EVDAX vs. GDL

Last updated Jun 4, 2026

EVDAX (Camelot Event Driven Fund Class A) and GDL (The GDL Fund) are both Event Driven funds. Over the past 10 years, EVDAX returned 7.24%/yr vs 3.91%/yr for GDL. At a 0.10 correlation, their price movements are largely independent. EVDAX charges 2.22%/yr vs 0.03%/yr for GDL.

Performance

EVDAX vs. GDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Camelot Event Driven Fund Class A (EVDAX) and The GDL Fund (GDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVDAX achieves a 3.02% return, which is significantly higher than GDL's 1.21% return. Over the past 10 years, EVDAX has outperformed GDL with an annualized return of 7.24%, while GDL has yielded a comparatively lower 3.91% annualized return.

EVDAX

• 1D: -0.05%
• 1M: 0.27%
• YTD: 3.02%
• 6M: 3.25%
• 1Y: 7.78%
• 3Y*: 6.97%
• 5Y*: 5.05%
• 10Y*: 7.24%

GDL

• 1D: -0.12%
• 1M: -0.12%
• YTD: 1.21%
• 6M: 2.88%
• 1Y: 7.66%
• 3Y*: 8.41%
• 5Y*: 4.75%
• 10Y*: 3.91%

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

EVDAX vs. GDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EVDAX Camelot Event Driven Fund Class A	3.02%	9.15%	7.93%	2.28%	3.59%	22.87%	18.83%	7.19%	0.00%	0.00%
GDL The GDL Fund	1.21%	11.83%	5.94%	9.02%	-6.88%	8.04%	-0.99%	5.87%	-1.60%	4.74%

Correlation

The correlation between EVDAX and GDL is -0.05, 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	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Apr 24, 2007	0.10

The correlation between EVDAX and GDL shifts across timeframes, from -0.05 (1 year) to 0.16 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

EVDAX vs. GDL — Risk / Return Rank

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

EVDAX

EVDAX Risk / Return Rank: 41
EVDAX Sharpe Ratio Rank: 26
EVDAX Sortino Ratio Rank: 27
EVDAX Omega Ratio Rank: 25
EVDAX Calmar Ratio Rank: 73
EVDAX Martin Ratio Rank: 52

GDL

GDL Risk / Return Rank: 23
GDL Sharpe Ratio Rank: 14
GDL Sortino Ratio Rank: 14
GDL Omega Ratio Rank: 13
GDL Calmar Ratio Rank: 40
GDL Martin Ratio Rank: 34

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.

EVDAX vs. GDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Camelot Event Driven Fund Class A (EVDAX) and The GDL Fund (GDL). 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.

	EVDAX	GDL	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.06	+0.39
Sortino ratio: Return per unit of downside risk	2.18	1.51	+0.67
Omega ratio: Gain probability vs. loss probability	1.26	1.18	+0.08
Calmar ratio: Return relative to maximum drawdown	3.33	2.40	+0.93
Martin ratio: Return relative to average drawdown	10.67	7.55	+3.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVDAX vs. GDL - Sharpe Ratio Comparison

The current EVDAX Sharpe Ratio is 1.45, which is higher than the GDL Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of EVDAX and GDL, 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

	EVDAX	GDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	1.06	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.55	-0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.01	0.30	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.23	-0.23

Drawdowns

EVDAX vs. GDL - Drawdown Comparison

The maximum EVDAX drawdown since its inception was -96.19%, which is greater than GDL's maximum drawdown of -38.74%. Use the drawdown chart below to compare losses from any high point for EVDAX and GDL.

Drawdown Indicators

	EVDAX	GDL	Difference
Max Drawdown Largest peak-to-trough decline	-96.19%	-38.74%	-57.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.35%	-3.21%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	-96.19%	-6.00%	-90.19%
Max Drawdown (5Y) Largest decline over 5 years	-96.19%	-9.48%	-86.71%
Max Drawdown (10Y) Largest decline over 10 years	-96.19%	-38.74%	-57.45%
Current Drawdown Current decline from peak	-95.67%	-0.76%	-94.91%
Average Drawdown Average peak-to-trough decline	-6.76%	-4.93%	-1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	1.02%	-0.29%

Volatility

EVDAX vs. GDL - Volatility Comparison

Camelot Event Driven Fund Class A (EVDAX) has a higher volatility of 1.75% compared to The GDL Fund (GDL) at 1.54%. This indicates that EVDAX's price experiences larger fluctuations and is considered to be riskier than GDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVDAX	GDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.75%	1.54%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	4.08%	5.26%	-1.18%
Volatility (1Y) Calculated over the trailing 1-year period	5.41%	7.26%	-1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1,423.79%	8.64%	+1,415.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1,006.99%	12.97%	+994.02%

EVDAX vs. GDL - Expense Ratio Comparison

EVDAX has a 2.22% expense ratio, which is higher than GDL's 0.03% expense ratio.

Dividends

EVDAX vs. GDL - Dividend Comparison

EVDAX's dividend yield for the trailing twelve months is around 0.75%, less than GDL's 5.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EVDAX Camelot Event Driven Fund Class A	0.75%	0.77%	3.99%	6.40%	9.42%	0.00%	1.00%	0.94%	0.00%	0.00%	0.00%	0.00%
GDL The GDL Fund	5.68%	5.67%	5.99%	5.97%	6.12%	5.38%	5.28%	4.30%	4.36%	5.96%	6.50%	6.39%

Frequently Asked Questions

Can I hold both EVDAX and GDL in my portfolio?

EVDAX and GDL have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVDAX or GDL?

EVDAX has higher volatility (1.75%) compared to GDL (1.54%). In terms of maximum drawdown, EVDAX dropped -96.19% vs GDL's -38.74%.

Which has better risk-adjusted returns?

EVDAX currently has the higher Sharpe Ratio (1.45 vs 1.06), 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.