HSSAX vs. HSPGX

Last updated Jun 23, 2026

HSSAX (Emerald Finance and Banking Innovation Fund) and HSPGX (Emerald Growth Fund) are both mutual funds - HSSAX is a Financials Equities fund managed by Emerald, while HSPGX is a Small Cap Growth Equities fund managed by Emerald. Over the past 10 years, HSSAX returned 4.46%/yr vs 16.90%/yr for HSPGX. A 0.76 correlation means they provide meaningful diversification when combined. HSSAX charges 1.71%/yr vs 1.03%/yr for HSPGX.

Performance

HSSAX vs. HSPGX - Performance Comparison

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

Returns By Period

In the year-to-date period, HSSAX achieves a 0.76% return, which is significantly lower than HSPGX's 33.16% return. Over the past 10 years, HSSAX has underperformed HSPGX with an annualized return of 4.46%, while HSPGX has yielded a comparatively higher 16.90% annualized return.

HSSAX

• 1D: 1.62%
• 1M: 6.09%
• YTD: 0.76%
• 6M: -3.16%
• 1Y: 13.89%
• 3Y*: 17.92%
• 5Y*: -5.48%
• 10Y*: 4.46%

HSPGX

• 1D: 3.41%
• 1M: 8.84%
• YTD: 33.16%
• 6M: 28.07%
• 1Y: 74.22%
• 3Y*: 33.80%
• 5Y*: 15.03%
• 10Y*: 16.90%

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

HSSAX vs. HSPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HSSAX Emerald Finance and Banking Innovation Fund	0.76%	12.11%	16.47%	15.58%	-55.87%	38.83%	11.94%	20.55%	-19.86%	12.63%
HSPGX Emerald Growth Fund	33.16%	31.62%	28.04%	18.66%	-24.65%	3.59%	38.49%	28.33%	-12.16%	27.72%

Correlation

The correlation between HSSAX and HSPGX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jan 2, 1998	0.76

The correlation between HSSAX and HSPGX has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.

Return for Risk

HSSAX vs. HSPGX — Risk / Return Rank

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

HSSAX

HSSAX Risk / Return Rank: 8
HSSAX Sharpe Ratio Rank: 8
HSSAX Sortino Ratio Rank: 8
HSSAX Omega Ratio Rank: 8
HSSAX Calmar Ratio Rank: 8
HSSAX Martin Ratio Rank: 7

HSPGX

HSPGX Risk / Return Rank: 88
HSPGX Sharpe Ratio Rank: 92
HSPGX Sortino Ratio Rank: 81
HSPGX Omega Ratio Rank: 75
HSPGX Calmar Ratio Rank: 95
HSPGX Martin Ratio Rank: 96

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. HSPGX - 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 (HSPGX). 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.

	HSSAX	HSPGX	Difference
Sharpe ratio: Return per unit of total volatility	0.61	2.86	-2.26
Sortino ratio: Return per unit of downside risk	0.99	3.51	-2.53
Omega ratio: Gain probability vs. loss probability	1.12	1.45	-0.32
Calmar ratio: Return relative to maximum drawdown	0.76	5.26	-4.50
Martin ratio: Return relative to average drawdown	1.63	21.94	-20.31

HSSAX vs. HSPGX - Sharpe Ratio Comparison

The current HSSAX Sharpe Ratio is 0.61, which is lower than the HSPGX Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of HSSAX and HSPGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HSSAX vs. HSPGX - Drawdown Comparison

The maximum HSSAX drawdown since its inception was -73.01%, which is greater than HSPGX's maximum drawdown of -60.28%. Use the drawdown chart below to compare losses from any high point for HSSAX and HSPGX.

Drawdown Indicators

	HSSAX	HSPGX	Difference
Max Drawdown Largest peak-to-trough decline	-73.01%	-60.28%	-12.73%
Max Drawdown (1Y) Largest decline over 1 year	-19.61%	-14.41%	-5.20%
Max Drawdown (3Y) Largest decline over 3 years	-22.17%	-28.63%	+6.46%
Max Drawdown (5Y) Largest decline over 5 years	-73.01%	-38.65%	-34.36%
Max Drawdown (10Y) Largest decline over 10 years	-73.01%	-41.48%	-31.53%
Current Drawdown Current decline from peak	-47.69%	0.00%	-47.69%
Average Drawdown Average peak-to-trough decline	-19.01%	-18.99%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.11%	3.43%	+5.68%

Volatility

HSSAX vs. HSPGX - Volatility Comparison

The current volatility for Emerald Finance and Banking Innovation Fund (HSSAX) is 6.97%, while Emerald Growth Fund (HSPGX) has a volatility of 9.72%. This indicates that HSSAX experiences smaller price fluctuations and is considered to be less risky than HSPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSSAX	HSPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.97%	9.72%	-2.75%
Volatility (6M) Calculated over the trailing 6-month period	17.65%	20.46%	-2.81%
Volatility (1Y) Calculated over the trailing 1-year period	24.53%	26.46%	-1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.30%	25.71%	+3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.25%	25.25%	+3.00%

HSSAX vs. HSPGX - Expense Ratio Comparison

HSSAX has a 1.71% expense ratio, which is higher than HSPGX's 1.03% expense ratio.

Dividends

HSSAX vs. HSPGX - Dividend Comparison

HSSAX has not paid dividends to shareholders, while HSPGX's dividend yield for the trailing twelve months is around 9.57%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HSPGX Emerald Growth Fund	9.57%	12.74%	21.85%	6.43%	8.77%	19.11%	8.48%	1.45%	11.86%	0.00%
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%

Frequently Asked Questions

Can I hold both HSSAX and HSPGX in my portfolio?

HSSAX and HSPGX have a correlation of 0.67, 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 HSPGX?

HSPGX has higher volatility (9.72%) compared to HSSAX (6.97%). In terms of maximum drawdown, HSSAX dropped -73.01% vs HSPGX's -60.28%.

Which has better risk-adjusted returns?

HSPGX currently has the higher Sharpe Ratio (2.86 vs 0.61), 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.