CGAEX vs. GRHIX

Last updated Jun 24, 2026

CGAEX (Calvert Global Energy Solutions Fund Class A) and GRHIX (Goehring & Rozencwajg Resources Fund) are both Energy Equities funds. Over the past 5 years, CGAEX returned 5.47%/yr vs 19.57%/yr for GRHIX. A 0.60 correlation means they provide meaningful diversification when combined. CGAEX charges 1.24%/yr vs 0.92%/yr for GRHIX.

Performance

CGAEX vs. GRHIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Global Energy Solutions Fund Class A (CGAEX) and Goehring & Rozencwajg Resources Fund (GRHIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGAEX achieves a 18.40% return, which is significantly higher than GRHIX's 6.47% return.

CGAEX

• 1D: 0.49%
• 1M: -1.27%
• YTD: 18.40%
• 6M: 17.63%
• 1Y: 41.33%
• 3Y*: 12.85%
• 5Y*: 5.47%
• 10Y*: 11.97%

GRHIX

• 1D: -0.48%
• 1M: -9.75%
• YTD: 6.47%
• 6M: 4.65%
• 1Y: 40.57%
• 3Y*: 25.64%
• 5Y*: 19.57%
• 10Y*: —

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

CGAEX vs. GRHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGAEX Calvert Global Energy Solutions Fund Class A	18.40%	32.27%	-7.33%	5.40%	-17.66%	6.50%	61.15%	33.16%	-19.66%	29.42%
GRHIX Goehring & Rozencwajg Resources Fund	6.47%	61.65%	-1.51%	16.61%	16.38%	62.15%	-2.74%	0.01%	-30.03%	-0.96%

Correlation

The correlation between CGAEX and GRHIX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.60

The correlation between CGAEX and GRHIX has been stable across timeframes, ranging from 0.50 to 0.60 - a consistent structural relationship.

Return for Risk

CGAEX vs. GRHIX — Risk / Return Rank

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

CGAEX

CGAEX Risk / Return Rank: 81
CGAEX Sharpe Ratio Rank: 82
CGAEX Sortino Ratio Rank: 72
CGAEX Omega Ratio Rank: 70
CGAEX Calmar Ratio Rank: 94
CGAEX Martin Ratio Rank: 89

GRHIX

GRHIX Risk / Return Rank: 36
GRHIX Sharpe Ratio Rank: 35
GRHIX Sortino Ratio Rank: 29
GRHIX Omega Ratio Rank: 29
GRHIX Calmar Ratio Rank: 48
GRHIX Martin Ratio Rank: 38

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.

CGAEX vs. GRHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Global Energy Solutions Fund Class A (CGAEX) and Goehring & Rozencwajg Resources Fund (GRHIX). 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.

	CGAEX	GRHIX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.58	+0.90
Sortino ratio: Return per unit of downside risk	3.21	2.06	+1.15
Omega ratio: Gain probability vs. loss probability	1.43	1.26	+0.16
Calmar ratio: Return relative to maximum drawdown	5.09	2.53	+2.56
Martin ratio: Return relative to average drawdown	16.23	7.86	+8.38

CGAEX vs. GRHIX - Sharpe Ratio Comparison

The current CGAEX Sharpe Ratio is 2.48, which is higher than the GRHIX Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of CGAEX and GRHIX, 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

CGAEX vs. GRHIX - Drawdown Comparison

The maximum CGAEX drawdown since its inception was -76.34%, which is greater than GRHIX's maximum drawdown of -70.61%. Use the drawdown chart below to compare losses from any high point for CGAEX and GRHIX.

Drawdown Indicators

	CGAEX	GRHIX	Difference
Max Drawdown Largest peak-to-trough decline	-76.34%	-70.61%	-5.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.41%	-15.79%	+7.38%
Max Drawdown (3Y) Largest decline over 3 years	-24.93%	-25.32%	+0.39%
Max Drawdown (5Y) Largest decline over 5 years	-33.14%	-31.47%	-1.67%
Max Drawdown (10Y) Largest decline over 10 years	-37.53%	—	—
Current Drawdown Current decline from peak	-7.74%	-15.79%	+8.05%
Average Drawdown Average peak-to-trough decline	-50.51%	-18.18%	-32.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	5.08%	-2.45%

Volatility

CGAEX vs. GRHIX - Volatility Comparison

The current volatility for Calvert Global Energy Solutions Fund Class A (CGAEX) is 6.78%, while Goehring & Rozencwajg Resources Fund (GRHIX) has a volatility of 8.30%. This indicates that CGAEX experiences smaller price fluctuations and is considered to be less risky than GRHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGAEX	GRHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.78%	8.30%	-1.52%
Volatility (6M) Calculated over the trailing 6-month period	13.92%	19.20%	-5.28%
Volatility (1Y) Calculated over the trailing 1-year period	17.26%	25.36%	-8.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.31%	29.12%	-9.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.73%	29.50%	-9.77%

CGAEX vs. GRHIX - Expense Ratio Comparison

CGAEX has a 1.24% expense ratio, which is higher than GRHIX's 0.92% expense ratio.

Dividends

CGAEX vs. GRHIX - Dividend Comparison

CGAEX's dividend yield for the trailing twelve months is around 0.43%, less than GRHIX's 3.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGAEX Calvert Global Energy Solutions Fund Class A	0.43%	0.51%	0.91%	0.83%	0.65%	0.26%	0.66%	1.01%	1.69%	1.19%	1.06%	0.20%
GRHIX Goehring & Rozencwajg Resources Fund	3.19%	3.39%	4.02%	3.19%	1.21%	3.25%	2.03%	0.57%	1.18%	0.51%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CGAEX and GRHIX in my portfolio?

CGAEX and GRHIX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGAEX or GRHIX?

GRHIX has higher volatility (8.30%) compared to CGAEX (6.78%). In terms of maximum drawdown, CGAEX dropped -76.34% vs GRHIX's -70.61%.

Which has better risk-adjusted returns?

CGAEX currently has the higher Sharpe Ratio (2.48 vs 1.58), 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.