- ISIN
- US5272897977
- CUSIP
- 527289797
- Issuer
- Leuthold
- Inception Date
- Jun 18, 2000
- Category
- Inverse Equities
- Min. Investment
- $10,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
Share Price Chart
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Performance
GRZZX Performance Chart
Grizzly Short Fund (GRZZX) is down 7.6% since the beginning of the year. GRZZX is currently trading at $18 per share. Investors who bought $1,000 worth of GRZZX shares 5 years ago would now be looking at an investment worth $839.
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Returns By Period
Grizzly Short Fund (GRZZX) has returned -7.60% so far this year and -8.55% over the past 12 months. Over the last ten years, GRZZX has returned -0.76% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Grizzly Short Fund
- 1D
- -0.49%
- 1M
- 1.10%
- 6M
- -6.54%
- YTD
- -7.60%
- 1Y
- -8.55%
- 3Y*
- -5.42%
- 5Y*
- -3.45%
- 10Y*
- -0.76%
- ALL TIME*
- -7.01%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
GRZZX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 2001, GRZZX's average daily return is +0.01%, while the average monthly return is +0.06%. At this rate, an investment would double in approximately 96.3 years.
Historically, 38% of months were positive and 62% were negative. The best month was May 2018 with a return of +284.5%, while the worst month was Apr 2009 at -20.7%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 9 months.
On a daily basis, GRZZX closed higher 44% of trading days. The best single day was May 21, 2018 with a return of +298.3%, while the worst single day was Oct 13, 2008 at -10.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -1.13% | 0.89% | 5.71% | -6.80% | -4.71% | -0.96% | -0.38% | -7.60% | |||||
| 2025 | -3.42% | 2.98% | 5.71% | 1.57% | -5.16% | -3.58% | -1.15% | -1.93% | 1.88% | 1.57% | -1.30% | 0.35% | -2.98% |
| 2024 | 4.42% | -3.21% | -2.42% | 4.29% | -3.20% | 0.79% | -2.66% | -0.96% | -2.00% | 1.03% | -7.61% | 5.39% | -6.74% |
| 2023 | -10.62% | 2.35% | -2.57% | 0.27% | 0.79% | -7.37% | -3.74% | 5.37% | 6.08% | 6.63% | -8.12% | -7.60% | -18.72% |
| 2022 | 8.14% | 0.26% | -3.29% | 10.35% | 3.21% | 7.30% | -10.03% | 3.59% | 10.65% | -6.49% | -6.01% | 5.41% | 22.43% |
| 2021 | -1.08% | -5.83% | -2.45% | -5.42% | 0.56% | -2.50% | -1.00% | -1.44% | 4.53% | -6.01% | 6.70% | -2.37% | -15.87% |
Benchmark Metrics
Grizzly Short Fund has an annualized alpha of 11.54%, beta of -1.09, and R2 of 0.11 versus S&P 500 Index. Calculated based on daily prices since January 02, 2001.
- This fund tended to rise when S&P 500 Index fell (downside capture of -185.70%), but participation in market rallies was also limited (-75.25%) - a profile typical of counter-cyclical assets.
- Beta of -1.09 may look defensive, but with R2 of 0.11 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 0.11 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
- 11.54%
- Beta
- -1.09
- R²
- 0.11
- Upside Capture
- -75.25%
- Downside Capture
- -185.70%
Expense Ratio
GRZZX has a high expense ratio of 1.61%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
GRZZX ranks 1 for risk / return — above 1% of mutual funds peers on PortfoliosLab. Its historical combined result is below most peers; review the five component ranks for context.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Grizzly Short Fund (GRZZX) 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.
| GRZZX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.84 | ||
| Sortino ratioReturn per unit of downside risk | -2.48 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.25 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 2.00 | -2.37 |
| Martin ratioReturn relative to average drawdown | -0.77 | 8.49 | -9.26 |
Dividends
Dividend History
Grizzly Short Fund provided a 4.95% dividend yield over the last twelve months, with an annual payout of $0.91 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $0.91 | $1.22 | $2.29 | $1.73 | $0.00 | $0.00 | $0.00 | $0.65 |
Dividend yield | 4.95% | 6.00% | 10.30% | 6.61% | 0.00% | 0.00% | 0.00% | 1.14% |
Monthly Dividends
The table displays the monthly dividend distributions for Grizzly Short 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 | $0.31 | $0.00 | $0.00 | $0.21 | $0.00 | $0.52 | |||||
| 2025 | $0.00 | $0.00 | $0.50 | $0.00 | $0.00 | $0.34 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.12 | $1.22 |
| 2024 | $0.00 | $0.00 | $0.73 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.82 | $0.00 | $0.00 | $0.74 | $2.29 |
| 2023 | $0.00 | $0.00 | $0.46 | $0.00 | $0.00 | $0.36 | $0.00 | $0.00 | $0.38 | $0.00 | $0.00 | $0.53 | $1.73 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
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 Grizzly Short 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 Grizzly Short Fund was 91.80%, occurring on May 10, 2018. The portfolio has not yet recovered.
The current Grizzly Short Fund drawdown is 89.70%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-91.80%May 2018 | 15y 7mo | — | 23y 10moOct 2002 - now | — |
-33.77%Mar 2002 | 5mo 15d | 7mo 3d | 1y 13dSep 2001 - Oct 2002 | Dot-com crash2000–2002 |
-26.46%May 2001 | 1mo 16d | 3mo 18d | 5mo 4dApr 2001 - Sep 2001 | Dot-com crash2000–2002 |
-12.40%Feb 2001 | 29d | 20d | 1mo 19dJan 2001 - Feb 2001 | Dot-com crash2000–2002 |
-7.00%Mar 2001 | 4d | 6d | 10dMar 2001 - Apr 2001 | Dot-com crash2000–2002 |
Drawdown Indicators
| GRZZX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.80% | -56.78% | -35.02% |
Max Drawdown (1Y)Largest decline over 1 year | -16.03% | -9.10% | -6.93% |
Max Drawdown (3Y)Largest decline over 3 years | -31.23% | -18.90% | -12.33% |
Max Drawdown (5Y)Largest decline over 5 years | -39.19% | -25.43% | -13.76% |
Max Drawdown (10Y)Largest decline over 10 years | -73.13% | -33.92% | -39.21% |
Current DrawdownCurrent decline from peak | -89.70% | -1.58% | -88.12% |
Average DrawdownAverage peak-to-trough decline | -69.47% | -10.70% | -58.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.63% | 2.14% | +5.49% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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