- ISIN
- US3615701048
- CUSIP
- 361570104
- Issuer
- Gabelli
- Inception Date
- Jan 31, 2007
- Category
- Event Driven
- Distribution Policy
- Distributing
- Asset Class
- Alternatives
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
GDL Performance Chart
The GDL Fund (GDL) is up 2.7% since the beginning of the year. GDL is currently trading at $8 per share. Investors who bought $1,000 worth of GDL shares 5 years ago would now be looking at an investment worth $1,250.
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Returns By Period
The GDL Fund (GDL) has returned 2.66% so far this year and 7.37% over the past 12 months. Over the last ten years, GDL has returned 3.99% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
The GDL Fund
- 1D
- 0.48%
- 1M
- 1.32%
- YTD
- 2.66%
- 6M
- 2.90%
- 1Y
- 7.37%
- 3Y*
- 9.07%
- 5Y*
- 4.57%
- 10Y*
- 3.99%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
GDL Monthly Returns History
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, an investment would double in approximately 19.3 years.
Historically, 60% of months were positive and 40% 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%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.13% | 0.17% | -1.51% | 1.44% | 0.67% | 0.76% | 2.66% | ||||||
| 2025 | 2.12% | 2.20% | -0.17% | -2.00% | 3.84% | 1.02% | -0.28% | 2.52% | 1.65% | -0.47% | 0.47% | 0.47% | 11.83% |
| 2024 | -2.16% | -0.28% | 3.01% | -2.01% | 1.15% | 0.90% | 2.42% | 0.66% | 2.34% | -0.73% | 0.62% | 0.01% | 5.94% |
| 2023 | 3.19% | -1.98% | 0.47% | -0.45% | 0.47% | 1.52% | 0.96% | -0.06% | -0.57% | 0.13% | 1.29% | 3.85% | 9.02% |
| 2022 | -1.34% | -3.86% | 2.98% | -2.56% | -0.96% | 0.39% | 1.16% | -2.35% | -0.86% | 1.01% | -0.62% | 0.12% | -6.88% |
| 2021 | 1.03% | 0.23% | 2.50% | 0.22% | 0.34% | 2.35% | -0.61% | 0.39% | 0.56% | 0.22% | -1.33% | 1.92% | 8.04% |
Benchmark Metrics
The GDL Fund has an annualized alpha of 0.45%, beta of 0.37, and R2 of 0.27 versus S&P 500 Index. Calculated based on daily prices since April 23, 2007.
- This fund participated in 38.79% of S&P 500 Index downside but only 30.81% 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.
- Alpha
- 0.45%
- Beta
- 0.37
- R²
- 0.27
- Upside Capture
- 30.81%
- Downside Capture
- 38.79%
Expense Ratio
GDL has an expense ratio of 0.03%, which is considered low.
Return for Risk
Risk / Return Rank
GDL ranks 23 for risk / return — below 23% 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.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for The GDL Fund (GDL) and compare them to S&P 500 Index.
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.
| GDL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.37 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 2.78 | -0.48 |
| Martin ratioReturn relative to average drawdown | 7.21 | 12.44 | -5.23 |
Dividends
Dividend History
The GDL Fund provided a 5.68% 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.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 | $0.46 | $0.40 | $0.40 | $0.58 | $0.64 | $0.64 |
Dividend yield | 5.68% | 5.67% | 5.99% | 5.97% | 6.12% | 5.38% | 5.28% | 4.30% | 4.36% | 5.96% | 6.50% | 6.39% |
Monthly Dividends
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.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.24 | ||||||
| 2025 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.48 |
| 2024 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.48 |
| 2023 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.48 |
| 2022 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.48 |
| 2021 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.48 |
Drawdowns
Drawdowns Chart
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.
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Worst Drawdowns
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.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -38.74%Mar 2020 | 2mo 2d | 10mo 16d | 1y 13dJan 2020 - Jan 2021 |
Financial crisis2007–2009 | -36.35%Oct 2008 | 1y 4mo | 2y 5mo | 3y 9moJun 2007 - Mar 2011 |
2011 correction2011 | -14.35%Aug 2011 | 1mo 10d | 1y 1mo | 1y 2moJun 2011 - Sep 2012 |
Rate-hike selloffLate 2018 | -13.30%Oct 2018 | 1y 7d | 1y 2mo | 2y 2moOct 2017 - Jan 2020 |
Bear market2022 | -9.48%Oct 2022 | 9mo 12d | 1y 2mo | 1y 11moDec 2021 - Dec 2023 |
Drawdown Indicators
| GDL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.74% | -56.78% | +18.04% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -9.10% | +5.89% |
Max Drawdown (3Y)Largest decline over 3 years | -6.00% | -18.90% | +12.90% |
Max Drawdown (5Y)Largest decline over 5 years | -9.48% | -25.43% | +15.95% |
Max Drawdown (10Y)Largest decline over 10 years | -38.74% | -33.92% | -4.82% |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -4.91% | -10.71% | +5.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 2.03% | -1.01% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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