GAAEX vs. CAEIX

Last updated Jun 5, 2026

GAAEX (Guinness Atkinson Alternative Energy Fund) and CAEIX (Calvert Global Energy Solutions Fund) are both Global Equities funds. Over the past 10 years, GAAEX returned 10.98%/yr vs 11.76%/yr for CAEIX. Their correlation of 0.89 suggests significant overlap in exposure. GAAEX charges 1.98%/yr vs 0.99%/yr for CAEIX.

Performance

GAAEX vs. CAEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guinness Atkinson Alternative Energy Fund (GAAEX) and Calvert Global Energy Solutions Fund (CAEIX). 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 CAEIX's 22.32% return. Over the past 10 years, GAAEX has underperformed CAEIX with an annualized return of 10.98%, while CAEIX has yielded a comparatively higher 11.76% 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%

CAEIX

• 1D: -0.64%
• 1M: 2.03%
• YTD: 22.32%
• 6M: 22.00%
• 1Y: 47.35%
• 3Y*: 13.66%
• 5Y*: 6.17%
• 10Y*: 11.76%

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

GAAEX vs. CAEIX - 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%
CAEIX Calvert Global Energy Solutions Fund	22.32%	32.61%	-7.13%	5.67%	-17.43%	6.73%	61.52%	33.48%	-19.26%	29.65%

Correlation

The correlation between GAAEX and CAEIX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 1, 2007	0.89

The correlation between GAAEX and CAEIX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

GAAEX vs. CAEIX — 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

CAEIX

CAEIX Risk / Return Rank: 87
CAEIX Sharpe Ratio Rank: 89
CAEIX Sortino Ratio Rank: 79
CAEIX Omega Ratio Rank: 76
CAEIX Calmar Ratio Rank: 95
CAEIX Martin Ratio Rank: 93

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. CAEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guinness Atkinson Alternative Energy Fund (GAAEX) and Calvert Global Energy Solutions Fund (CAEIX). 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	CAEIX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.94	-0.73
Sortino ratio: Return per unit of downside risk	3.00	3.80	-0.80
Omega ratio: Gain probability vs. loss probability	1.37	1.50	-0.13
Calmar ratio: Return relative to maximum drawdown	2.94	5.76	-2.82
Martin ratio: Return relative to average drawdown	10.44	19.89	-9.46
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. CAEIX - Sharpe Ratio Comparison

The current GAAEX Sharpe Ratio is 2.21, which is comparable to the CAEIX Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of GAAEX and CAEIX, 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	CAEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.94	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.32	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.60	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.07	-0.13

Drawdowns

GAAEX vs. CAEIX - Drawdown Comparison

The maximum GAAEX drawdown since its inception was -85.83%, which is greater than CAEIX's maximum drawdown of -75.81%. Use the drawdown chart below to compare losses from any high point for GAAEX and CAEIX.

Drawdown Indicators

	GAAEX	CAEIX	Difference
Max Drawdown Largest peak-to-trough decline	-85.83%	-75.81%	-10.02%
Max Drawdown (1Y) Largest decline over 1 year	-14.57%	-8.39%	-6.18%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	-24.57%	-10.64%
Max Drawdown (5Y) Largest decline over 5 years	-40.64%	-32.58%	-8.06%
Max Drawdown (10Y) Largest decline over 10 years	-40.64%	-37.54%	-3.10%
Current Drawdown Current decline from peak	-49.08%	-0.64%	-48.44%
Average Drawdown Average peak-to-trough decline	-63.64%	-48.63%	-15.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	2.43%	+1.67%

Volatility

GAAEX vs. CAEIX - Volatility Comparison

Guinness Atkinson Alternative Energy Fund (GAAEX) has a higher volatility of 7.58% compared to Calvert Global Energy Solutions Fund (CAEIX) at 5.77%. This indicates that GAAEX's price experiences larger fluctuations and is considered to be riskier than CAEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAAEX	CAEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.58%	5.77%	+1.81%
Volatility (6M) Calculated over the trailing 6-month period	15.12%	12.87%	+2.25%
Volatility (1Y) Calculated over the trailing 1-year period	19.45%	16.45%	+3.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.46%	19.18%	+3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.38%	19.69%	+2.69%

GAAEX vs. CAEIX - Expense Ratio Comparison

GAAEX has a 1.98% expense ratio, which is higher than CAEIX's 0.99% expense ratio.

Dividends

GAAEX vs. CAEIX - Dividend Comparison

GAAEX's dividend yield for the trailing twelve months is around 0.27%, less than CAEIX's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAEIX Calvert Global Energy Solutions Fund	0.59%	0.72%	1.17%	1.07%	0.86%	0.49%	0.82%	1.23%	2.00%	1.40%	1.79%	0.72%
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 CAEIX in my portfolio?

With a correlation of 0.92, GAAEX and CAEIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GAAEX or CAEIX?

GAAEX has higher volatility (7.58%) compared to CAEIX (5.77%). In terms of maximum drawdown, GAAEX dropped -85.83% vs CAEIX's -75.81%.

Which has better risk-adjusted returns?

CAEIX currently has the higher Sharpe Ratio (2.94 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.