RIV vs. HFSAX

Last updated Jun 3, 2026

RIV (RiverNorth Opportunities Fund) and HFSAX (Hundredfold Select Alternative Fund Investor Class) are both Tactical Allocation funds. Over the past 10 years, RIV returned 9.01%/yr vs 8.39%/yr for HFSAX. At a 0.31 correlation, their price movements are largely independent. RIV charges 2.07%/yr vs 1.75%/yr for HFSAX.

Performance

RIV vs. HFSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Opportunities Fund (RIV) 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, RIV achieves a 5.40% return, which is significantly higher than HFSAX's 2.50% return. Over the past 10 years, RIV has outperformed HFSAX with an annualized return of 9.01%, while HFSAX has yielded a comparatively lower 8.39% annualized return.

RIV

• 1D: -0.68%
• 1M: 0.19%
• YTD: 5.40%
• 6M: 7.84%
• 1Y: 13.28%
• 3Y*: 16.75%
• 5Y*: 5.79%
• 10Y*: 9.01%

HFSAX

• 1D: 0.49%
• 1M: 1.32%
• YTD: 2.50%
• 6M: 4.11%
• 1Y: 11.23%
• 3Y*: 9.91%
• 5Y*: 3.34%
• 10Y*: 8.39%

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

RIV vs. HFSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RIV RiverNorth Opportunities Fund	5.40%	19.69%	18.72%	2.57%	-11.30%	12.94%	14.09%	15.24%	-7.67%	17.17%
HFSAX Hundredfold Select Alternative Fund Investor Class	2.50%	11.97%	3.75%	10.93%	-9.44%	9.05%	38.71%	10.35%	-1.97%	9.91%

Correlation

The correlation between RIV and HFSAX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Dec 28, 2015	0.31

Return for Risk

RIV vs. HFSAX — Risk / Return Rank

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

RIV

RIV Risk / Return Rank: 22
RIV Sharpe Ratio Rank: 21
RIV Sortino Ratio Rank: 22
RIV Omega Ratio Rank: 23
RIV Calmar Ratio Rank: 23
RIV Martin Ratio Rank: 19

HFSAX

HFSAX Risk / Return Rank: 67
HFSAX Sharpe Ratio Rank: 78
HFSAX Sortino Ratio Rank: 68
HFSAX Omega Ratio Rank: 79
HFSAX Calmar Ratio Rank: 68
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.

RIV vs. HFSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Opportunities Fund (RIV) 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.

	RIV	HFSAX	Difference
Sharpe ratio Return per unit of total volatility	1.33	2.57	-1.24
Sortino ratio Return per unit of downside risk	1.98	3.45	-1.47
Omega ratio Gain probability vs. loss probability	1.25	1.52	-0.27
Calmar ratio Return relative to maximum drawdown	1.80	3.20	-1.40
Martin ratio Return relative to average drawdown	5.27	8.97	-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.

RIV vs. HFSAX - Sharpe Ratio Comparison

The current RIV Sharpe Ratio is 1.33, which is lower than the HFSAX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of RIV 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

	RIV	HFSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	2.57	-1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.54	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	1.35	-0.90
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	1.33	-0.91

Drawdowns

RIV vs. HFSAX - Drawdown Comparison

The maximum RIV drawdown since its inception was -42.99%, which is greater than HFSAX's maximum drawdown of -12.81%. Use the drawdown chart below to compare losses from any high point for RIV and HFSAX.

Drawdown Indicators

	RIV	HFSAX	Difference
Max Drawdown Largest peak-to-trough decline	-42.99%	-12.81%	-30.18%
Max Drawdown (1Y) Largest decline over 1 year	-7.64%	-3.68%	-3.96%
Max Drawdown (3Y) Largest decline over 3 years	-15.18%	-5.67%	-9.51%
Max Drawdown (5Y) Largest decline over 5 years	-29.13%	-12.81%	-16.32%
Max Drawdown (10Y) Largest decline over 10 years	-42.99%	-12.81%	-30.18%
Current Drawdown Current decline from peak	-0.68%	-0.36%	-0.32%
Average Drawdown Average peak-to-trough decline	-7.37%	-2.39%	-4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	1.31%	+1.30%

Volatility

RIV vs. HFSAX - Volatility Comparison

RiverNorth Opportunities Fund (RIV) has a higher volatility of 3.13% compared to Hundredfold Select Alternative Fund Investor Class (HFSAX) at 1.62%. This indicates that RIV'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

	RIV	HFSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	1.62%	+1.51%
Volatility (6M) Calculated over the trailing 6-month period	7.26%	3.65%	+3.61%
Volatility (1Y) Calculated over the trailing 1-year period	10.03%	4.54%	+5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	6.20%	+10.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.23%	6.26%	+13.97%

RIV vs. HFSAX - Expense Ratio Comparison

RIV has a 2.07% expense ratio, which is higher than HFSAX's 1.75% expense ratio.

Dividends

RIV vs. HFSAX - Dividend Comparison

RIV's dividend yield for the trailing twelve months is around 13.13%, more than HFSAX's 9.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFSAX Hundredfold Select Alternative Fund Investor Class	9.51%	9.75%	5.87%	5.17%	4.92%	10.98%	13.58%	6.44%	3.11%	11.06%	5.60%	1.85%
RIV RiverNorth Opportunities Fund	13.13%	12.80%	13.46%	13.95%	16.61%	14.31%	13.42%	12.34%	15.51%	10.14%	13.01%	0.00%

Frequently Asked Questions

Can I hold both RIV and HFSAX in my portfolio?

RIV and HFSAX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RIV or HFSAX?

RIV has higher volatility (3.13%) compared to HFSAX (1.62%). In terms of maximum drawdown, RIV dropped -42.99% vs HFSAX's -12.81%.

Which has better risk-adjusted returns?

HFSAX currently has the higher Sharpe Ratio (2.57 vs 1.33), 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.