SDRIX vs. HRSTX

Last updated Jun 24, 2026

SDRIX (Swan Defined Risk Fund) and HRSTX (Rational Tactical Return Fund) are both Options Trading funds. Over the past 10 years, SDRIX returned 5.78%/yr vs 5.80%/yr for HRSTX. At a 0.36 correlation, their price movements are largely independent. SDRIX charges 1.18%/yr vs 1.99%/yr for HRSTX.

Performance

SDRIX vs. HRSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Swan Defined Risk Fund (SDRIX) and Rational Tactical Return Fund (HRSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDRIX achieves a 5.55% return, which is significantly higher than HRSTX's 5.25% return. Both investments have delivered pretty close results over the past 10 years, with SDRIX having a 5.78% annualized return and HRSTX not far ahead at 5.80%.

SDRIX

• 1D: -0.13%
• 1M: 0.65%
• YTD: 5.55%
• 6M: 5.03%
• 1Y: 15.07%
• 3Y*: 8.87%
• 5Y*: 5.47%
• 10Y*: 5.78%

HRSTX

• 1D: -0.24%
• 1M: 0.32%
• YTD: 5.25%
• 6M: 5.32%
• 1Y: 7.06%
• 3Y*: 5.10%
• 5Y*: 4.92%
• 10Y*: 5.80%

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

SDRIX vs. HRSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDRIX Swan Defined Risk Fund	5.55%	10.72%	4.91%	12.37%	-12.84%	17.41%	5.25%	12.75%	-8.85%	10.25%
HRSTX Rational Tactical Return Fund	5.25%	3.66%	3.23%	5.06%	5.90%	3.95%	2.65%	8.35%	9.66%	3.49%

Correlation

The correlation between SDRIX and HRSTX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.36

Over the past year, SDRIX and HRSTX have become more correlated (0.58) than their long-term average of 0.36, meaning their price movements have been converging.

Return for Risk

SDRIX vs. HRSTX — Risk / Return Rank

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

SDRIX

SDRIX Risk / Return Rank: 59
SDRIX Sharpe Ratio Rank: 54
SDRIX Sortino Ratio Rank: 50
SDRIX Omega Ratio Rank: 53
SDRIX Calmar Ratio Rank: 66
SDRIX Martin Ratio Rank: 72

HRSTX

HRSTX Risk / Return Rank: 52
HRSTX Sharpe Ratio Rank: 30
HRSTX Sortino Ratio Rank: 27
HRSTX Omega Ratio Rank: 80
HRSTX Calmar Ratio Rank: 41
HRSTX Martin Ratio Rank: 84

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.

SDRIX vs. HRSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swan Defined Risk Fund (SDRIX) and Rational Tactical Return Fund (HRSTX). 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.

	SDRIX	HRSTX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.47	+0.54
Sortino ratio: Return per unit of downside risk	2.74	2.00	+0.75
Omega ratio: Gain probability vs. loss probability	1.37	1.48	-0.11
Calmar ratio: Return relative to maximum drawdown	2.98	2.31	+0.67
Martin ratio: Return relative to average drawdown	12.86	14.47	-1.60

SDRIX vs. HRSTX - Sharpe Ratio Comparison

The current SDRIX Sharpe Ratio is 2.00, which is higher than the HRSTX Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of SDRIX and HRSTX, 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

SDRIX vs. HRSTX - Drawdown Comparison

The maximum SDRIX drawdown since its inception was -20.69%, smaller than the maximum HRSTX drawdown of -69.69%. Use the drawdown chart below to compare losses from any high point for SDRIX and HRSTX.

Drawdown Indicators

	SDRIX	HRSTX	Difference
Max Drawdown Largest peak-to-trough decline	-20.69%	-69.69%	+49.00%
Max Drawdown (1Y) Largest decline over 1 year	-5.29%	-3.09%	-2.20%
Max Drawdown (3Y) Largest decline over 3 years	-14.16%	-3.09%	-11.07%
Max Drawdown (5Y) Largest decline over 5 years	-17.67%	-3.09%	-14.58%
Max Drawdown (10Y) Largest decline over 10 years	-20.69%	-15.82%	-4.87%
Current Drawdown Current decline from peak	-1.14%	-9.32%	+8.18%
Average Drawdown Average peak-to-trough decline	-3.54%	-31.53%	+27.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	0.49%	+0.73%

Volatility

SDRIX vs. HRSTX - Volatility Comparison

The current volatility for Swan Defined Risk Fund (SDRIX) is 3.36%, while Rational Tactical Return Fund (HRSTX) has a volatility of 3.55%. This indicates that SDRIX experiences smaller price fluctuations and is considered to be less risky than HRSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDRIX	HRSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	3.55%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	6.20%	4.84%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	7.87%	4.89%	+2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.65%	3.66%	+5.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.75%	7.18%	+2.57%

SDRIX vs. HRSTX - Expense Ratio Comparison

SDRIX has a 1.18% expense ratio, which is lower than HRSTX's 1.99% expense ratio.

Dividends

SDRIX vs. HRSTX - Dividend Comparison

SDRIX's dividend yield for the trailing twelve months is around 9.99%, more than HRSTX's 8.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRSTX Rational Tactical Return Fund	8.99%	6.72%	4.47%	5.60%	2.24%	3.75%	2.10%	3.36%	1.33%	5.55%	13.80%	4.82%
SDRIX Swan Defined Risk Fund	9.99%	10.55%	0.00%	12.37%	0.00%	0.00%	0.34%	1.21%	1.00%	0.76%	1.42%	0.78%

Frequently Asked Questions

Can I hold both SDRIX and HRSTX in my portfolio?

SDRIX and HRSTX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDRIX or HRSTX?

HRSTX has higher volatility (3.55%) compared to SDRIX (3.36%). In terms of maximum drawdown, SDRIX dropped -20.69% vs HRSTX's -69.69%.

Which has better risk-adjusted returns?

SDRIX currently has the higher Sharpe Ratio (2.00 vs 1.47), 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.