GAGEX vs. AWTAX

Last updated Jun 25, 2026

GAGEX (Guinness Atkinson Global Energy Fund) and AWTAX (Virtus Water Fund) are both Energy Equities funds. Over the past 10 years, GAGEX returned 6.69%/yr vs 7.70%/yr for AWTAX. A 0.56 correlation means they provide meaningful diversification when combined. GAGEX charges 1.46%/yr vs 1.22%/yr for AWTAX.

Performance

GAGEX vs. AWTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guinness Atkinson Global Energy Fund (GAGEX) and Virtus Water Fund (AWTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GAGEX achieves a 24.17% return, which is significantly higher than AWTAX's -3.00% return. Over the past 10 years, GAGEX has underperformed AWTAX with an annualized return of 6.69%, while AWTAX has yielded a comparatively higher 7.70% annualized return.

GAGEX

• 1D: 0.17%
• 1M: -9.20%
• YTD: 24.17%
• 6M: 25.66%
• 1Y: 38.11%
• 3Y*: 16.67%
• 5Y*: 15.50%
• 10Y*: 6.69%

AWTAX

• 1D: -0.38%
• 1M: 0.11%
• YTD: -3.00%
• 6M: -4.26%
• 1Y: -1.55%
• 3Y*: 6.45%
• 5Y*: 2.38%
• 10Y*: 7.70%

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

GAGEX vs. AWTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GAGEX Guinness Atkinson Global Energy Fund	24.17%	16.88%	-1.75%	2.66%	34.32%	45.96%	-34.12%	10.45%	-18.96%	-1.04%
AWTAX Virtus Water Fund	-3.00%	11.87%	5.25%	11.99%	-21.01%	25.39%	16.68%	32.78%	-12.50%	21.99%

Correlation

The correlation between GAGEX and AWTAX is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Mar 31, 2008	0.56

The correlation between GAGEX and AWTAX shifts across timeframes, from -0.02 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GAGEX vs. AWTAX — Risk / Return Rank

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

GAGEX

GAGEX Risk / Return Rank: 56
GAGEX Sharpe Ratio Rank: 58
GAGEX Sortino Ratio Rank: 49
GAGEX Omega Ratio Rank: 47
GAGEX Calmar Ratio Rank: 64
GAGEX Martin Ratio Rank: 62

AWTAX

AWTAX Risk / Return Rank: 3
AWTAX Sharpe Ratio Rank: 3
AWTAX Sortino Ratio Rank: 3
AWTAX Omega Ratio Rank: 3
AWTAX Calmar Ratio Rank: 3
AWTAX Martin Ratio Rank: 3

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.

GAGEX vs. AWTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guinness Atkinson Global Energy Fund (GAGEX) and Virtus Water Fund (AWTAX). 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.

	GAGEX	AWTAX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	-0.05	+1.99
Sortino ratio: Return per unit of downside risk	2.54	0.02	+2.52
Omega ratio: Gain probability vs. loss probability	1.32	1.00	+0.32
Calmar ratio: Return relative to maximum drawdown	2.77	-0.06	+2.82
Martin ratio: Return relative to average drawdown	10.88	-0.13	+11.02

GAGEX vs. AWTAX - Sharpe Ratio Comparison

The current GAGEX Sharpe Ratio is 1.94, which is higher than the AWTAX Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of GAGEX and AWTAX, 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

GAGEX vs. AWTAX - Drawdown Comparison

The maximum GAGEX drawdown since its inception was -78.90%, which is greater than AWTAX's maximum drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for GAGEX and AWTAX.

Drawdown Indicators

	GAGEX	AWTAX	Difference
Max Drawdown Largest peak-to-trough decline	-78.90%	-54.12%	-24.78%
Max Drawdown (1Y) Largest decline over 1 year	-13.16%	-12.17%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-23.67%	-17.00%	-6.67%
Max Drawdown (5Y) Largest decline over 5 years	-26.42%	-30.85%	+4.43%
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	-32.78%	-37.20%
Current Drawdown Current decline from peak	-11.76%	-10.32%	-1.44%
Average Drawdown Average peak-to-trough decline	-29.17%	-9.90%	-19.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	5.16%	-1.82%

Volatility

GAGEX vs. AWTAX - Volatility Comparison

Guinness Atkinson Global Energy Fund (GAGEX) has a higher volatility of 6.70% compared to Virtus Water Fund (AWTAX) at 4.31%. This indicates that GAGEX's price experiences larger fluctuations and is considered to be riskier than AWTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAGEX	AWTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.70%	4.31%	+2.39%
Volatility (6M) Calculated over the trailing 6-month period	15.48%	10.43%	+5.05%
Volatility (1Y) Calculated over the trailing 1-year period	18.92%	13.42%	+5.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.65%	17.22%	+6.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.24%	17.25%	+9.99%

GAGEX vs. AWTAX - Expense Ratio Comparison

GAGEX has a 1.46% expense ratio, which is higher than AWTAX's 1.22% expense ratio.

Dividends

GAGEX vs. AWTAX - Dividend Comparison

GAGEX's dividend yield for the trailing twelve months is around 2.27%, less than AWTAX's 12.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AWTAX Virtus Water Fund	12.30%	11.93%	7.78%	3.30%	0.42%	7.72%	1.61%	2.98%	3.71%	2.43%	0.99%	0.38%
GAGEX Guinness Atkinson Global Energy Fund	2.27%	2.82%	7.08%	4.33%	0.15%	2.59%	3.59%	1.91%	1.72%	1.40%	1.13%	1.33%

Frequently Asked Questions

Can I hold both GAGEX and AWTAX in my portfolio?

GAGEX and AWTAX have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAGEX or AWTAX?

GAGEX has higher volatility (6.70%) compared to AWTAX (4.31%). In terms of maximum drawdown, GAGEX dropped -78.90% vs AWTAX's -54.12%.

Which has better risk-adjusted returns?

GAGEX currently has the higher Sharpe Ratio (1.94 vs -0.05), 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.