CZMGX vs. TVRIX

Last updated Jun 6, 2026

CZMGX (Multi-Manager Growth Strategies Fund) and TVRIX (Guggenheim Directional Allocation Fund) are both Large Cap Growth Equities funds. Over the past 5 years, CZMGX returned 13.66%/yr vs 7.36%/yr for TVRIX. Their correlation of 0.84 suggests significant overlap in exposure. CZMGX charges 0.74%/yr vs 1.09%/yr for TVRIX.

Performance

CZMGX vs. TVRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Multi-Manager Growth Strategies Fund (CZMGX) and Guggenheim Directional Allocation Fund (TVRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CZMGX achieves a 9.32% return, which is significantly lower than TVRIX's 11.50% return.

CZMGX

• 1D: 0.09%
• 1M: 3.65%
• YTD: 9.32%
• 6M: 8.24%
• 1Y: 24.55%
• 3Y*: 24.62%
• 5Y*: 13.66%
• 10Y*: —

TVRIX

• 1D: 0.00%
• 1M: 4.56%
• YTD: 11.50%
• 6M: 11.25%
• 1Y: 26.19%
• 3Y*: 14.46%
• 5Y*: 7.36%
• 10Y*: 10.16%

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

CZMGX vs. TVRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CZMGX Multi-Manager Growth Strategies Fund	9.32%	15.18%	34.55%	41.78%	-29.41%	19.80%	33.39%	33.59%	-12.36%	25.10%
TVRIX Guggenheim Directional Allocation Fund	11.50%	13.83%	7.87%	11.00%	-17.53%	27.30%	5.08%	30.45%	-7.53%	19.73%

Correlation

The correlation between CZMGX and TVRIX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.84

The correlation between CZMGX and TVRIX shifts across timeframes, from 0.79 (5 years) to 0.92 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CZMGX vs. TVRIX — Risk / Return Rank

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

CZMGX

CZMGX Risk / Return Rank: 25
CZMGX Sharpe Ratio Rank: 31
CZMGX Sortino Ratio Rank: 28
CZMGX Omega Ratio Rank: 29
CZMGX Calmar Ratio Rank: 18
CZMGX Martin Ratio Rank: 19

TVRIX

TVRIX Risk / Return Rank: 75
TVRIX Sharpe Ratio Rank: 80
TVRIX Sortino Ratio Rank: 76
TVRIX Omega Ratio Rank: 73
TVRIX Calmar Ratio Rank: 68
TVRIX Martin Ratio Rank: 78

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.

CZMGX vs. TVRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Multi-Manager Growth Strategies Fund (CZMGX) and Guggenheim Directional Allocation Fund (TVRIX). 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.

	CZMGX	TVRIX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	2.57	-1.06
Sortino ratio: Return per unit of downside risk	2.10	3.58	-1.48
Omega ratio: Gain probability vs. loss probability	1.27	1.47	-0.20
Calmar ratio: Return relative to maximum drawdown	1.44	3.07	-1.63
Martin ratio: Return relative to average drawdown	4.68	14.09	-9.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CZMGX vs. TVRIX - Sharpe Ratio Comparison

The current CZMGX Sharpe Ratio is 1.51, which is lower than the TVRIX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of CZMGX and TVRIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CZMGX	TVRIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	2.57	-1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.51	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.61	+0.12

Drawdowns

CZMGX vs. TVRIX - Drawdown Comparison

The maximum CZMGX drawdown since its inception was -35.23%, smaller than the maximum TVRIX drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for CZMGX and TVRIX.

Drawdown Indicators

	CZMGX	TVRIX	Difference
Max Drawdown Largest peak-to-trough decline	-35.23%	-39.36%	+4.13%
Max Drawdown (1Y) Largest decline over 1 year	-16.55%	-8.45%	-8.10%
Max Drawdown (3Y) Largest decline over 3 years	-22.71%	-24.87%	+2.16%
Max Drawdown (5Y) Largest decline over 5 years	-35.23%	-24.87%	-10.36%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.36%	—
Current Drawdown Current decline from peak	-0.86%	-0.54%	-0.32%
Average Drawdown Average peak-to-trough decline	-7.58%	-6.05%	-1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.07%	1.84%	+3.23%

Volatility

CZMGX vs. TVRIX - Volatility Comparison

Multi-Manager Growth Strategies Fund (CZMGX) has a higher volatility of 3.58% compared to Guggenheim Directional Allocation Fund (TVRIX) at 3.18%. This indicates that CZMGX's price experiences larger fluctuations and is considered to be riskier than TVRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CZMGX	TVRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	3.18%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	11.82%	7.89%	+3.93%
Volatility (1Y) Calculated over the trailing 1-year period	15.71%	10.09%	+5.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.52%	14.43%	+7.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.83%	17.82%	+4.01%

CZMGX vs. TVRIX - Expense Ratio Comparison

CZMGX has a 0.74% expense ratio, which is lower than TVRIX's 1.09% expense ratio.

Dividends

CZMGX vs. TVRIX - Dividend Comparison

CZMGX has not paid dividends to shareholders, while TVRIX's dividend yield for the trailing twelve months is around 8.64%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CZMGX Multi-Manager Growth Strategies Fund	0.00%	11.02%	10.86%	5.59%	10.39%	15.19%	5.04%	5.53%	6.87%	4.66%
TVRIX Guggenheim Directional Allocation Fund	8.64%	9.64%	0.00%	2.03%	0.71%	14.34%	0.30%	16.62%	14.33%	0.00%

Frequently Asked Questions

Can I hold both CZMGX and TVRIX in my portfolio?

With a correlation of 0.92, CZMGX and TVRIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CZMGX or TVRIX?

CZMGX has higher volatility (3.58%) compared to TVRIX (3.18%). In terms of maximum drawdown, CZMGX dropped -35.23% vs TVRIX's -39.36%.

Which has better risk-adjusted returns?

TVRIX currently has the higher Sharpe Ratio (2.57 vs 1.51), 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.