GAAEX vs. AMAT

Last updated Jun 5, 2026

GAAEX (Guinness Atkinson Alternative Energy Fund) is Global Equities fund managed by Guinness Atkinson, while AMAT (Applied Materials, Inc.) is a stock. Over the past 10 years, GAAEX returned 10.98%/yr vs 36.92%/yr for AMAT. A 0.53 correlation means they provide meaningful diversification when combined.

Performance

GAAEX vs. AMAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guinness Atkinson Alternative Energy Fund (GAAEX) and Applied Materials, Inc. (AMAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GAAEX achieves a 19.37% return, which is significantly lower than AMAT's 95.71% return. Over the past 10 years, GAAEX has underperformed AMAT with an annualized return of 10.98%, while AMAT has yielded a comparatively higher 36.92% annualized return.

GAAEX

• 1D: -0.52%
• 1M: 5.57%
• YTD: 19.37%
• 6M: 18.26%
• 1Y: 41.34%
• 3Y*: 6.62%
• 5Y*: 3.98%
• 10Y*: 10.98%

AMAT

• 1D: 0.19%
• 1M: 22.27%
• YTD: 95.71%
• 6M: 86.67%
• 1Y: 212.10%
• 3Y*: 56.66%
• 5Y*: 30.20%
• 10Y*: 36.92%

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

GAAEX vs. AMAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GAAEX Guinness Atkinson Alternative Energy Fund	19.37%	26.64%	-11.85%	-2.39%	-12.67%	8.40%	86.45%	30.20%	-15.49%	20.68%
AMAT Applied Materials, Inc.	95.71%	59.60%	1.13%	67.97%	-37.54%	83.64%	43.29%	89.86%	-34.92%	59.86%

Correlation

The correlation between GAAEX and AMAT is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Apr 3, 2006	0.53

The correlation between GAAEX and AMAT shifts across timeframes, from 0.53 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GAAEX vs. AMAT — Risk / Return Rank

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

GAAEX

GAAEX Risk / Return Rank: 54
GAAEX Sharpe Ratio Rank: 58
GAAEX Sortino Ratio Rank: 53
GAAEX Omega Ratio Rank: 48
GAAEX Calmar Ratio Rank: 61
GAAEX Martin Ratio Rank: 52

AMAT

AMAT Risk / Return Rank: 97
AMAT Sharpe Ratio Rank: 98
AMAT Sortino Ratio Rank: 95
AMAT Omega Ratio Rank: 95
AMAT Calmar Ratio Rank: 97
AMAT Martin Ratio Rank: 97

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.

GAAEX vs. AMAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guinness Atkinson Alternative Energy Fund (GAAEX) and Applied Materials, Inc. (AMAT). 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.

	GAAEX	AMAT	Difference
Sharpe ratio: Return per unit of total volatility	2.21	4.64	-2.43
Sortino ratio: Return per unit of downside risk	3.00	4.14	-1.14
Omega ratio: Gain probability vs. loss probability	1.37	1.59	-0.22
Calmar ratio: Return relative to maximum drawdown	2.94	9.99	-7.05
Martin ratio: Return relative to average drawdown	10.44	28.56	-18.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAAEX vs. AMAT - Sharpe Ratio Comparison

The current GAAEX Sharpe Ratio is 2.21, which is lower than the AMAT Sharpe Ratio of 4.64. The chart below compares the historical Sharpe Ratios of GAAEX and AMAT, 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

	GAAEX	AMAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	4.64	-2.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.70	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.87	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.43	-0.49

Drawdowns

GAAEX vs. AMAT - Drawdown Comparison

The maximum GAAEX drawdown since its inception was -85.83%, roughly equal to the maximum AMAT drawdown of -85.22%. Use the drawdown chart below to compare losses from any high point for GAAEX and AMAT.

Drawdown Indicators

	GAAEX	AMAT	Difference
Max Drawdown Largest peak-to-trough decline	-85.83%	-85.22%	-0.61%
Max Drawdown (1Y) Largest decline over 1 year	-14.57%	-21.37%	+6.80%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	-49.88%	+14.67%
Max Drawdown (5Y) Largest decline over 5 years	-40.64%	-55.14%	+14.50%
Max Drawdown (10Y) Largest decline over 10 years	-40.64%	-55.14%	+14.50%
Current Drawdown Current decline from peak	-49.08%	0.00%	-49.08%
Average Drawdown Average peak-to-trough decline	-63.64%	-38.81%	-24.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	7.46%	-3.36%

Volatility

GAAEX vs. AMAT - Volatility Comparison

The current volatility for Guinness Atkinson Alternative Energy Fund (GAAEX) is 7.58%, while Applied Materials, Inc. (AMAT) has a volatility of 14.64%. This indicates that GAAEX experiences smaller price fluctuations and is considered to be less risky than AMAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAAEX	AMAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.58%	14.64%	-7.06%
Volatility (6M) Calculated over the trailing 6-month period	15.12%	35.09%	-19.97%
Volatility (1Y) Calculated over the trailing 1-year period	19.45%	46.04%	-26.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.46%	43.56%	-21.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.38%	42.60%	-20.22%

Dividends

GAAEX vs. AMAT - Dividend Comparison

GAAEX's dividend yield for the trailing twelve months is around 0.27%, less than AMAT's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMAT Applied Materials, Inc.	0.38%	0.69%	0.93%	0.75%	1.05%	0.60%	1.01%	1.36%	2.14%	0.78%	1.24%	2.14%
GAAEX Guinness Atkinson Alternative Energy Fund	0.27%	0.33%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	0.28%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GAAEX and AMAT in my portfolio?

GAAEX and AMAT have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAAEX or AMAT?

AMAT has higher volatility (14.64%) compared to GAAEX (7.58%). In terms of maximum drawdown, GAAEX dropped -85.83% vs AMAT's -85.22%.

Which has better risk-adjusted returns?

AMAT currently has the higher Sharpe Ratio (4.64 vs 2.21), 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.