FALN vs. GIOIX
FALN (iShares Fallen Angels USD Bond ETF) and GIOIX (Guggenheim Macro Opportunities Fund) are both funds - FALN is a High Yield Bonds fund tracking the Bloomberg US High Yield Fallen Angel 3% Capped Index, while GIOIX is a Nontraditional Bonds fund actively managed by Guggenheim. FALN is passively managed, while GIOIX is actively managed. Over the past 10 years, FALN returned 6.60%/yr vs 4.29%/yr for GIOIX. A 0.51 correlation means they provide meaningful diversification when combined. FALN charges 0.25%/yr vs 0.96%/yr for GIOIX.
Performance
FALN vs. GIOIX - Performance Comparison
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Returns By Period
In the year-to-date period, FALN achieves a 2.24% return, which is significantly higher than GIOIX's 0.79% return. Over the past 10 years, FALN has outperformed GIOIX with an annualized return of 6.60%, while GIOIX has yielded a comparatively lower 4.29% annualized return.
FALN
- 1D
- 0.00%
- 1M
- 1.07%
- YTD
- 2.24%
- 6M
- 2.42%
- 1Y
- 7.88%
- 3Y*
- 9.39%
- 5Y*
- 3.74%
- 10Y*
- 6.60%
GIOIX
- 1D
- -0.16%
- 1M
- 0.57%
- YTD
- 0.79%
- 6M
- 1.29%
- 1Y
- 5.39%
- 3Y*
- 7.56%
- 5Y*
- 3.25%
- 10Y*
- 4.29%
FALN vs. GIOIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FALN iShares Fallen Angels USD Bond ETF | 2.24% | 8.92% | 7.68% | 13.47% | -13.79% | 5.40% | 14.85% | 17.42% | -4.97% | 8.70% |
GIOIX Guggenheim Macro Opportunities Fund | 0.79% | 7.64% | 7.78% | 9.69% | -9.57% | 1.71% | 11.09% | 2.25% | 0.46% | 5.32% |
Correlation
The correlation between FALN and GIOIX is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2016 | 0.51 |
The correlation between FALN and GIOIX shifts across timeframes, from 0.51 (10 years) to 0.67 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FALN vs. GIOIX — Risk / Return Rank
FALN
GIOIX
FALN vs. GIOIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Fallen Angels USD Bond ETF (FALN) and Guggenheim Macro Opportunities Fund (GIOIX). 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.
| FALN | GIOIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.53 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 2.60 | -0.60 |
| Martin ratioReturn relative to average drawdown | 8.32 | 12.22 | -3.90 |
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Drawdowns
FALN vs. GIOIX - Drawdown Comparison
The maximum FALN drawdown since its inception was -29.22%, which is greater than GIOIX's maximum drawdown of -13.38%. Use the drawdown chart below to compare losses from any high point for FALN and GIOIX.
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Drawdown Indicators
| FALN | GIOIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.22% | -13.38% | -15.84% |
Max Drawdown (1Y)Largest decline over 1 year | -3.96% | -2.12% | -1.84% |
Max Drawdown (3Y)Largest decline over 3 years | -5.92% | -2.12% | -3.80% |
Max Drawdown (5Y)Largest decline over 5 years | -18.78% | -13.38% | -5.40% |
Max Drawdown (10Y)Largest decline over 10 years | -29.22% | -13.38% | -15.84% |
Current DrawdownCurrent decline from peak | -0.11% | -0.41% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -3.31% | -1.42% | -1.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 0.45% | +0.50% |
Volatility
FALN vs. GIOIX - Volatility Comparison
iShares Fallen Angels USD Bond ETF (FALN) has a higher volatility of 1.18% compared to Guggenheim Macro Opportunities Fund (GIOIX) at 0.92%. This indicates that FALN's price experiences larger fluctuations and is considered to be riskier than GIOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FALN | GIOIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 0.92% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 3.72% | 2.08% | +1.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.60% | 2.54% | +2.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.33% | 3.19% | +4.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.92% | 2.90% | +6.02% |
FALN vs. GIOIX - Expense Ratio Comparison
FALN has a 0.25% expense ratio, which is lower than GIOIX's 0.96% expense ratio.
Dividends
FALN vs. GIOIX - Dividend Comparison
FALN's dividend yield for the trailing twelve months is around 6.42%, more than GIOIX's 6.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FALN iShares Fallen Angels USD Bond ETF | 6.42% | 6.31% | 6.24% | 5.37% | 5.08% | 3.40% | 5.14% | 5.35% | 5.97% | 6.98% | 3.55% | 0.00% |
GIOIX Guggenheim Macro Opportunities Fund | 6.11% | 5.86% | 5.88% | 6.45% | 3.78% | 3.10% | 3.61% | 3.29% | 3.55% | 3.54% | 5.38% | 5.82% |
Frequently Asked Questions
FALN and GIOIX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FALN has higher volatility (1.18%) compared to GIOIX (0.92%). In terms of maximum drawdown, FALN dropped -29.22% vs GIOIX's -13.38%.
GIOIX currently has the higher Sharpe Ratio (2.18 vs 1.72), 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.
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