GABEX vs. GABAX

Last updated Jun 4, 2026

GABEX (Gabelli Equity Income Fund) and GABAX (Gabelli Asset Fund) are both Large Cap Blend Equities funds from Gabelli. Over the past 10 years, GABEX returned 11.74%/yr vs 9.66%/yr for GABAX. Their correlation of 0.93 suggests significant overlap in exposure. GABEX charges 1.42%/yr vs 1.33%/yr for GABAX.

Performance

GABEX vs. GABAX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with GABEX having a 7.33% return and GABAX slightly higher at 7.50%. Over the past 10 years, GABEX has outperformed GABAX with an annualized return of 11.74%, while GABAX has yielded a comparatively lower 9.66% annualized return.

GABEX

• 1D: 0.98%
• 1M: 1.95%
• YTD: 7.33%
• 6M: 7.91%
• 1Y: 6.25%
• 3Y*: 8.70%
• 5Y*: 4.92%
• 10Y*: 11.74%

GABAX

• 1D: 0.97%
• 1M: 1.90%
• YTD: 7.50%
• 6M: 8.45%
• 1Y: 19.49%
• 3Y*: 13.25%
• 5Y*: 6.43%
• 10Y*: 9.66%

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

GABEX vs. GABAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GABEX Gabelli Equity Income Fund	7.33%	4.33%	6.62%	8.25%	-5.22%	23.28%	7.54%	75.11%	-11.37%	15.16%
GABAX Gabelli Asset Fund	7.50%	16.65%	8.07%	10.32%	-10.74%	18.96%	11.22%	22.44%	-7.61%	20.17%

Correlation

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

Return for Risk

GABEX vs. GABAX — Risk / Return Rank

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

GABEX

GABEX Risk / Return Rank: 5
GABEX Sharpe Ratio Rank: 6
GABEX Sortino Ratio Rank: 5
GABEX Omega Ratio Rank: 7
GABEX Calmar Ratio Rank: 5
GABEX Martin Ratio Rank: 5

GABAX

GABAX Risk / Return Rank: 31
GABAX Sharpe Ratio Rank: 32
GABAX Sortino Ratio Rank: 32
GABAX Omega Ratio Rank: 30
GABAX Calmar Ratio Rank: 26
GABAX Martin Ratio Rank: 33

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.

GABEX vs. GABAX - Risk-Adjusted Trends Comparison

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

	GABEX	GABAX	Difference
Sharpe ratio: Return per unit of total volatility	0.44	1.61	-1.17
Sortino ratio: Return per unit of downside risk	0.63	2.38	-1.75
Omega ratio: Gain probability vs. loss probability	1.11	1.29	-0.18
Calmar ratio: Return relative to maximum drawdown	0.51	1.91	-1.41
Martin ratio: Return relative to average drawdown	1.09	7.37	-6.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GABEX vs. GABAX - Sharpe Ratio Comparison

The current GABEX Sharpe Ratio is 0.44, which is lower than the GABAX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of GABEX and GABAX, 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

	GABEX	GABAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	1.61	-1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.43	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.59	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.69	-0.08

Drawdowns

GABEX vs. GABAX - Drawdown Comparison

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

Drawdown Indicators

	GABEX	GABAX	Difference
Max Drawdown Largest peak-to-trough decline	-52.25%	-55.44%	+3.19%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-10.47%	-2.64%
Max Drawdown (3Y) Largest decline over 3 years	-14.75%	-15.11%	+0.36%
Max Drawdown (5Y) Largest decline over 5 years	-17.59%	-21.90%	+4.31%
Max Drawdown (10Y) Largest decline over 10 years	-37.27%	-36.65%	-0.62%
Current Drawdown Current decline from peak	-2.87%	-2.10%	-0.77%
Average Drawdown Average peak-to-trough decline	-5.16%	-5.56%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.07%	2.71%	+3.36%

Volatility

GABEX vs. GABAX - Volatility Comparison

The current volatility for Gabelli Equity Income Fund (GABEX) is 3.32%, while Gabelli Asset Fund (GABAX) has a volatility of 3.78%. This indicates that GABEX experiences smaller price fluctuations and is considered to be less risky than GABAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GABEX	GABAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	3.78%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	9.05%	9.94%	-0.89%
Volatility (1Y) Calculated over the trailing 1-year period	15.04%	12.45%	+2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.24%	14.97%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.33%	16.51%	+4.82%

GABEX vs. GABAX - Expense Ratio Comparison

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

Dividends

GABEX vs. GABAX - Dividend Comparison

GABEX's dividend yield for the trailing twelve months is around 21.32%, more than GABAX's 11.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GABAX Gabelli Asset Fund	11.43%	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	21.32%	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 GABEX and GABAX in my portfolio?

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

GABAX has higher volatility (3.78%) compared to GABEX (3.32%). In terms of maximum drawdown, GABEX dropped -52.25% vs GABAX's -55.44%.

Which has better risk-adjusted returns?

GABAX currently has the higher Sharpe Ratio (1.61 vs 0.44), 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.