sortino ratioReturn per unit of downside risk | -5.96 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.62 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 5.38 | -5.92 |
| Martin ratioReturn relative to average drawdown | -0.97 | 17.81 | -18.78 |
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Drawdowns
HSGFX vs. VMNIX - Drawdown Comparison
The maximum HSGFX drawdown since its inception was -60.61%, which is greater than VMNIX's maximum drawdown of -27.90%. Use the drawdown chart below to compare losses from any high point for HSGFX and VMNIX.
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Drawdown Indicators
| HSGFX | VMNIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -27.90% | -32.71% |
Max Drawdown (1Y)Largest decline over 1 year | -17.20% | -4.65% | -12.55% |
Max Drawdown (3Y)Largest decline over 3 years | -24.52% | -5.36% | -19.16% |
Max Drawdown (5Y)Largest decline over 5 years | -24.52% | -6.69% | -17.83% |
Max Drawdown (10Y)Largest decline over 10 years | -30.86% | -24.95% | -5.91% |
Current DrawdownCurrent decline from peak | -54.87% | -0.43% | -54.44% |
Average DrawdownAverage peak-to-trough decline | -27.04% | -8.71% | -18.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.44% | 1.40% | +8.04% |
Volatility
HSGFX vs. VMNIX - Volatility Comparison
Hussman Strategic Growth Fund (HSGFX) has a higher volatility of 3.49% compared to Vanguard Market Neutral Fund Institutional Shares (VMNIX) at 1.85%. This indicates that HSGFX's price experiences larger fluctuations and is considered to be riskier than VMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSGFX | VMNIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.49% | 1.85% | +1.64% |
Volatility (6M)Calculated over the trailing 6-month period | 10.40% | 5.30% | +5.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.89% | 7.68% | +5.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.43% | 7.25% | +4.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.90% | 6.45% | +4.45% |
HSGFX vs. VMNIX - Expense Ratio Comparison
HSGFX has a 1.15% expense ratio, which is lower than VMNIX's 1.25% expense ratio.
Dividends
HSGFX vs. VMNIX - Dividend Comparison
HSGFX's dividend yield for the trailing twelve months is around 2.46%, less than VMNIX's 3.07% 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% |
VMNIX Vanguard Market Neutral Fund Institutional Shares | 3.07% | 3.59% | 5.67% | 5.15% | 0.78% | 0.20% | 0.86% | 3.23% | 1.00% | 1.16% | 0.45% | 0.10% |
Frequently Asked Questions
HSGFX and VMNIX have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HSGFX has higher volatility (3.49%) compared to VMNIX (1.85%). In terms of maximum drawdown, HSGFX dropped -60.61% vs VMNIX's -27.90%.
VMNIX currently has the higher Sharpe Ratio (3.26 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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