SH vs. HSGFX

Last updated Jun 4, 2026

SH (ProShares Short S&P500) and HSGFX (Hussman Strategic Growth Fund) are both funds - SH is a Inverse Equities fund tracking the S&P 500 (-100%), while HSGFX is a Long-Short fund managed by Hussman Funds. Over the past 10 years, SH returned -12.89%/yr vs -2.97%/yr for HSGFX. A 0.60 correlation means they provide meaningful diversification when combined. SH charges 0.90%/yr vs 1.15%/yr for HSGFX.

Performance

SH vs. HSGFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) 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, SH achieves a -8.00% return, which is significantly higher than HSGFX's -9.84% return. Over the past 10 years, SH has underperformed HSGFX with an annualized return of -12.89%, while HSGFX has yielded a comparatively higher -2.97% annualized return.

SH

• 1D: 0.70%
• 1M: -4.35%
• YTD: -8.00%
• 6M: -7.59%
• 1Y: -17.23%
• 3Y*: -13.02%
• 5Y*: -9.07%
• 10Y*: -12.89%

HSGFX

• 1D: -0.77%
• 1M: -4.47%
• YTD: -9.84%
• 6M: -9.50%
• 1Y: -18.99%
• 3Y*: -4.49%
• 5Y*: -3.66%
• 10Y*: -2.97%

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

SH vs. HSGFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SH ProShares Short S&P500	-8.00%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%
HSGFX Hussman Strategic Growth Fund	-9.84%	6.24%	-6.99%	-11.60%	17.33%	-0.23%	14.52%	-18.87%	8.78%	-12.72%

Correlation

The correlation between SH and HSGFX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.60

The correlation between SH and HSGFX shifts across timeframes, from 0.60 (all time) to 0.72 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SH vs. HSGFX — Risk / Return Rank

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

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 0
SH Sortino Ratio Rank: 1
SH Omega Ratio Rank: 1
SH Calmar Ratio Rank: 1
SH Martin Ratio Rank: 0

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.

SH vs. HSGFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) 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.

	SH	HSGFX	Difference
Sharpe ratio: Return per unit of total volatility	-1.47	-1.77	+0.30
Sortino ratio: Return per unit of downside risk	-2.10	-2.60	+0.50
Omega ratio: Gain probability vs. loss probability	0.77	0.73	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.95	-0.99	+0.05
Martin ratio: Return relative to average drawdown	-1.75	-1.93	+0.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SH vs. HSGFX - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.47, which is comparable to the HSGFX Sharpe Ratio of -1.77. The chart below compares the historical Sharpe Ratios of SH 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.

Sharpe Ratios by Period

	SH	HSGFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.47	-1.77	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.54	-0.33	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.72	-0.28	-0.44
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	0.00	-0.59

Drawdowns

SH vs. HSGFX - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, which is greater than HSGFX's maximum drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for SH and HSGFX.

Drawdown Indicators

	SH	HSGFX	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-60.61%	-34.05%
Max Drawdown (1Y) Largest decline over 1 year	-18.28%	-19.80%	+1.52%
Max Drawdown (3Y) Largest decline over 3 years	-38.82%	-24.22%	-14.60%
Max Drawdown (5Y) Largest decline over 5 years	-44.53%	-24.22%	-20.31%
Max Drawdown (10Y) Largest decline over 10 years	-76.12%	-33.41%	-42.71%
Current Drawdown Current decline from peak	-94.62%	-57.05%	-37.57%
Average Drawdown Average peak-to-trough decline	-67.73%	-26.86%	-40.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.89%	10.29%	-0.40%

Volatility

SH vs. HSGFX - Volatility Comparison

The current volatility for ProShares Short S&P500 (SH) is 2.84%, while Hussman Strategic Growth Fund (HSGFX) has a volatility of 3.89%. This indicates that SH 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

	SH	HSGFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	3.89%	-1.05%
Volatility (6M) Calculated over the trailing 6-month period	8.91%	8.72%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	11.80%	11.14%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	11.06%	+5.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	10.70%	+7.31%

SH vs. HSGFX - Expense Ratio Comparison

SH has a 0.90% expense ratio, which is lower than HSGFX's 1.15% expense ratio.

Dividends

SH vs. HSGFX - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.51%, more than HSGFX's 2.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSGFX Hussman Strategic Growth Fund	2.58%	2.33%	3.00%	3.10%	1.08%	0.42%	0.16%	1.84%	1.19%	0.50%	0.28%	0.56%
SH ProShares Short S&P500	4.51%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SH and HSGFX in my portfolio?

SH and HSGFX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SH or HSGFX?

HSGFX has higher volatility (3.89%) compared to SH (2.84%). In terms of maximum drawdown, SH dropped -94.66% vs HSGFX's -60.61%.

Which has better risk-adjusted returns?

SH currently has the higher Sharpe Ratio (-1.47 vs -1.77), 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.