HSSAX vs. FGROX
Compare and contrast key facts about Emerald Finance and Banking Innovation Fund (HSSAX) and Emerald Growth Fund Institutional Class (FGROX).
HSSAX is managed by Emerald. It was launched on Feb 18, 1997. FGROX is a passively managed fund by Emerald that tracks the performance of the Russell 2000 Growth Index. It was launched on Oct 21, 2008.
Performance
HSSAX vs. FGROX - Performance Comparison
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HSSAX vs. FGROX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSSAX Emerald Finance and Banking Innovation Fund | -12.92% | 12.11% | 16.47% | 15.58% | -55.87% | 38.83% | 11.94% | 20.55% | -19.86% | 12.63% |
FGROX Emerald Growth Fund Institutional Class | -5.85% | 31.85% | 20.04% | 19.04% | -24.42% | 3.91% | 38.92% | 28.71% | -11.85% | 28.11% |
Returns By Period
In the year-to-date period, HSSAX achieves a -12.92% return, which is significantly lower than FGROX's -5.85% return. Over the past 10 years, HSSAX has underperformed FGROX with an annualized return of 3.11%, while FGROX has yielded a comparatively higher 12.70% annualized return.
HSSAX
- 1D
- 0.40%
- 1M
- -4.07%
- YTD
- -12.92%
- 6M
- -13.79%
- 1Y
- 0.58%
- 3Y*
- 14.01%
- 5Y*
- -9.52%
- 10Y*
- 3.11%
FGROX
- 1D
- -3.15%
- 1M
- -12.32%
- YTD
- -5.85%
- 6M
- -0.19%
- 1Y
- 41.68%
- 3Y*
- 19.44%
- 5Y*
- 6.14%
- 10Y*
- 12.70%
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HSSAX vs. FGROX - Expense Ratio Comparison
HSSAX has a 1.71% expense ratio, which is higher than FGROX's 0.78% expense ratio.
Return for Risk
HSSAX vs. FGROX — Risk / Return Rank
HSSAX
FGROX
HSSAX vs. FGROX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Emerald Finance and Banking Innovation Fund (HSSAX) and Emerald Growth Fund Institutional Class (FGROX). 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.
| HSSAX | FGROX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.03 | 1.41 | -1.38 |
Sortino ratioReturn per unit of downside risk | 0.23 | 1.96 | -1.73 |
Omega ratioGain probability vs. loss probability | 1.03 | 1.26 | -0.23 |
Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.23 | -2.28 |
Martin ratioReturn relative to average drawdown | -0.12 | 8.95 | -9.07 |
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
| HSSAX | FGROX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.03 | 1.41 | -1.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 0.24 | -0.57 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.11 | 0.51 | -0.40 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.45 | -0.14 |
Correlation
The correlation between HSSAX and FGROX is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
HSSAX vs. FGROX - Dividend Comparison
HSSAX has not paid dividends to shareholders, while FGROX's dividend yield for the trailing twelve months is around 12.10%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSSAX Emerald Finance and Banking Innovation Fund | 0.00% | 0.00% | 1.98% | 0.00% | 0.00% | 11.48% | 0.00% | 0.00% | 26.56% | 2.83% |
FGROX Emerald Growth Fund Institutional Class | 12.10% | 11.39% | 13.92% | 5.91% | 8.13% | 17.87% | 8.04% | 1.38% | 11.36% | 0.00% |
Drawdowns
HSSAX vs. FGROX - Drawdown Comparison
The maximum HSSAX drawdown since its inception was -73.01%, which is greater than FGROX's maximum drawdown of -41.48%. Use the drawdown chart below to compare losses from any high point for HSSAX and FGROX.
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Drawdown Indicators
| HSSAX | FGROX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.01% | -41.48% | -31.53% |
Max Drawdown (1Y)Largest decline over 1 year | -19.61% | -15.38% | -4.23% |
Max Drawdown (5Y)Largest decline over 5 years | -73.01% | -38.52% | -34.49% |
Max Drawdown (10Y)Largest decline over 10 years | -73.01% | -41.48% | -31.53% |
Current DrawdownCurrent decline from peak | -54.79% | -14.36% | -40.43% |
Average DrawdownAverage peak-to-trough decline | -18.77% | -10.33% | -8.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.90% | 4.05% | +3.85% |
Volatility
HSSAX vs. FGROX - Volatility Comparison
The current volatility for Emerald Finance and Banking Innovation Fund (HSSAX) is 5.95%, while Emerald Growth Fund Institutional Class (FGROX) has a volatility of 9.86%. This indicates that HSSAX experiences smaller price fluctuations and is considered to be less risky than FGROX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSSAX | FGROX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.95% | 9.86% | -3.91% |
Volatility (6M)Calculated over the trailing 6-month period | 19.12% | 19.40% | -0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.90% | 28.75% | -1.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.49% | 25.27% | +4.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.14% | 24.98% | +3.16% |