EMAYX vs. GWSAX

Last updated Jun 3, 2026

EMAYX (Gabelli Enterprise Mergers and Acquisitions Fund) and GWSAX (Gabelli Focused Growth and Income Fund) are both mutual funds - EMAYX is a Event Driven fund managed by Gabelli, while GWSAX is a Mid Cap Blend Equities fund managed by Gabelli. Over the past 10 years, EMAYX returned 5.86%/yr vs 5.86%/yr for GWSAX. Their correlation of 0.84 suggests significant overlap in exposure. EMAYX charges 1.01%/yr vs 1.25%/yr for GWSAX.

Performance

EMAYX vs. GWSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Enterprise Mergers and Acquisitions Fund (EMAYX) and Gabelli Focused Growth and Income Fund (GWSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with EMAYX having a 7.73% return and GWSAX slightly higher at 8.01%. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: EMAYX at 5.86% and GWSAX at 5.86%.

EMAYX

• 1D: -0.45%
• 1M: 0.25%
• YTD: 7.73%
• 6M: 9.99%
• 1Y: 24.47%
• 3Y*: 13.22%
• 5Y*: 5.51%
• 10Y*: 5.86%

GWSAX

• 1D: -0.28%
• 1M: -0.71%
• YTD: 8.01%
• 6M: 9.87%
• 1Y: 16.63%
• 3Y*: 10.97%
• 5Y*: 5.24%
• 10Y*: 5.86%

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

EMAYX vs. GWSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMAYX Gabelli Enterprise Mergers and Acquisitions Fund	7.73%	21.17%	4.10%	5.96%	-8.78%	9.83%	5.29%	7.71%	-2.78%	5.61%
GWSAX Gabelli Focused Growth and Income Fund	8.01%	2.11%	13.19%	11.90%	-13.71%	27.12%	8.69%	26.78%	-25.30%	17.07%

Correlation

The correlation between EMAYX and GWSAX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 3, 2003	0.84

The correlation between EMAYX and GWSAX shifts across timeframes, from 0.70 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EMAYX vs. GWSAX — Risk / Return Rank

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

EMAYX

EMAYX Risk / Return Rank: 82
EMAYX Sharpe Ratio Rank: 83
EMAYX Sortino Ratio Rank: 81
EMAYX Omega Ratio Rank: 71
EMAYX Calmar Ratio Rank: 87
EMAYX Martin Ratio Rank: 88

GWSAX

GWSAX Risk / Return Rank: 34
GWSAX Sharpe Ratio Rank: 34
GWSAX Sortino Ratio Rank: 36
GWSAX Omega Ratio Rank: 31
GWSAX Calmar Ratio Rank: 41
GWSAX Martin Ratio Rank: 26

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.

EMAYX vs. GWSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Enterprise Mergers and Acquisitions Fund (EMAYX) and Gabelli Focused Growth and Income Fund (GWSAX). 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.

	EMAYX	GWSAX	Difference
Sharpe ratio Return per unit of total volatility	2.67	1.71	+0.96
Sortino ratio Return per unit of downside risk	3.84	2.51	+1.32
Omega ratio Gain probability vs. loss probability	1.47	1.30	+0.18
Calmar ratio Return relative to maximum drawdown	4.23	2.45	+1.78
Martin ratio Return relative to average drawdown	17.35	6.47	+10.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMAYX vs. GWSAX - Sharpe Ratio Comparison

The current EMAYX Sharpe Ratio is 2.67, which is higher than the GWSAX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of EMAYX and GWSAX, 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

	EMAYX	GWSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	1.71	+0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.34	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.29	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.35	+0.10

Drawdowns

EMAYX vs. GWSAX - Drawdown Comparison

The maximum EMAYX drawdown since its inception was -47.93%, smaller than the maximum GWSAX drawdown of -55.75%. Use the drawdown chart below to compare losses from any high point for EMAYX and GWSAX.

Drawdown Indicators

	EMAYX	GWSAX	Difference
Max Drawdown Largest peak-to-trough decline	-47.93%	-55.75%	+7.82%
Max Drawdown (1Y) Largest decline over 1 year	-5.82%	-6.54%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	-12.32%	-15.58%	+3.26%
Max Drawdown (5Y) Largest decline over 5 years	-15.95%	-18.91%	+2.96%
Max Drawdown (10Y) Largest decline over 10 years	-24.90%	-50.67%	+25.77%
Current Drawdown Current decline from peak	-0.89%	-0.97%	+0.08%
Average Drawdown Average peak-to-trough decline	-4.47%	-9.26%	+4.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.42%	2.47%	-1.05%

Volatility

EMAYX vs. GWSAX - Volatility Comparison

Gabelli Enterprise Mergers and Acquisitions Fund (EMAYX) has a higher volatility of 2.80% compared to Gabelli Focused Growth and Income Fund (GWSAX) at 2.08%. This indicates that EMAYX's price experiences larger fluctuations and is considered to be riskier than GWSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMAYX	GWSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	2.08%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	6.49%	6.39%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	9.36%	9.66%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.95%	15.38%	-4.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.56%	19.96%	-9.40%

EMAYX vs. GWSAX - Expense Ratio Comparison

EMAYX has a 1.01% expense ratio, which is lower than GWSAX's 1.25% expense ratio.

Dividends

EMAYX vs. GWSAX - Dividend Comparison

EMAYX's dividend yield for the trailing twelve months is around 3.91%, less than GWSAX's 4.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EMAYX Gabelli Enterprise Mergers and Acquisitions Fund	3.91%	4.21%	0.00%	3.00%	0.80%	6.84%	0.24%	1.80%	5.52%	1.24%	0.00%
GWSAX Gabelli Focused Growth and Income Fund	4.87%	5.11%	4.39%	4.57%	5.00%	3.90%	0.00%	0.00%	0.09%	0.49%	1.16%

Frequently Asked Questions

Can I hold both EMAYX and GWSAX in my portfolio?

EMAYX and GWSAX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMAYX or GWSAX?

EMAYX has higher volatility (2.80%) compared to GWSAX (2.08%). In terms of maximum drawdown, EMAYX dropped -47.93% vs GWSAX's -55.75%.

Which has better risk-adjusted returns?

EMAYX currently has the higher Sharpe Ratio (2.67 vs 1.71), 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.