GAGEX vs. BACIX

Last updated Jun 4, 2026

GAGEX (Guinness Atkinson Global Energy Fund) and BACIX (BlackRock Energy Opportunities Fund) are both Energy Equities funds. Over the past 10 years, GAGEX returned 7.37%/yr vs 9.06%/yr for BACIX. With a 0.95 correlation, they move nearly in lockstep. GAGEX charges 1.46%/yr vs 0.91%/yr for BACIX.

Performance

GAGEX vs. BACIX - Performance Comparison

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

Returns By Period

In the year-to-date period, GAGEX achieves a 33.96% return, which is significantly higher than BACIX's 29.12% return. Over the past 10 years, GAGEX has underperformed BACIX with an annualized return of 7.37%, while BACIX has yielded a comparatively higher 9.06% annualized return.

GAGEX

• 1D: 1.30%
• 1M: -3.02%
• YTD: 33.96%
• 6M: 30.60%
• 1Y: 53.08%
• 3Y*: 18.99%
• 5Y*: 17.28%
• 10Y*: 7.37%

BACIX

• 1D: 1.36%
• 1M: -2.77%
• YTD: 29.12%
• 6M: 27.86%
• 1Y: 41.98%
• 3Y*: 17.59%
• 5Y*: 18.93%
• 10Y*: 9.06%

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

GAGEX vs. BACIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GAGEX Guinness Atkinson Global Energy Fund	33.96%	16.88%	-1.75%	2.66%	34.32%	45.96%	-34.12%	10.45%	-18.96%	-1.04%
BACIX BlackRock Energy Opportunities Fund	29.12%	11.03%	4.23%	2.97%	43.64%	43.50%	-29.38%	13.04%	-19.55%	2.47%

Correlation

The correlation between GAGEX and BACIX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 25, 2005	0.95

The correlation between GAGEX and BACIX has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

Return for Risk

GAGEX vs. BACIX — Risk / Return Rank

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

GAGEX

GAGEX Risk / Return Rank: 86
GAGEX Sharpe Ratio Rank: 90
GAGEX Sortino Ratio Rank: 78
GAGEX Omega Ratio Rank: 72
GAGEX Calmar Ratio Rank: 96
GAGEX Martin Ratio Rank: 93

BACIX

BACIX Risk / Return Rank: 71
BACIX Sharpe Ratio Rank: 76
BACIX Sortino Ratio Rank: 58
BACIX Omega Ratio Rank: 55
BACIX Calmar Ratio Rank: 91
BACIX Martin Ratio Rank: 75

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. BACIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guinness Atkinson Global Energy Fund (GAGEX) and BlackRock Energy Opportunities Fund (BACIX). 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.

	GAGEX	BACIX	Difference
Sharpe ratio: Return per unit of total volatility	2.99	2.52	+0.47
Sortino ratio: Return per unit of downside risk	3.73	3.21	+0.52
Omega ratio: Gain probability vs. loss probability	1.48	1.41	+0.07
Calmar ratio: Return relative to maximum drawdown	6.45	4.80	+1.65
Martin ratio: Return relative to average drawdown	19.92	14.31	+5.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAGEX vs. BACIX - Sharpe Ratio Comparison

The current GAGEX Sharpe Ratio is 2.99, which is comparable to the BACIX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of GAGEX and BACIX, 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

	GAGEX	BACIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	2.52	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.81	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.33	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.20	+0.05

Drawdowns

GAGEX vs. BACIX - Drawdown Comparison

The maximum GAGEX drawdown since its inception was -78.90%, roughly equal to the maximum BACIX drawdown of -77.81%. Use the drawdown chart below to compare losses from any high point for GAGEX and BACIX.

Drawdown Indicators

	GAGEX	BACIX	Difference
Max Drawdown Largest peak-to-trough decline	-78.90%	-77.81%	-1.09%
Max Drawdown (1Y) Largest decline over 1 year	-8.53%	-9.03%	+0.50%
Max Drawdown (3Y) Largest decline over 3 years	-23.67%	-18.44%	-5.23%
Max Drawdown (5Y) Largest decline over 5 years	-26.42%	-25.76%	-0.66%
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	-65.65%	-4.33%
Current Drawdown Current decline from peak	-4.80%	-5.73%	+0.93%
Average Drawdown Average peak-to-trough decline	-29.23%	-32.36%	+3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	3.02%	-0.27%

Volatility

GAGEX vs. BACIX - Volatility Comparison

Guinness Atkinson Global Energy Fund (GAGEX) and BlackRock Energy Opportunities Fund (BACIX) have volatilities of 7.20% and 6.96%, 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

	GAGEX	BACIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.20%	6.96%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	14.91%	14.11%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	18.43%	17.25%	+1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.61%	23.53%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.31%	27.21%	+0.10%

GAGEX vs. BACIX - Expense Ratio Comparison

GAGEX has a 1.46% expense ratio, which is higher than BACIX's 0.91% expense ratio.

Dividends

GAGEX vs. BACIX - Dividend Comparison

GAGEX's dividend yield for the trailing twelve months is around 2.11%, less than BACIX's 2.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BACIX BlackRock Energy Opportunities Fund	2.16%	2.79%	2.63%	3.39%	2.49%	2.67%	3.66%	3.06%	3.43%	2.76%	2.38%	2.51%
GAGEX Guinness Atkinson Global Energy Fund	2.11%	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 BACIX in my portfolio?

With a correlation of 0.95, GAGEX and BACIX 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, GAGEX or BACIX?

GAGEX has higher volatility (7.20%) compared to BACIX (6.96%). In terms of maximum drawdown, GAGEX dropped -78.90% vs BACIX's -77.81%.

Which has better risk-adjusted returns?

GAGEX currently has the higher Sharpe Ratio (2.99 vs 2.52), 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.