SUNBX vs. HFSAX

Last updated Jun 26, 2026

SUNBX (Spectrum Unconstrained Fund) and HFSAX (Hundredfold Select Alternative Fund Investor Class) are both mutual funds - SUNBX is a Nontraditional Bonds fund managed by Advisors Preferred, while HFSAX is a Tactical Allocation fund managed by Advisors Preferred. Over the past 5 years, SUNBX returned 2.93%/yr vs 3.06%/yr for HFSAX. A 0.66 correlation means they provide meaningful diversification when combined. SUNBX charges 2.43%/yr vs 1.75%/yr for HFSAX.

Performance

SUNBX vs. HFSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spectrum Unconstrained Fund (SUNBX) 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, SUNBX achieves a 0.40% return, which is significantly lower than HFSAX's 0.87% return.

SUNBX

• 1D: -0.40%
• 1M: -0.25%
• YTD: 0.40%
• 6M: 0.31%
• 1Y: 5.22%
• 3Y*: 6.02%
• 5Y*: 2.93%
• 10Y*: —

HFSAX

• 1D: -0.25%
• 1M: -0.94%
• YTD: 0.87%
• 6M: 0.36%
• 1Y: 8.31%
• 3Y*: 9.44%
• 5Y*: 3.06%
• 10Y*: 8.32%

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

SUNBX vs. HFSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SUNBX Spectrum Unconstrained Fund	0.40%	8.31%	1.35%	10.83%	-8.55%	6.12%
HFSAX Hundredfold Select Alternative Fund Investor Class	0.87%	11.97%	3.75%	10.93%	-9.44%	3.51%

Correlation

The correlation between SUNBX and HFSAX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Apr 16, 2021	0.66

The correlation between SUNBX and HFSAX shifts across timeframes, from 0.66 (all time) to 0.83 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SUNBX vs. HFSAX — Risk / Return Rank

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

SUNBX

SUNBX Risk / Return Rank: 24
SUNBX Sharpe Ratio Rank: 27
SUNBX Sortino Ratio Rank: 23
SUNBX Omega Ratio Rank: 33
SUNBX Calmar Ratio Rank: 21
SUNBX Martin Ratio Rank: 16

HFSAX

HFSAX Risk / Return Rank: 46
HFSAX Sharpe Ratio Rank: 52
HFSAX Sortino Ratio Rank: 44
HFSAX Omega Ratio Rank: 57
HFSAX Calmar Ratio Rank: 47
HFSAX Martin Ratio Rank: 32

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.

SUNBX vs. HFSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spectrum Unconstrained Fund (SUNBX) 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.

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.

	SUNBX	HFSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.77	-0.57
Sortino ratio: Return per unit of downside risk	1.62	2.32	-0.69
Omega ratio: Gain probability vs. loss probability	1.25	1.34	-0.10
Calmar ratio: Return relative to maximum drawdown	1.36	2.29	-0.93
Martin ratio: Return relative to average drawdown	3.40	6.19	-2.79

SUNBX vs. HFSAX - Sharpe Ratio Comparison

The current SUNBX Sharpe Ratio is 1.20, which is lower than the HFSAX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of SUNBX 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.

Drawdowns

SUNBX vs. HFSAX - Drawdown Comparison

The maximum SUNBX drawdown since its inception was -10.36%, smaller than the maximum HFSAX drawdown of -12.81%. Use the drawdown chart below to compare losses from any high point for SUNBX and HFSAX.

Drawdown Indicators

	SUNBX	HFSAX	Difference
Max Drawdown Largest peak-to-trough decline	-10.36%	-12.81%	+2.45%
Max Drawdown (1Y) Largest decline over 1 year	-3.84%	-3.68%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-3.84%	-5.67%	+1.83%
Max Drawdown (5Y) Largest decline over 5 years	-10.36%	-12.16%	+1.80%
Max Drawdown (10Y) Largest decline over 10 years	—	-12.81%	—
Current Drawdown Current decline from peak	-2.07%	-1.94%	-0.13%
Average Drawdown Average peak-to-trough decline	-3.55%	-2.38%	-1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	1.36%	+0.18%

Volatility

SUNBX vs. HFSAX - Volatility Comparison

Spectrum Unconstrained Fund (SUNBX) has a higher volatility of 2.10% compared to Hundredfold Select Alternative Fund Investor Class (HFSAX) at 1.88%. This indicates that SUNBX'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

	SUNBX	HFSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.10%	1.88%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	3.69%	3.90%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	4.42%	4.79%	-0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.10%	6.22%	-1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.03%	6.24%	-1.21%

SUNBX vs. HFSAX - Expense Ratio Comparison

SUNBX has a 2.43% expense ratio, which is higher than HFSAX's 1.75% expense ratio.

Dividends

SUNBX vs. HFSAX - Dividend Comparison

SUNBX's dividend yield for the trailing twelve months is around 2.83%, less than HFSAX's 9.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFSAX Hundredfold Select Alternative Fund Investor Class	9.66%	9.75%	5.87%	5.17%	4.92%	10.98%	13.58%	6.44%	3.11%	11.06%	5.60%	1.85%
SUNBX Spectrum Unconstrained Fund	2.83%	2.84%	3.75%	2.81%	0.00%	8.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SUNBX and HFSAX in my portfolio?

SUNBX and HFSAX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SUNBX or HFSAX?

SUNBX has higher volatility (2.10%) compared to HFSAX (1.88%). In terms of maximum drawdown, SUNBX dropped -10.36% vs HFSAX's -12.81%.

Which has better risk-adjusted returns?

HFSAX currently has the higher Sharpe Ratio (1.77 vs 1.20), 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.