IPSHX vs. HFSAX

Last updated Jun 4, 2026

IPSHX (Pinnacle Sherman Multi-Strategy Core Fund) and HFSAX (Hundredfold Select Alternative Fund Investor Class) are both Tactical Allocation funds. Over the past 10 years, IPSHX returned 7.86%/yr vs 8.41%/yr for HFSAX. A 0.68 correlation means they provide meaningful diversification when combined. IPSHX charges 1.24%/yr vs 1.75%/yr for HFSAX.

Performance

IPSHX vs. HFSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pinnacle Sherman Multi-Strategy Core Fund (IPSHX) and Hundredfold Select Alternative Fund Investor Class (HFSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPSHX achieves a 15.91% return, which is significantly higher than HFSAX's 2.70% return. Over the past 10 years, IPSHX has underperformed HFSAX with an annualized return of 7.86%, while HFSAX has yielded a comparatively higher 8.41% annualized return.

IPSHX

• 1D: 0.87%
• 1M: 5.66%
• YTD: 15.91%
• 6M: 15.61%
• 1Y: 34.51%
• 3Y*: 15.10%
• 5Y*: 6.17%
• 10Y*: 7.86%

HFSAX

• 1D: 0.20%
• 1M: 1.77%
• YTD: 2.70%
• 6M: 4.15%
• 1Y: 11.18%
• 3Y*: 9.99%
• 5Y*: 3.52%
• 10Y*: 8.41%

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

IPSHX vs. HFSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPSHX Pinnacle Sherman Multi-Strategy Core Fund	15.91%	10.90%	6.79%	18.85%	-17.42%	8.71%	22.20%	15.05%	-13.11%	11.19%
HFSAX Hundredfold Select Alternative Fund Investor Class	2.70%	11.97%	3.75%	10.93%	-9.44%	9.05%	38.71%	10.35%	-1.97%	9.91%

Correlation

The correlation between IPSHX and HFSAX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Oct 8, 2015	0.68

The correlation between IPSHX and HFSAX has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.

Return for Risk

IPSHX vs. HFSAX — Risk / Return Rank

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

IPSHX

IPSHX Risk / Return Rank: 76
IPSHX Sharpe Ratio Rank: 77
IPSHX Sortino Ratio Rank: 63
IPSHX Omega Ratio Rank: 68
IPSHX Calmar Ratio Rank: 92
IPSHX Martin Ratio Rank: 80

HFSAX

HFSAX Risk / Return Rank: 66
HFSAX Sharpe Ratio Rank: 77
HFSAX Sortino Ratio Rank: 67
HFSAX Omega Ratio Rank: 78
HFSAX Calmar Ratio Rank: 67
HFSAX Martin Ratio Rank: 41

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.

IPSHX vs. HFSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pinnacle Sherman Multi-Strategy Core Fund (IPSHX) and Hundredfold Select Alternative Fund Investor Class (HFSAX). 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.

	IPSHX	HFSAX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.55	0.00
Sortino ratio: Return per unit of downside risk	3.33	3.42	-0.09
Omega ratio: Gain probability vs. loss probability	1.46	1.51	-0.05
Calmar ratio: Return relative to maximum drawdown	4.93	3.14	+1.80
Martin ratio: Return relative to average drawdown	15.05	8.76	+6.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPSHX vs. HFSAX - Sharpe Ratio Comparison

The current IPSHX Sharpe Ratio is 2.56, which is comparable to the HFSAX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of IPSHX and HFSAX, 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

	IPSHX	HFSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	2.55	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.57	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	1.35	-0.82
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	1.33	-0.81

Drawdowns

IPSHX vs. HFSAX - Drawdown Comparison

The maximum IPSHX drawdown since its inception was -25.73%, which is greater than HFSAX's maximum drawdown of -12.81%. Use the drawdown chart below to compare losses from any high point for IPSHX and HFSAX.

Drawdown Indicators

	IPSHX	HFSAX	Difference
Max Drawdown Largest peak-to-trough decline	-25.73%	-12.81%	-12.92%
Max Drawdown (1Y) Largest decline over 1 year	-7.12%	-3.68%	-3.44%
Max Drawdown (3Y) Largest decline over 3 years	-25.73%	-5.67%	-20.06%
Max Drawdown (5Y) Largest decline over 5 years	-25.73%	-12.81%	-12.92%
Max Drawdown (10Y) Largest decline over 10 years	-25.73%	-12.81%	-12.92%
Current Drawdown Current decline from peak	0.00%	-0.16%	+0.16%
Average Drawdown Average peak-to-trough decline	-7.93%	-2.39%	-5.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	1.31%	+1.02%

Volatility

IPSHX vs. HFSAX - Volatility Comparison

Pinnacle Sherman Multi-Strategy Core Fund (IPSHX) has a higher volatility of 4.07% compared to Hundredfold Select Alternative Fund Investor Class (HFSAX) at 1.61%. This indicates that IPSHX's price experiences larger fluctuations and is considered to be riskier than HFSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPSHX	HFSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	1.61%	+2.46%
Volatility (6M) Calculated over the trailing 6-month period	9.91%	3.64%	+6.27%
Volatility (1Y) Calculated over the trailing 1-year period	13.74%	4.53%	+9.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.94%	6.20%	+8.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.97%	6.26%	+8.71%

IPSHX vs. HFSAX - Expense Ratio Comparison

IPSHX has a 1.24% expense ratio, which is lower than HFSAX's 1.75% expense ratio.

Dividends

IPSHX vs. HFSAX - Dividend Comparison

IPSHX's dividend yield for the trailing twelve months is around 2.86%, less than HFSAX's 9.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFSAX Hundredfold Select Alternative Fund Investor Class	9.49%	9.75%	5.87%	5.17%	4.92%	10.98%	13.58%	6.44%	3.11%	11.06%	5.60%	1.85%
IPSHX Pinnacle Sherman Multi-Strategy Core Fund	2.86%	3.32%	0.00%	0.00%	0.00%	16.18%	0.00%	0.90%	3.68%	6.15%	0.71%	0.00%

Frequently Asked Questions

Can I hold both IPSHX and HFSAX in my portfolio?

IPSHX and HFSAX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPSHX or HFSAX?

IPSHX has higher volatility (4.07%) compared to HFSAX (1.61%). In terms of maximum drawdown, IPSHX dropped -25.73% vs HFSAX's -12.81%.

Which has better risk-adjusted returns?

IPSHX currently has the higher Sharpe Ratio (2.56 vs 2.55), 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.