GAAEX vs. CIGEX

Last updated Jun 5, 2026

GAAEX (Guinness Atkinson Alternative Energy Fund) and CIGEX (Calamos Global Equity Fund) are both Global Equities funds. Over the past 10 years, GAAEX returned 10.98%/yr vs 15.62%/yr for CIGEX. A 0.73 correlation means they provide meaningful diversification when combined. GAAEX charges 1.98%/yr vs 1.15%/yr for CIGEX.

Performance

GAAEX vs. CIGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guinness Atkinson Alternative Energy Fund (GAAEX) and Calamos Global Equity Fund (CIGEX). 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 CIGEX's 21.47% return. Over the past 10 years, GAAEX has underperformed CIGEX with an annualized return of 10.98%, while CIGEX has yielded a comparatively higher 15.62% 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%

CIGEX

• 1D: -1.00%
• 1M: 6.54%
• YTD: 21.47%
• 6M: 21.44%
• 1Y: 35.39%
• 3Y*: 27.32%
• 5Y*: 12.34%
• 10Y*: 15.62%

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

GAAEX vs. CIGEX - 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%
CIGEX Calamos Global Equity Fund	21.47%	18.46%	30.61%	24.55%	-27.42%	16.61%	44.24%	29.43%	-15.54%	34.56%

Correlation

The correlation between GAAEX and CIGEX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Mar 5, 2007	0.73

The correlation between GAAEX and CIGEX has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.

Return for Risk

GAAEX vs. CIGEX — 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

CIGEX

CIGEX Risk / Return Rank: 44
CIGEX Sharpe Ratio Rank: 42
CIGEX Sortino Ratio Rank: 37
CIGEX Omega Ratio Rank: 40
CIGEX Calmar Ratio Rank: 50
CIGEX Martin Ratio Rank: 51

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. CIGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guinness Atkinson Alternative Energy Fund (GAAEX) and Calamos Global Equity Fund (CIGEX). 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	CIGEX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.88	+0.34
Sortino ratio: Return per unit of downside risk	3.00	2.52	+0.48
Omega ratio: Gain probability vs. loss probability	1.37	1.33	+0.03
Calmar ratio: Return relative to maximum drawdown	2.94	2.69	+0.25
Martin ratio: Return relative to average drawdown	10.44	10.39	+0.05
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. CIGEX - Sharpe Ratio Comparison

The current GAAEX Sharpe Ratio is 2.21, which is comparable to the CIGEX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of GAAEX and CIGEX, 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	CIGEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	1.88	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.64	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.81	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.51	-0.58

Drawdowns

GAAEX vs. CIGEX - Drawdown Comparison

The maximum GAAEX drawdown since its inception was -85.83%, which is greater than CIGEX's maximum drawdown of -60.48%. Use the drawdown chart below to compare losses from any high point for GAAEX and CIGEX.

Drawdown Indicators

	GAAEX	CIGEX	Difference
Max Drawdown Largest peak-to-trough decline	-85.83%	-60.48%	-25.35%
Max Drawdown (1Y) Largest decline over 1 year	-14.57%	-13.31%	-1.26%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	-20.41%	-14.80%
Max Drawdown (5Y) Largest decline over 5 years	-40.64%	-35.81%	-4.83%
Max Drawdown (10Y) Largest decline over 10 years	-40.64%	-35.81%	-4.83%
Current Drawdown Current decline from peak	-49.08%	-1.00%	-48.08%
Average Drawdown Average peak-to-trough decline	-63.64%	-10.34%	-53.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	3.44%	+0.66%

Volatility

GAAEX vs. CIGEX - Volatility Comparison

Guinness Atkinson Alternative Energy Fund (GAAEX) has a higher volatility of 7.58% compared to Calamos Global Equity Fund (CIGEX) at 6.41%. This indicates that GAAEX's price experiences larger fluctuations and is considered to be riskier than CIGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAAEX	CIGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.58%	6.41%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	15.12%	15.57%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	19.45%	19.11%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.46%	19.43%	+3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.38%	19.45%	+2.93%

GAAEX vs. CIGEX - Expense Ratio Comparison

GAAEX has a 1.98% expense ratio, which is higher than CIGEX's 1.15% expense ratio.

Dividends

GAAEX vs. CIGEX - Dividend Comparison

GAAEX's dividend yield for the trailing twelve months is around 0.27%, less than CIGEX's 12.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIGEX Calamos Global Equity Fund	12.65%	15.37%	8.67%	0.10%	4.43%	11.75%	6.51%	7.44%	27.66%	9.21%	4.62%	1.98%
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 CIGEX in my portfolio?

GAAEX and CIGEX have a correlation of 0.76, 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 CIGEX?

GAAEX has higher volatility (7.58%) compared to CIGEX (6.41%). In terms of maximum drawdown, GAAEX dropped -85.83% vs CIGEX's -60.48%.

Which has better risk-adjusted returns?

GAAEX currently has the higher Sharpe Ratio (2.21 vs 1.88), 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.