FARYX vs. GPAIX

Last updated Jun 3, 2026

FARYX (Fulcrum Diversified Absolute Return Fund) and GPAIX (Grant Park Multi Alternative Strategies Fund) are both Macro Trading funds. Over the past 10 years, FARYX returned 5.40%/yr vs 4.87%/yr for GPAIX. At a 0.42 correlation, their price movements are largely independent. FARYX charges 1.04%/yr vs 1.43%/yr for GPAIX.

Performance

FARYX vs. GPAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fulcrum Diversified Absolute Return Fund (FARYX) and Grant Park Multi Alternative Strategies Fund (GPAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FARYX achieves a 6.89% return, which is significantly higher than GPAIX's 5.44% return. Over the past 10 years, FARYX has outperformed GPAIX with an annualized return of 5.40%, while GPAIX has yielded a comparatively lower 4.87% annualized return.

FARYX

• 1D: 0.29%
• 1M: -0.38%
• YTD: 6.89%
• 6M: 8.28%
• 1Y: 16.53%
• 3Y*: 10.20%
• 5Y*: 5.70%
• 10Y*: 5.40%

GPAIX

• 1D: 0.42%
• 1M: 0.50%
• YTD: 5.44%
• 6M: 6.95%
• 1Y: 16.35%
• 3Y*: 7.68%
• 5Y*: 4.10%
• 10Y*: 4.87%

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

FARYX vs. GPAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FARYX Fulcrum Diversified Absolute Return Fund	6.89%	13.34%	7.19%	0.79%	2.19%	4.30%	9.81%	7.62%	-1.91%	1.90%
GPAIX Grant Park Multi Alternative Strategies Fund	5.44%	12.24%	1.33%	4.02%	-1.88%	5.70%	9.09%	14.33%	-5.96%	12.36%

Correlation

The correlation between FARYX and GPAIX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.42

Over the past year, FARYX and GPAIX have become more correlated (0.71) than their long-term average of 0.42, meaning their price movements have been converging.

Return for Risk

FARYX vs. GPAIX — Risk / Return Rank

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

FARYX

FARYX Risk / Return Rank: 70
FARYX Sharpe Ratio Rank: 59
FARYX Sortino Ratio Rank: 63
FARYX Omega Ratio Rank: 55
FARYX Calmar Ratio Rank: 93
FARYX Martin Ratio Rank: 80

GPAIX

GPAIX Risk / Return Rank: 47
GPAIX Sharpe Ratio Rank: 52
GPAIX Sortino Ratio Rank: 48
GPAIX Omega Ratio Rank: 53
GPAIX Calmar Ratio Rank: 51
GPAIX 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.

FARYX vs. GPAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fulcrum Diversified Absolute Return Fund (FARYX) and Grant Park Multi Alternative Strategies Fund (GPAIX). 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.

	FARYX	GPAIX	Difference
Sharpe ratio Return per unit of total volatility	2.27	2.13	+0.14
Sortino ratio Return per unit of downside risk	3.32	2.90	+0.42
Omega ratio Gain probability vs. loss probability	1.41	1.40	+0.01
Calmar ratio Return relative to maximum drawdown	5.18	2.74	+2.44
Martin ratio Return relative to average drawdown	15.03	7.81	+7.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FARYX vs. GPAIX - Sharpe Ratio Comparison

The current FARYX Sharpe Ratio is 2.27, which is comparable to the GPAIX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of FARYX and GPAIX, 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

	FARYX	GPAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	2.13	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.64	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	0.68	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.72	+0.15

Drawdowns

FARYX vs. GPAIX - Drawdown Comparison

The maximum FARYX drawdown since its inception was -7.41%, smaller than the maximum GPAIX drawdown of -17.16%. Use the drawdown chart below to compare losses from any high point for FARYX and GPAIX.

Drawdown Indicators

	FARYX	GPAIX	Difference
Max Drawdown Largest peak-to-trough decline	-7.41%	-17.16%	+9.75%
Max Drawdown (1Y) Largest decline over 1 year	-3.26%	-6.01%	+2.75%
Max Drawdown (3Y) Largest decline over 3 years	-4.69%	-6.59%	+1.90%
Max Drawdown (5Y) Largest decline over 5 years	-6.87%	-9.13%	+2.26%
Max Drawdown (10Y) Largest decline over 10 years	-7.41%	-17.16%	+9.75%
Current Drawdown Current decline from peak	-2.13%	-2.36%	+0.23%
Average Drawdown Average peak-to-trough decline	-1.84%	-4.20%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	2.11%	-0.99%

Volatility

FARYX vs. GPAIX - Volatility Comparison

Fulcrum Diversified Absolute Return Fund (FARYX) has a higher volatility of 1.95% compared to Grant Park Multi Alternative Strategies Fund (GPAIX) at 1.49%. This indicates that FARYX's price experiences larger fluctuations and is considered to be riskier than GPAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FARYX	GPAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	1.49%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	6.02%	6.13%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	7.54%	7.84%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.33%	6.40%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.79%	7.18%	-1.39%

FARYX vs. GPAIX - Expense Ratio Comparison

FARYX has a 1.04% expense ratio, which is lower than GPAIX's 1.43% expense ratio.

Dividends

FARYX vs. GPAIX - Dividend Comparison

FARYX's dividend yield for the trailing twelve months is around 6.72%, more than GPAIX's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FARYX Fulcrum Diversified Absolute Return Fund	6.72%	7.18%	4.39%	0.89%	1.28%	8.96%	7.79%	0.63%	8.88%	3.39%	0.40%	0.00%
GPAIX Grant Park Multi Alternative Strategies Fund	3.26%	3.44%	2.01%	1.98%	2.71%	10.90%	1.78%	13.29%	1.51%	1.68%	1.92%	1.49%

Frequently Asked Questions

Can I hold both FARYX and GPAIX in my portfolio?

FARYX and GPAIX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FARYX or GPAIX?

FARYX has higher volatility (1.95%) compared to GPAIX (1.49%). In terms of maximum drawdown, FARYX dropped -7.41% vs GPAIX's -17.16%.

Which has better risk-adjusted returns?

FARYX currently has the higher Sharpe Ratio (2.27 vs 2.13), 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.