ECOIX vs. GAGEX

Last updated Jun 24, 2026

ECOIX (Ecofin Global Renewables Infrastructure Fund) and GAGEX (Guinness Atkinson Global Energy Fund) are both Energy Equities funds. Over the past 5 years, ECOIX returned 2.12%/yr vs 15.70%/yr for GAGEX. At a 0.28 correlation, their price movements are largely independent. ECOIX charges 0.91%/yr vs 1.46%/yr for GAGEX.

Performance

ECOIX vs. GAGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ecofin Global Renewables Infrastructure Fund (ECOIX) and Guinness Atkinson Global Energy Fund (GAGEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ECOIX achieves a 7.20% return, which is significantly lower than GAGEX's 23.97% return.

ECOIX

• 1D: 0.63%
• 1M: -2.50%
• YTD: 7.20%
• 6M: 7.23%
• 1Y: 13.26%
• 3Y*: 7.70%
• 5Y*: 2.12%
• 10Y*: —

GAGEX

• 1D: 1.44%
• 1M: -9.35%
• YTD: 23.97%
• 6M: 25.20%
• 1Y: 36.02%
• 3Y*: 16.60%
• 5Y*: 15.70%
• 10Y*: 6.67%

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

ECOIX vs. GAGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ECOIX Ecofin Global Renewables Infrastructure Fund	7.20%	25.37%	-3.91%	-8.55%	-10.92%	3.59%	26.86%
GAGEX Guinness Atkinson Global Energy Fund	23.97%	16.88%	-1.75%	2.66%	34.32%	45.96%	9.63%

Correlation

The correlation between ECOIX and GAGEX is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Aug 7, 2020	0.28

Over the past year, the correlation between ECOIX and GAGEX has dropped to 0.03 - well below their long-term average of 0.28, suggesting their price drivers have been diverging.

Return for Risk

ECOIX vs. GAGEX — Risk / Return Rank

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

ECOIX

ECOIX Risk / Return Rank: 23
ECOIX Sharpe Ratio Rank: 20
ECOIX Sortino Ratio Rank: 19
ECOIX Omega Ratio Rank: 19
ECOIX Calmar Ratio Rank: 35
ECOIX Martin Ratio Rank: 23

GAGEX

GAGEX Risk / Return Rank: 42
GAGEX Sharpe Ratio Rank: 42
GAGEX Sortino Ratio Rank: 36
GAGEX Omega Ratio Rank: 35
GAGEX Calmar Ratio Rank: 47
GAGEX Martin Ratio Rank: 52

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.

ECOIX vs. GAGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ecofin Global Renewables Infrastructure Fund (ECOIX) and Guinness Atkinson Global Energy Fund (GAGEX). 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.

	ECOIX	GAGEX	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.75	-0.58
Sortino ratio: Return per unit of downside risk	1.68	2.31	-0.64
Omega ratio: Gain probability vs. loss probability	1.21	1.29	-0.08
Calmar ratio: Return relative to maximum drawdown	2.12	2.51	-0.40
Martin ratio: Return relative to average drawdown	5.17	10.13	-4.96

ECOIX vs. GAGEX - Sharpe Ratio Comparison

The current ECOIX Sharpe Ratio is 1.17, which is lower than the GAGEX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of ECOIX and GAGEX, 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

ECOIX vs. GAGEX - Drawdown Comparison

The maximum ECOIX drawdown since its inception was -38.64%, smaller than the maximum GAGEX drawdown of -78.90%. Use the drawdown chart below to compare losses from any high point for ECOIX and GAGEX.

Drawdown Indicators

	ECOIX	GAGEX	Difference
Max Drawdown Largest peak-to-trough decline	-38.64%	-78.90%	+40.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.11%	-13.16%	+6.05%
Max Drawdown (3Y) Largest decline over 3 years	-25.02%	-23.67%	-1.35%
Max Drawdown (5Y) Largest decline over 5 years	-37.60%	-26.42%	-11.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-69.98%	—
Current Drawdown Current decline from peak	-3.40%	-11.91%	+8.51%
Average Drawdown Average peak-to-trough decline	-14.69%	-29.17%	+14.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	3.30%	-0.40%

Volatility

ECOIX vs. GAGEX - Volatility Comparison

The current volatility for Ecofin Global Renewables Infrastructure Fund (ECOIX) is 3.63%, while Guinness Atkinson Global Energy Fund (GAGEX) has a volatility of 6.66%. This indicates that ECOIX experiences smaller price fluctuations and is considered to be less risky than GAGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ECOIX	GAGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	6.66%	-3.03%
Volatility (6M) Calculated over the trailing 6-month period	10.07%	15.54%	-5.47%
Volatility (1Y) Calculated over the trailing 1-year period	12.91%	18.96%	-6.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	23.65%	-6.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.34%	27.30%	-9.96%

ECOIX vs. GAGEX - Expense Ratio Comparison

ECOIX has a 0.91% expense ratio, which is lower than GAGEX's 1.46% expense ratio.

Dividends

ECOIX vs. GAGEX - Dividend Comparison

ECOIX's dividend yield for the trailing twelve months is around 3.62%, more than GAGEX's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECOIX Ecofin Global Renewables Infrastructure Fund	3.62%	3.74%	3.26%	3.75%	3.11%	4.26%	1.29%	0.00%	0.00%	0.00%	0.00%	0.00%
GAGEX Guinness Atkinson Global Energy Fund	2.28%	2.82%	7.08%	4.33%	0.15%	2.59%	3.59%	1.91%	1.72%	1.40%	1.13%	1.33%

Frequently Asked Questions

Can I hold both ECOIX and GAGEX in my portfolio?

ECOIX and GAGEX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ECOIX or GAGEX?

GAGEX has higher volatility (6.66%) compared to ECOIX (3.63%). In terms of maximum drawdown, ECOIX dropped -38.64% vs GAGEX's -78.90%.

Which has better risk-adjusted returns?

GAGEX currently has the higher Sharpe Ratio (1.75 vs 1.17), 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.