CDAZX vs. GTAPX
CDAZX (Multi-Manager Directional Alternative Strategies Fund) and GTAPX (Quantitative U.S. Long/Short Equity Portfolio) are both Long-Short funds. Over the past 5 years, CDAZX returned 11.55%/yr vs 9.82%/yr for GTAPX. Their 0.63 correlation means they have sometimes moved together and sometimes differently. CDAZX charges 1.84%/yr vs 1.25%/yr for GTAPX.
Performance
CDAZX vs. GTAPX - Performance Comparison
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Returns By Period
In the year-to-date period, CDAZX achieves a 8.13% return, which is significantly lower than GTAPX's 9.18% return.
CDAZX
- 1D
- 0.39%
- 1M
- -1.28%
- 6M
- 4.47%
- YTD
- 8.13%
- 1Y
- 21.94%
- 3Y*
- 17.35%
- 5Y*
- 11.55%
- 10Y*
- —
- ALL TIME*
- 7.06%
GTAPX
- 1D
- -0.57%
- 1M
- 4.72%
- 6M
- 7.02%
- YTD
- 9.18%
- 1Y
- 17.61%
- 3Y*
- 11.72%
- 5Y*
- 9.82%
- 10Y*
- 6.06%
- ALL TIME*
- 3.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
CDAZX vs. GTAPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CDAZX Multi-Manager Directional Alternative Strategies Fund | 8.13% | 19.20% | 19.75% | 3.90% | 1.31% | 20.14% | -6.39% | 8.17% | -12.03% | 10.32% |
GTAPX Quantitative U.S. Long/Short Equity Portfolio | 9.18% | 12.79% | 13.28% | 4.42% | 3.16% | 17.72% | -5.16% | 3.26% | -8.65% | 8.65% |
Correlation
The correlation between CDAZX and GTAPX is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.44 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2017 | 0.63 |
Over the past year, the correlation between CDAZX and GTAPX has dropped to 0.29 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.
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Return for Risk
CDAZX vs. GTAPX — Risk / Return Rank
CDAZX
GTAPX
CDAZX vs. GTAPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Multi-Manager Directional Alternative Strategies Fund (CDAZX) and Quantitative U.S. Long/Short Equity Portfolio (GTAPX). 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.
| CDAZX | GTAPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.47 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | 6.08 | -2.86 |
| Martin ratioReturn relative to average drawdown | 11.61 | 19.11 | -7.50 |
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Drawdowns
CDAZX vs. GTAPX - Drawdown Comparison
The maximum CDAZX drawdown since its inception was -30.94%, roughly equal to the maximum GTAPX drawdown of -30.40%. Use the drawdown chart below to compare losses from any high point for CDAZX and GTAPX.
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Drawdown Indicators
| CDAZX | GTAPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.94% | -30.40% | -0.54% |
Max Drawdown (1Y)Largest decline over 1 year | -7.32% | -3.01% | -4.31% |
Max Drawdown (3Y)Largest decline over 3 years | -8.54% | -12.21% | +3.67% |
Max Drawdown (5Y)Largest decline over 5 years | -10.91% | -12.21% | +1.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.40% | — |
Current DrawdownCurrent decline from peak | -2.16% | -0.57% | -1.59% |
Average DrawdownAverage peak-to-trough decline | -6.05% | -6.98% | +0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 0.95% | +1.06% |
Volatility
CDAZX vs. GTAPX - Volatility Comparison
Multi-Manager Directional Alternative Strategies Fund (CDAZX) has a higher volatility of 2.77% compared to Quantitative U.S. Long/Short Equity Portfolio (GTAPX) at 2.13%. This indicates that CDAZX's price experiences larger fluctuations and is considered to be riskier than GTAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CDAZX | GTAPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.77% | 2.13% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 7.81% | 5.36% | +2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.01% | 6.96% | +3.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.20% | 10.89% | -1.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.05% | 10.25% | -0.20% |
CDAZX vs. GTAPX - Expense Ratio Comparison
CDAZX has a 1.84% expense ratio, which is higher than GTAPX's 1.25% expense ratio.
Dividends
CDAZX vs. GTAPX - Dividend Comparison
CDAZX's dividend yield for the trailing twelve months is around 21.52%, more than GTAPX's 15.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CDAZX Multi-Manager Directional Alternative Strategies Fund | 21.52% | 23.28% | 10.21% | 1.58% | 11.48% | 6.28% | 0.00% | 0.79% | 50.33% | 3.97% |
GTAPX Quantitative U.S. Long/Short Equity Portfolio | 15.07% | 16.63% | 11.79% | 11.23% | 0.00% | 0.00% | 0.00% | 0.96% | 0.00% | 0.00% |
Frequently Asked Questions
CDAZX and GTAPX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDAZX has higher volatility (2.77%) compared to GTAPX (2.13%). In terms of maximum drawdown, CDAZX dropped -30.94% vs GTAPX's -30.40%.
GTAPX currently has the higher Sharpe Ratio (2.63 vs 2.35), 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.
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