GAGEX vs. VENAX

Last updated Aug 5, 2026

GAGEX (Guinness Atkinson Global Energy Fund) and VENAX (Vanguard Energy Index Fund Admiral Shares) are both Energy Equities funds. Over the past 10 years, GAGEX returned 7.65%/yr vs 9.56%/yr for VENAX. Their correlation of 0.93 means they have usually moved in the same direction. GAGEX charges 1.46%/yr vs 0.09%/yr for VENAX.

Performance

GAGEX vs. VENAX - Performance Comparison

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

Returns By Period

In the year-to-date period, GAGEX achieves a 36.05% return, which is significantly higher than VENAX's 33.33% return. Over the past 10 years, GAGEX has underperformed VENAX with an annualized return of 7.65%, while VENAX has yielded a comparatively higher 9.56% annualized return.

GAGEX

• 1D: -1.07%
• 1M: 12.65%
• 6M: 20.28%
• YTD: 36.05%
• 1Y: 47.73%
• 3Y*: 16.15%
• 5Y*: 20.37%
• 10Y*: 7.65%
• ALL TIME*: 7.08%

VENAX

• 1D: -1.28%
• 1M: 10.17%
• 6M: 15.44%
• YTD: 33.33%
• 1Y: 42.28%
• 3Y*: 14.32%
• 5Y*: 23.79%
• 10Y*: 9.56%
• ALL TIME*: 8.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GAGEX Guinness Atkinson Global Energy Fund	$0.00	$0.00	$0.00
VENAX Vanguard Energy Index Fund Admiral Shares	$0.00	$0.00	$0.00

GAGEX vs. VENAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GAGEX Guinness Atkinson Global Energy Fund	36.05%	16.88%	-1.75%	2.66%	34.32%	45.96%	-34.12%	10.45%	-18.96%	-1.04%
VENAX Vanguard Energy Index Fund Admiral Shares	33.33%	7.29%	6.57%	0.05%	62.94%	55.57%	-33.27%	9.36%	-19.90%	-2.39%

Correlation

The correlation between GAGEX and VENAX is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Sep 29, 2004	0.93

The correlation between GAGEX and VENAX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

GAGEX vs. VENAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GAGEX

GAGEX Risk / Return Rank: 83
GAGEX Sharpe Ratio Rank: 92
GAGEX Sortino Ratio Rank: 85
GAGEX Omega Ratio Rank: 81
GAGEX Calmar Ratio Rank: 84
GAGEX Martin Ratio Rank: 76

VENAX

VENAX Risk / Return Rank: 71
VENAX Sharpe Ratio Rank: 83
VENAX Sortino Ratio Rank: 73
VENAX Omega Ratio Rank: 69
VENAX Calmar Ratio Rank: 80
VENAX Martin Ratio Rank: 51

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GAGEX vs. VENAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guinness Atkinson Global Energy Fund (GAGEX) and Vanguard Energy Index Fund Admiral Shares (VENAX). 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	VENAX	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.02	+0.44
Sortino ratio: Return per unit of downside risk	3.12	2.60	+0.51
Omega ratio: Gain probability vs. loss probability	1.40	1.33	+0.07
Calmar ratio: Return relative to maximum drawdown	3.16	2.81	+0.35
Martin ratio: Return relative to average drawdown	10.47	7.56	+2.91

GAGEX vs. VENAX - Sharpe Ratio Comparison

The current GAGEX Sharpe Ratio is 2.46, which is comparable to the VENAX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of GAGEX and VENAX, 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. VENAX - Drawdown Comparison

The maximum GAGEX drawdown since its inception was -78.90%, which is greater than VENAX's maximum drawdown of -74.42%. Use the drawdown chart below to compare losses from any high point for GAGEX and VENAX.

Drawdown Indicators

	GAGEX	VENAX	Difference
Max Drawdown Largest peak-to-trough decline	-78.90%	-74.42%	-4.48%
Max Drawdown (1Y) Largest decline over 1 year	-15.14%	-15.05%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-23.67%	-21.44%	-2.23%
Max Drawdown (5Y) Largest decline over 5 years	-26.42%	-26.59%	+0.17%
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	-69.58%	-0.40%
Current Drawdown Current decline from peak	-3.32%	-5.67%	+2.35%
Average Drawdown Average peak-to-trough decline	-29.06%	-19.90%	-9.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.55%	5.58%	-1.03%

Volatility

GAGEX vs. VENAX - Volatility Comparison

Guinness Atkinson Global Energy Fund (GAGEX) and Vanguard Energy Index Fund Admiral Shares (VENAX) have volatilities of 6.60% and 6.30%, 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	VENAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.60%	6.30%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	16.12%	16.71%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	19.48%	20.94%	-1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.57%	26.17%	-2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.21%	30.21%	-3.00%

GAGEX vs. VENAX - Expense Ratio Comparison

GAGEX has a 1.46% expense ratio, which is higher than VENAX's 0.09% expense ratio.

Dividends

GAGEX vs. VENAX - Dividend Comparison

GAGEX's dividend yield for the trailing twelve months is around 2.07%, less than VENAX's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAGEX Guinness Atkinson Global Energy Fund	2.07%	2.82%	7.08%	4.33%	0.15%	2.59%	3.59%	1.91%	1.72%	1.40%	1.13%	1.33%
VENAX Vanguard Energy Index Fund Admiral Shares	2.43%	3.10%	3.24%	3.34%	3.65%	3.80%	4.76%	3.41%	3.35%	2.90%	2.31%	3.17%

Frequently Asked Questions

Can I hold both GAGEX and VENAX in my portfolio?

With a correlation of 0.94, GAGEX and VENAX 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 VENAX?

GAGEX has higher volatility (6.60%) compared to VENAX (6.30%). In terms of maximum drawdown, GAGEX dropped -78.90% vs VENAX's -74.42%.

Which has better risk-adjusted returns?

GAGEX currently has the higher Sharpe Ratio (2.46 vs 2.02), 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.