QAI vs. HSGFX

Last updated Jul 14, 2026

QAI (NYLI Hedge Multi-Strategy Tracker ETF) and HSGFX (Hussman Strategic Growth Fund) are both Long-Short funds. Over the past 10 years, QAI returned 3.85%/yr vs -2.72%/yr for HSGFX. At a correlation of -0.49, they often move in opposite directions. QAI charges 0.79%/yr vs 1.15%/yr for HSGFX.

Performance

QAI vs. HSGFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI Hedge Multi-Strategy Tracker ETF (QAI) and Hussman Strategic Growth Fund (HSGFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QAI achieves a 7.94% return, which is significantly higher than HSGFX's -9.14% return. Over the past 10 years, QAI has outperformed HSGFX with an annualized return of 3.85%, while HSGFX has yielded a comparatively lower -2.72% annualized return.

QAI

• 1D: -0.47%
• 1M: -0.52%
• 6M: 5.71%
• YTD: 7.94%
• 1Y: 13.07%
• 3Y*: 9.01%
• 5Y*: 4.42%
• 10Y*: 3.85%

HSGFX

• 1D: -0.39%
• 1M: -2.64%
• 6M: -7.51%
• YTD: -9.14%
• 1Y: -14.40%
• 3Y*: -4.49%
• 5Y*: -3.14%
• 10Y*: -2.72%

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

QAI vs. HSGFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QAI NYLI Hedge Multi-Strategy Tracker ETF	7.94%	8.29%	6.67%	10.07%	-8.68%	-0.16%	5.73%	8.68%	-3.32%	6.17%
HSGFX Hussman Strategic Growth Fund	-9.14%	6.24%	-6.99%	-11.60%	17.33%	-0.23%	14.52%	-18.87%	8.78%	-12.72%

Correlation

The correlation between QAI and HSGFX is -0.63, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.63
Correlation (3Y) Calculated over the trailing 3-year period	-0.55
Correlation (5Y) Calculated over the trailing 5-year period	-0.55
Correlation (10Y) Calculated over the trailing 10-year period	-0.50
Correlation (All Time) Calculated using the full available price history since Mar 25, 2009	-0.49

The correlation between QAI and HSGFX shifts across timeframes, from -0.63 (1 year) to -0.49 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QAI vs. HSGFX — Risk / Return Rank

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

QAI

QAI Risk / Return Rank: 80
QAI Sharpe Ratio Rank: 77
QAI Sortino Ratio Rank: 77
QAI Omega Ratio Rank: 80
QAI Calmar Ratio Rank: 83
QAI Martin Ratio Rank: 84

HSGFX

HSGFX Risk / Return Rank: 0
HSGFX Sharpe Ratio Rank: 0
HSGFX Sortino Ratio Rank: 0
HSGFX Omega Ratio Rank: 0
HSGFX Calmar Ratio Rank: 0
HSGFX Martin Ratio Rank: 0

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.

QAI vs. HSGFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI Hedge Multi-Strategy Tracker ETF (QAI) and Hussman Strategic Growth Fund (HSGFX). 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.

	QAI	HSGFX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	-1.18	+3.13
Sortino ratio: Return per unit of downside risk	2.71	-1.72	+4.43
Omega ratio: Gain probability vs. loss probability	1.38	0.82	+0.56
Calmar ratio: Return relative to maximum drawdown	3.53	-0.86	+4.40
Martin ratio: Return relative to average drawdown	13.38	-1.68	+15.06

QAI vs. HSGFX - Sharpe Ratio Comparison

The current QAI Sharpe Ratio is 1.95, which is higher than the HSGFX Sharpe Ratio of -1.18. The chart below compares the historical Sharpe Ratios of QAI and HSGFX, 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

QAI vs. HSGFX - Drawdown Comparison

The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum HSGFX drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for QAI and HSGFX.

Drawdown Indicators

	QAI	HSGFX	Difference
Max Drawdown Largest peak-to-trough decline	-14.95%	-60.61%	+45.66%
Max Drawdown (1Y) Largest decline over 1 year	-3.71%	-17.20%	+13.49%
Max Drawdown (3Y) Largest decline over 3 years	-7.78%	-24.52%	+16.74%
Max Drawdown (5Y) Largest decline over 5 years	-14.32%	-24.52%	+10.20%
Max Drawdown (10Y) Largest decline over 10 years	-14.95%	-30.86%	+15.91%
Current Drawdown Current decline from peak	-1.66%	-56.72%	+55.06%
Average Drawdown Average peak-to-trough decline	-2.56%	-26.97%	+24.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	8.82%	-7.84%

Volatility

QAI vs. HSGFX - Volatility Comparison

The current volatility for NYLI Hedge Multi-Strategy Tracker ETF (QAI) is 2.74%, while Hussman Strategic Growth Fund (HSGFX) has a volatility of 5.19%. This indicates that QAI experiences smaller price fluctuations and is considered to be less risky than HSGFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QAI	HSGFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	5.19%	-2.45%
Volatility (6M) Calculated over the trailing 6-month period	5.71%	10.39%	-4.68%
Volatility (1Y) Calculated over the trailing 1-year period	6.73%	12.60%	-5.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.70%	11.37%	-4.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.24%	10.86%	-4.62%

QAI vs. HSGFX - Expense Ratio Comparison

QAI has a 0.79% expense ratio, which is lower than HSGFX's 1.15% expense ratio.

Dividends

QAI vs. HSGFX - Dividend Comparison

QAI's dividend yield for the trailing twelve months is around 1.39%, less than HSGFX's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSGFX Hussman Strategic Growth Fund	2.56%	2.33%	3.00%	3.10%	1.08%	0.42%	0.16%	1.84%	1.19%	0.50%	0.28%	0.56%
QAI NYLI Hedge Multi-Strategy Tracker ETF	1.39%	1.50%	2.22%	4.08%	2.00%	0.28%	1.98%	1.91%	1.90%	0.00%	0.00%	0.48%

Frequently Asked Questions

Can I hold both QAI and HSGFX in my portfolio?

QAI and HSGFX have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QAI or HSGFX?

HSGFX has higher volatility (5.19%) compared to QAI (2.74%). In terms of maximum drawdown, QAI dropped -14.95% vs HSGFX's -60.61%.

Which has better risk-adjusted returns?

QAI currently has the higher Sharpe Ratio (1.95 vs -1.18), 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.