HSSAX vs. FRBAX

Last updated Jun 5, 2026

HSSAX (Emerald Finance and Banking Innovation Fund) and FRBAX (John Hancock Regional Bank Fund) are both Financials Equities funds. Over the past 10 years, HSSAX returned 3.25%/yr vs 9.40%/yr for FRBAX. Their correlation of 0.84 suggests significant overlap in exposure. HSSAX charges 1.71%/yr vs 1.22%/yr for FRBAX.

Performance

HSSAX vs. FRBAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Emerald Finance and Banking Innovation Fund (HSSAX) and John Hancock Regional Bank Fund (FRBAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSSAX achieves a -7.20% return, which is significantly lower than FRBAX's 5.34% return. Over the past 10 years, HSSAX has underperformed FRBAX with an annualized return of 3.25%, while FRBAX has yielded a comparatively higher 9.40% annualized return.

HSSAX

• 1D: -3.67%
• 1M: -4.89%
• YTD: -7.20%
• 6M: -7.84%
• 1Y: 4.97%
• 3Y*: 16.31%
• 5Y*: -7.69%
• 10Y*: 3.25%

FRBAX

• 1D: -2.27%
• 1M: -2.17%
• YTD: 5.34%
• 6M: 6.34%
• 1Y: 23.70%
• 3Y*: 22.42%
• 5Y*: 4.86%
• 10Y*: 9.40%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HSSAX vs. FRBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HSSAX Emerald Finance and Banking Innovation Fund	-7.20%	12.11%	16.47%	15.58%	-55.87%	38.83%	11.94%	20.55%	-19.86%	12.63%
FRBAX John Hancock Regional Bank Fund	5.34%	11.07%	22.54%	-1.93%	-12.25%	40.51%	-10.11%	27.60%	-17.61%	10.32%

Correlation

The correlation between HSSAX and FRBAX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 5, 1998	0.84

The correlation between HSSAX and FRBAX shifts across timeframes, from 0.81 (1 year) to 0.91 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

HSSAX vs. FRBAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HSSAX

HSSAX Risk / Return Rank: 4
HSSAX Sharpe Ratio Rank: 4
HSSAX Sortino Ratio Rank: 4
HSSAX Omega Ratio Rank: 4
HSSAX Calmar Ratio Rank: 4
HSSAX Martin Ratio Rank: 4

FRBAX

FRBAX Risk / Return Rank: 16
FRBAX Sharpe Ratio Rank: 14
FRBAX Sortino Ratio Rank: 14
FRBAX Omega Ratio Rank: 15
FRBAX Calmar Ratio Rank: 19
FRBAX Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HSSAX vs. FRBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Emerald Finance and Banking Innovation Fund (HSSAX) and John Hancock Regional Bank Fund (FRBAX). 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	FRBAX	Difference
Sharpe ratio: Return per unit of total volatility	0.15	1.03	-0.88
Sortino ratio: Return per unit of downside risk	0.38	1.54	-1.16
Omega ratio: Gain probability vs. loss probability	1.05	1.20	-0.15
Calmar ratio: Return relative to maximum drawdown	0.18	1.55	-1.37
Martin ratio: Return relative to average drawdown	0.41	4.10	-3.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HSSAX vs. FRBAX - Sharpe Ratio Comparison

The current HSSAX Sharpe Ratio is 0.15, which is lower than the FRBAX Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of HSSAX and FRBAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HSSAX	FRBAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.15	1.03	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	0.18	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.12	0.32	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.40	-0.08

Drawdowns

HSSAX vs. FRBAX - Drawdown Comparison

The maximum HSSAX drawdown since its inception was -73.01%, which is greater than FRBAX's maximum drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for HSSAX and FRBAX.

Drawdown Indicators

	HSSAX	FRBAX	Difference
Max Drawdown Largest peak-to-trough decline	-73.01%	-67.55%	-5.46%
Max Drawdown (1Y) Largest decline over 1 year	-19.61%	-14.22%	-5.39%
Max Drawdown (3Y) Largest decline over 3 years	-22.17%	-25.26%	+3.09%
Max Drawdown (5Y) Largest decline over 5 years	-73.01%	-46.15%	-26.86%
Max Drawdown (10Y) Largest decline over 10 years	-73.01%	-52.24%	-20.77%
Current Drawdown Current decline from peak	-51.83%	-6.26%	-45.57%
Average Drawdown Average peak-to-trough decline	-18.97%	-12.28%	-6.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.92%	5.37%	+3.55%

Volatility

HSSAX vs. FRBAX - Volatility Comparison

Emerald Finance and Banking Innovation Fund (HSSAX) has a higher volatility of 6.47% compared to John Hancock Regional Bank Fund (FRBAX) at 5.55%. This indicates that HSSAX's price experiences larger fluctuations and is considered to be riskier than FRBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSSAX	FRBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.47%	5.55%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	17.45%	14.68%	+2.77%
Volatility (1Y) Calculated over the trailing 1-year period	24.39%	21.50%	+2.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.26%	26.55%	+2.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.22%	29.31%	-1.09%

HSSAX vs. FRBAX - Expense Ratio Comparison

HSSAX has a 1.71% expense ratio, which is higher than FRBAX's 1.22% expense ratio.

Dividends

HSSAX vs. FRBAX - Dividend Comparison

HSSAX has not paid dividends to shareholders, while FRBAX's dividend yield for the trailing twelve months is around 8.35%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRBAX John Hancock Regional Bank Fund	8.35%	8.82%	9.72%	2.65%	5.83%	5.26%	2.43%	1.75%	1.92%	1.76%	2.94%	4.42%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HSSAX and FRBAX in my portfolio?

HSSAX and FRBAX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HSSAX or FRBAX?

HSSAX has higher volatility (6.47%) compared to FRBAX (5.55%). In terms of maximum drawdown, HSSAX dropped -73.01% vs FRBAX's -67.55%.

Which has better risk-adjusted returns?

FRBAX currently has the higher Sharpe Ratio (1.03 vs 0.15), 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.