GAFSX vs. EMAYX

Last updated Jun 24, 2026

GAFSX (Gabelli Global Financial Services Fund Class AAA) and EMAYX (Gabelli Enterprise Mergers and Acquisitions Fund) are both mutual funds - GAFSX is a Financials Equities fund actively managed by Gabelli, while EMAYX is a Event Driven fund managed by Gabelli. Over the past 5 years, GAFSX returned 17.26%/yr vs 5.53%/yr for EMAYX. A 0.78 correlation means they provide meaningful diversification when combined. GAFSX charges 1.25%/yr vs 1.01%/yr for EMAYX.

Performance

GAFSX vs. EMAYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Global Financial Services Fund Class AAA (GAFSX) and Gabelli Enterprise Mergers and Acquisitions Fund (EMAYX). 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 GAFSX having a 6.77% return and EMAYX slightly lower at 6.55%.

GAFSX

• 1D: 0.18%
• 1M: 2.04%
• YTD: 6.77%
• 6M: 5.82%
• 1Y: 29.68%
• 3Y*: 28.99%
• 5Y*: 17.26%
• 10Y*: —

EMAYX

• 1D: -0.30%
• 1M: -0.75%
• YTD: 6.55%
• 6M: 5.89%
• 1Y: 19.82%
• 3Y*: 12.46%
• 5Y*: 5.53%
• 10Y*: 5.98%

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

GAFSX vs. EMAYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GAFSX Gabelli Global Financial Services Fund Class AAA	6.77%	36.22%	27.78%	25.43%	-11.28%	28.74%	-1.51%	8.88%	0.34%
EMAYX Gabelli Enterprise Mergers and Acquisitions Fund	6.55%	21.17%	4.10%	5.96%	-8.78%	9.83%	5.29%	7.71%	-4.90%

Correlation

The correlation between GAFSX and EMAYX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 2, 2018	0.78

The correlation between GAFSX and EMAYX has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

Return for Risk

GAFSX vs. EMAYX — Risk / Return Rank

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

GAFSX

GAFSX Risk / Return Rank: 71
GAFSX Sharpe Ratio Rank: 77
GAFSX Sortino Ratio Rank: 80
GAFSX Omega Ratio Rank: 68
GAFSX Calmar Ratio Rank: 74
GAFSX Martin Ratio Rank: 54

EMAYX

EMAYX Risk / Return Rank: 71
EMAYX Sharpe Ratio Rank: 65
EMAYX Sortino Ratio Rank: 68
EMAYX Omega Ratio Rank: 57
EMAYX Calmar Ratio Rank: 82
EMAYX Martin Ratio Rank: 82

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.

GAFSX vs. EMAYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Global Financial Services Fund Class AAA (GAFSX) and Gabelli Enterprise Mergers and Acquisitions Fund (EMAYX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GAFSX	EMAYX	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.16	+0.21
Sortino ratio: Return per unit of downside risk	3.49	3.13	+0.36
Omega ratio: Gain probability vs. loss probability	1.42	1.38	+0.04
Calmar ratio: Return relative to maximum drawdown	3.20	3.57	-0.36
Martin ratio: Return relative to average drawdown	10.41	14.25	-3.85

GAFSX vs. EMAYX - Sharpe Ratio Comparison

The current GAFSX Sharpe Ratio is 2.37, which is comparable to the EMAYX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of GAFSX and EMAYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GAFSX vs. EMAYX - Drawdown Comparison

The maximum GAFSX drawdown since its inception was -46.40%, roughly equal to the maximum EMAYX drawdown of -47.93%. Use the drawdown chart below to compare losses from any high point for GAFSX and EMAYX.

Drawdown Indicators

	GAFSX	EMAYX	Difference
Max Drawdown Largest peak-to-trough decline	-46.40%	-47.93%	+1.53%
Max Drawdown (1Y) Largest decline over 1 year	-9.47%	-5.82%	-3.65%
Max Drawdown (3Y) Largest decline over 3 years	-14.49%	-12.32%	-2.17%
Max Drawdown (5Y) Largest decline over 5 years	-28.21%	-15.95%	-12.26%
Max Drawdown (10Y) Largest decline over 10 years	—	-24.90%	—
Current Drawdown Current decline from peak	-1.05%	-2.22%	+1.17%
Average Drawdown Average peak-to-trough decline	-7.63%	-4.47%	-3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	1.45%	+1.46%

Volatility

GAFSX vs. EMAYX - Volatility Comparison

Gabelli Global Financial Services Fund Class AAA (GAFSX) and Gabelli Enterprise Mergers and Acquisitions Fund (EMAYX) have volatilities of 3.32% and 3.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAFSX	EMAYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	3.17%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	9.50%	6.87%	+2.63%
Volatility (1Y) Calculated over the trailing 1-year period	12.82%	9.62%	+3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.38%	11.00%	+6.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	10.59%	+11.19%

GAFSX vs. EMAYX - Expense Ratio Comparison

GAFSX has a 1.25% expense ratio, which is higher than EMAYX's 1.01% expense ratio.

Dividends

GAFSX vs. EMAYX - Dividend Comparison

GAFSX's dividend yield for the trailing twelve months is around 1.60%, less than EMAYX's 3.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMAYX Gabelli Enterprise Mergers and Acquisitions Fund	3.95%	4.21%	0.00%	3.00%	0.80%	6.84%	0.24%	1.80%	5.52%	1.24%
GAFSX Gabelli Global Financial Services Fund Class AAA	1.60%	1.71%	2.22%	2.45%	2.66%	1.94%	1.35%	2.26%	0.34%	0.00%

Frequently Asked Questions

Can I hold both GAFSX and EMAYX in my portfolio?

GAFSX and EMAYX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAFSX or EMAYX?

GAFSX has higher volatility (3.32%) compared to EMAYX (3.17%). In terms of maximum drawdown, GAFSX dropped -46.40% vs EMAYX's -47.93%.

Which has better risk-adjusted returns?

GAFSX currently has the higher Sharpe Ratio (2.37 vs 2.16), 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.