HSSAX vs. RYFIX

Last updated Jun 24, 2026

HSSAX (Emerald Finance and Banking Innovation Fund) and RYFIX (Rydex Financial Services Fund) are both Financials Equities funds. Over the past 10 years, HSSAX returned 4.75%/yr vs 10.62%/yr for RYFIX. Their correlation of 0.80 suggests significant overlap in exposure. HSSAX charges 1.71%/yr vs 1.36%/yr for RYFIX.

Performance

HSSAX vs. RYFIX - Performance Comparison

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

Returns By Period

In the year-to-date period, HSSAX achieves a 0.60% return, which is significantly higher than RYFIX's 0.46% return. Over the past 10 years, HSSAX has underperformed RYFIX with an annualized return of 4.75%, while RYFIX has yielded a comparatively higher 10.62% annualized return.

HSSAX

• 1D: -0.16%
• 1M: 5.92%
• YTD: 0.60%
• 6M: -2.51%
• 1Y: 10.94%
• 3Y*: 19.81%
• 5Y*: -5.81%
• 10Y*: 4.75%

RYFIX

• 1D: 0.41%
• 1M: 2.57%
• YTD: 0.46%
• 6M: -0.73%
• 1Y: 6.35%
• 3Y*: 17.42%
• 5Y*: 7.31%
• 10Y*: 10.62%

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

HSSAX vs. RYFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HSSAX Emerald Finance and Banking Innovation Fund	0.60%	12.11%	16.47%	15.58%	-55.87%	38.83%	11.94%	20.55%	-19.86%	12.63%
RYFIX Rydex Financial Services Fund	0.46%	11.21%	22.86%	14.54%	-18.03%	35.83%	0.27%	28.32%	-12.05%	15.74%

Correlation

The correlation between HSSAX and RYFIX 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	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999	0.80

The correlation between HSSAX and RYFIX has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

Return for Risk

HSSAX vs. RYFIX — Risk / Return Rank

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

HSSAX

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

RYFIX

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

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. RYFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Emerald Finance and Banking Innovation Fund (HSSAX) and Rydex Financial Services Fund (RYFIX). 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	RYFIX	Difference
Sharpe ratio: Return per unit of total volatility	0.56	0.53	+0.03
Sortino ratio: Return per unit of downside risk	0.93	0.83	+0.11
Omega ratio: Gain probability vs. loss probability	1.12	1.10	+0.02
Calmar ratio: Return relative to maximum drawdown	0.70	0.56	+0.14
Martin ratio: Return relative to average drawdown	1.51	1.64	-0.13

HSSAX vs. RYFIX - Sharpe Ratio Comparison

The current HSSAX Sharpe Ratio is 0.56, which is comparable to the RYFIX Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of HSSAX and RYFIX, 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. RYFIX - Drawdown Comparison

The maximum HSSAX drawdown since its inception was -73.01%, smaller than the maximum RYFIX drawdown of -77.63%. Use the drawdown chart below to compare losses from any high point for HSSAX and RYFIX.

Drawdown Indicators

	HSSAX	RYFIX	Difference
Max Drawdown Largest peak-to-trough decline	-73.01%	-77.63%	+4.62%
Max Drawdown (1Y) Largest decline over 1 year	-19.61%	-13.52%	-6.09%
Max Drawdown (3Y) Largest decline over 3 years	-22.17%	-18.14%	-4.03%
Max Drawdown (5Y) Largest decline over 5 years	-73.01%	-27.08%	-45.93%
Max Drawdown (10Y) Largest decline over 10 years	-73.01%	-44.01%	-29.00%
Current Drawdown Current decline from peak	-47.78%	-2.56%	-45.22%
Average Drawdown Average peak-to-trough decline	-19.01%	-18.37%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.12%	4.60%	+4.52%

Volatility

HSSAX vs. RYFIX - Volatility Comparison

Emerald Finance and Banking Innovation Fund (HSSAX) has a higher volatility of 6.63% compared to Rydex Financial Services Fund (RYFIX) at 4.21%. This indicates that HSSAX's price experiences larger fluctuations and is considered to be riskier than RYFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSSAX	RYFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.63%	4.21%	+2.42%
Volatility (6M) Calculated over the trailing 6-month period	17.65%	10.90%	+6.75%
Volatility (1Y) Calculated over the trailing 1-year period	24.56%	14.23%	+10.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.31%	18.51%	+10.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.25%	21.00%	+7.25%

HSSAX vs. RYFIX - Expense Ratio Comparison

HSSAX has a 1.71% expense ratio, which is higher than RYFIX's 1.36% expense ratio.

Dividends

HSSAX vs. RYFIX - Dividend Comparison

HSSAX has not paid dividends to shareholders, while RYFIX's dividend yield for the trailing twelve months is around 1.20%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
RYFIX Rydex Financial Services Fund	1.20%	1.21%	0.76%	0.00%	25.45%	0.83%	0.00%	0.41%	5.14%	0.51%	0.71%	1.65%

Frequently Asked Questions

Can I hold both HSSAX and RYFIX in my portfolio?

HSSAX and RYFIX 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 RYFIX?

HSSAX has higher volatility (6.63%) compared to RYFIX (4.21%). In terms of maximum drawdown, HSSAX dropped -73.01% vs RYFIX's -77.63%.

Which has better risk-adjusted returns?

HSSAX currently has the higher Sharpe Ratio (0.56 vs 0.53), 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.