The GDL Fund (GDL)

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The chart shows the growth of an initial investment of $10,000 in The GDL Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

The GDL Fund (GDL) has returned -0.23% so far this year and 7.09% over the past 12 months. Over the last ten years, GDL has returned 3.75% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.

Based on dividend-adjusted daily data since Apr 23, 2007, GDL's average daily return is +0.02%, while the average monthly return is +0.30%. At this rate, your investment would double in approximately 19.3 years.

Historically, 59% of months were positive and 41% were negative. The best month was Mar 2011 with a return of +10.2%, while the worst month was Mar 2020 at -12.3%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 7 months.

On a daily basis, GDL closed higher 49% of trading days. The best single day was Oct 13, 2008 with a return of +13.5%, while the worst single day was Mar 18, 2020 at -18.4%.

The GDL Fund has an annualized alpha of 0.58%, beta of 0.37, and R² of 0.27 versus S&P 500 Index. Calculated based on daily prices since April 24, 2007.

• This fund participated in 38.83% of S&P 500 Index downside but only 31.31% of its upside — more exposed to losses than it benefited from rallies.
• Beta of 0.37 may look defensive, but with R² of 0.27 this fund is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
• R² of 0.27 means this fund moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

GDL has an expense ratio of 0.03%, which is considered low.

GDL ranks 35 for risk / return — below 35% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.

The table below present risk-adjusted performance metrics for The GDL Fund (GDL) and compare them to a chosen benchmark (S&P 500 Index).

The GDL Fund provided a 5.76% dividend yield over the last twelve months, with an annual payout of $0.48 per share. The fund has been increasing its distributions for 7 consecutive years.

The table displays the monthly dividend distributions for The GDL Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the The GDL Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the The GDL Fund was 38.74%, occurring on Mar 18, 2020. Recovery took 218 trading sessions.

The current The GDL Fund drawdown is 2.15%.

The chart below shows the rolling one-month volatility.