GABAX vs. GABEX

Last updated Jun 5, 2026

GABAX (Gabelli Asset Fund) and GABEX (Gabelli Equity Income Fund) are both Large Cap Blend Equities funds from Gabelli. Over the past 10 years, GABAX returned 9.60%/yr vs 11.70%/yr for GABEX. Their correlation of 0.93 suggests significant overlap in exposure. GABAX charges 1.33%/yr vs 1.42%/yr for GABEX.

Performance

GABAX vs. GABEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Asset Fund (GABAX) and Gabelli Equity Income Fund (GABEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GABAX having a 6.97% return and GABEX slightly lower at 6.92%. Over the past 10 years, GABAX has underperformed GABEX with an annualized return of 9.60%, while GABEX has yielded a comparatively higher 11.70% annualized return.

GABAX

• 1D: -0.49%
• 1M: 0.62%
• YTD: 6.97%
• 6M: 7.67%
• 1Y: 19.15%
• 3Y*: 13.06%
• 5Y*: 6.22%
• 10Y*: 9.60%

GABEX

• 1D: -0.39%
• 1M: 0.77%
• YTD: 6.92%
• 6M: 7.29%
• 1Y: 6.20%
• 3Y*: 8.56%
• 5Y*: 4.73%
• 10Y*: 11.70%

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

GABAX vs. GABEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GABAX Gabelli Asset Fund	6.97%	16.65%	8.07%	10.32%	-10.74%	18.96%	11.22%	22.44%	-7.61%	20.17%
GABEX Gabelli Equity Income Fund	6.92%	4.33%	6.62%	8.25%	-5.22%	23.28%	7.54%	75.11%	-11.37%	15.16%

Correlation

The correlation between GABAX and GABEX is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 2, 1992	0.93

The correlation between GABAX and GABEX has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Return for Risk

GABAX vs. GABEX — Risk / Return Rank

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

GABAX

GABAX Risk / Return Rank: 28
GABAX Sharpe Ratio Rank: 29
GABAX Sortino Ratio Rank: 30
GABAX Omega Ratio Rank: 28
GABAX Calmar Ratio Rank: 24
GABAX Martin Ratio Rank: 30

GABEX

GABEX Risk / Return Rank: 5
GABEX Sharpe Ratio Rank: 5
GABEX Sortino Ratio Rank: 5
GABEX Omega Ratio Rank: 6
GABEX Calmar Ratio Rank: 5
GABEX Martin Ratio Rank: 5

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.

GABAX vs. GABEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Asset Fund (GABAX) and Gabelli Equity Income Fund (GABEX). 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.

	GABAX	GABEX	Difference
Sharpe ratio: Return per unit of total volatility	1.52	0.39	+1.13
Sortino ratio: Return per unit of downside risk	2.26	0.57	+1.70
Omega ratio: Gain probability vs. loss probability	1.27	1.10	+0.18
Calmar ratio: Return relative to maximum drawdown	1.81	0.45	+1.36
Martin ratio: Return relative to average drawdown	6.97	0.96	+6.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GABAX vs. GABEX - Sharpe Ratio Comparison

The current GABAX Sharpe Ratio is 1.52, which is higher than the GABEX Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of GABAX and GABEX, 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

	GABAX	GABEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	0.39	+1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.31	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.55	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.60	+0.08

Drawdowns

GABAX vs. GABEX - Drawdown Comparison

The maximum GABAX drawdown since its inception was -55.44%, which is greater than GABEX's maximum drawdown of -52.25%. Use the drawdown chart below to compare losses from any high point for GABAX and GABEX.

Drawdown Indicators

	GABAX	GABEX	Difference
Max Drawdown Largest peak-to-trough decline	-55.44%	-52.25%	-3.19%
Max Drawdown (1Y) Largest decline over 1 year	-10.47%	-13.11%	+2.64%
Max Drawdown (3Y) Largest decline over 3 years	-15.11%	-14.75%	-0.36%
Max Drawdown (5Y) Largest decline over 5 years	-21.90%	-17.59%	-4.31%
Max Drawdown (10Y) Largest decline over 10 years	-36.65%	-37.27%	+0.62%
Current Drawdown Current decline from peak	-2.58%	-3.25%	+0.67%
Average Drawdown Average peak-to-trough decline	-5.56%	-5.16%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	6.08%	-3.36%

Volatility

GABAX vs. GABEX - Volatility Comparison

Gabelli Asset Fund (GABAX) has a higher volatility of 3.67% compared to Gabelli Equity Income Fund (GABEX) at 3.18%. This indicates that GABAX's price experiences larger fluctuations and is considered to be riskier than GABEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GABAX	GABEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.67%	3.18%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	9.93%	9.05%	+0.88%
Volatility (1Y) Calculated over the trailing 1-year period	12.46%	15.05%	-2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.97%	15.24%	-0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.51%	21.33%	-4.82%

GABAX vs. GABEX - Expense Ratio Comparison

GABAX has a 1.33% expense ratio, which is lower than GABEX's 1.42% expense ratio.

Dividends

GABAX vs. GABEX - Dividend Comparison

GABAX's dividend yield for the trailing twelve months is around 11.49%, less than GABEX's 21.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GABAX Gabelli Asset Fund	11.49%	12.29%	15.41%	8.04%	10.06%	9.78%	13.12%	10.04%	10.01%	8.69%	13.23%	13.98%
GABEX Gabelli Equity Income Fund	21.40%	20.83%	33.06%	23.48%	20.49%	19.96%	32.82%	65.43%	31.87%	17.83%	16.63%	7.78%

Frequently Asked Questions

Can I hold both GABAX and GABEX in my portfolio?

With a correlation of 0.95, GABAX and GABEX 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, GABAX or GABEX?

GABAX has higher volatility (3.67%) compared to GABEX (3.18%). In terms of maximum drawdown, GABAX dropped -55.44% vs GABEX's -52.25%.

Which has better risk-adjusted returns?

GABAX currently has the higher Sharpe Ratio (1.52 vs 0.39), 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.