GAGEX vs. MAGRX
GAGEX (Guinness Atkinson Global Energy Fund) and MAGRX (BlackRock Natural Resources Trust Fund) are both Energy Equities funds. Over the past 10 years, GAGEX returned 6.67%/yr vs 9.35%/yr for MAGRX. Their correlation of 0.90 suggests significant overlap in exposure. GAGEX charges 1.46%/yr vs 0.87%/yr for MAGRX.
Performance
GAGEX vs. MAGRX - Performance Comparison
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Returns By Period
In the year-to-date period, GAGEX achieves a 23.97% return, which is significantly higher than MAGRX's 11.11% return. Over the past 10 years, GAGEX has underperformed MAGRX with an annualized return of 6.67%, while MAGRX has yielded a comparatively higher 9.35% annualized return.
GAGEX
- 1D
- 1.44%
- 1M
- -9.35%
- YTD
- 23.97%
- 6M
- 25.20%
- 1Y
- 36.02%
- 3Y*
- 16.60%
- 5Y*
- 15.70%
- 10Y*
- 6.67%
MAGRX
- 1D
- 0.21%
- 1M
- -4.49%
- YTD
- 11.11%
- 6M
- 10.41%
- 1Y
- 31.35%
- 3Y*
- 13.05%
- 5Y*
- 10.88%
- 10Y*
- 9.35%
GAGEX vs. MAGRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GAGEX Guinness Atkinson Global Energy Fund | 23.97% | 16.88% | -1.75% | 2.66% | 34.32% | 45.96% | -34.12% | 10.45% | -18.96% | -1.04% |
MAGRX BlackRock Natural Resources Trust Fund | 11.11% | 30.26% | -5.65% | -1.36% | 17.20% | 30.76% | 3.20% | 15.34% | -17.95% | 8.20% |
Correlation
The correlation between GAGEX and MAGRX is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2004 | 0.90 |
Over the past year, the correlation between GAGEX and MAGRX has dropped to 0.53 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.
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Return for Risk
GAGEX vs. MAGRX — Risk / Return Rank
GAGEX
MAGRX
GAGEX vs. MAGRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Guinness Atkinson Global Energy Fund (GAGEX) and BlackRock Natural Resources Trust Fund (MAGRX). 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 | MAGRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.31 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 3.36 | -0.85 |
| Martin ratioReturn relative to average drawdown | 10.13 | 9.99 | +0.14 |
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Drawdowns
GAGEX vs. MAGRX - Drawdown Comparison
The maximum GAGEX drawdown since its inception was -78.90%, which is greater than MAGRX's maximum drawdown of -65.68%. Use the drawdown chart below to compare losses from any high point for GAGEX and MAGRX.
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Drawdown Indicators
| GAGEX | MAGRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -65.68% | -13.22% |
Max Drawdown (1Y)Largest decline over 1 year | -13.16% | -9.27% | -3.89% |
Max Drawdown (3Y)Largest decline over 3 years | -23.67% | -19.46% | -4.21% |
Max Drawdown (5Y)Largest decline over 5 years | -26.42% | -26.30% | -0.12% |
Max Drawdown (10Y)Largest decline over 10 years | -69.98% | -50.11% | -19.87% |
Current DrawdownCurrent decline from peak | -11.91% | -8.94% | -2.97% |
Average DrawdownAverage peak-to-trough decline | -29.17% | -15.92% | -13.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.30% | 3.11% | +0.19% |
Volatility
GAGEX vs. MAGRX - Volatility Comparison
Guinness Atkinson Global Energy Fund (GAGEX) has a higher volatility of 6.66% compared to BlackRock Natural Resources Trust Fund (MAGRX) at 5.44%. This indicates that GAGEX's price experiences larger fluctuations and is considered to be riskier than MAGRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GAGEX | MAGRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.66% | 5.44% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 15.54% | 13.70% | +1.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.96% | 17.35% | +1.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.65% | 20.98% | +2.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.30% | 22.53% | +4.77% |
GAGEX vs. MAGRX - Expense Ratio Comparison
GAGEX has a 1.46% expense ratio, which is higher than MAGRX's 0.87% expense ratio.
Dividends
GAGEX vs. MAGRX - Dividend Comparison
GAGEX's dividend yield for the trailing twelve months is around 2.28%, less than MAGRX's 7.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GAGEX Guinness Atkinson Global Energy Fund | 2.28% | 2.82% | 7.08% | 4.33% | 0.15% | 2.59% | 3.59% | 1.91% | 1.72% | 1.40% | 1.13% | 1.33% |
MAGRX BlackRock Natural Resources Trust Fund | 7.60% | 8.44% | 3.32% | 4.16% | 10.86% | 3.90% | 2.07% | 2.97% | 20.12% | 49.72% | 0.87% | 8.29% |
Frequently Asked Questions
GAGEX and MAGRX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GAGEX has higher volatility (6.66%) compared to MAGRX (5.44%). In terms of maximum drawdown, GAGEX dropped -78.90% vs MAGRX's -65.68%.
MAGRX currently has the higher Sharpe Ratio (1.80 vs 1.75), 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.
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