GARIX vs. GSPFX

Last updated Jun 4, 2026

GARIX (Gotham Absolute Return Fund) and GSPFX (Gotham Enhanced S&P 500 Index Fund) are both mutual funds - GARIX is a Long-Short fund managed by Gotham, while GSPFX is a Large Cap Blend Equities fund managed by Gotham. Over the past 5 years, GARIX returned 14.20%/yr vs 14.19%/yr for GSPFX. Their correlation of 0.89 suggests significant overlap in exposure. GARIX charges 1.50%/yr vs 0.50%/yr for GSPFX.

Performance

GARIX vs. GSPFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Absolute Return Fund (GARIX) and Gotham Enhanced S&P 500 Index Fund (GSPFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GARIX achieves a 11.27% return, which is significantly lower than GSPFX's 12.07% return.

GARIX

• 1D: -0.04%
• 1M: 5.24%
• YTD: 11.27%
• 6M: 11.68%
• 1Y: 22.18%
• 3Y*: 19.77%
• 5Y*: 14.20%
• 10Y*: 9.91%

GSPFX

• 1D: -0.24%
• 1M: 6.12%
• YTD: 12.07%
• 6M: 13.09%
• 1Y: 29.69%
• 3Y*: 21.94%
• 5Y*: 14.19%
• 10Y*: —

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

GARIX vs. GSPFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GARIX Gotham Absolute Return Fund	11.27%	16.18%	20.46%	17.70%	-5.04%	26.87%	-6.19%	11.50%	-4.86%	9.60%
GSPFX Gotham Enhanced S&P 500 Index Fund	12.07%	16.77%	22.74%	25.56%	-14.75%	27.80%	13.47%	28.91%	-1.82%	24.01%

Correlation

The correlation between GARIX and GSPFX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.89

The correlation between GARIX and GSPFX has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

Return for Risk

GARIX vs. GSPFX — Risk / Return Rank

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

GARIX

GARIX Risk / Return Rank: 88
GARIX Sharpe Ratio Rank: 87
GARIX Sortino Ratio Rank: 86
GARIX Omega Ratio Rank: 77
GARIX Calmar Ratio Rank: 95
GARIX Martin Ratio Rank: 96

GSPFX

GSPFX Risk / Return Rank: 79
GSPFX Sharpe Ratio Rank: 83
GSPFX Sortino Ratio Rank: 77
GSPFX Omega Ratio Rank: 71
GSPFX Calmar Ratio Rank: 81
GSPFX Martin Ratio Rank: 86

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.

GARIX vs. GSPFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Absolute Return Fund (GARIX) and Gotham Enhanced S&P 500 Index Fund (GSPFX). 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.

	GARIX	GSPFX	Difference
Sharpe ratio: Return per unit of total volatility	2.84	2.69	+0.15
Sortino ratio: Return per unit of downside risk	4.07	3.66	+0.40
Omega ratio: Gain probability vs. loss probability	1.51	1.47	+0.04
Calmar ratio: Return relative to maximum drawdown	5.88	3.68	+2.20
Martin ratio: Return relative to average drawdown	24.86	16.66	+8.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GARIX vs. GSPFX - Sharpe Ratio Comparison

The current GARIX Sharpe Ratio is 2.84, which is comparable to the GSPFX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of GARIX and GSPFX, 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

	GARIX	GSPFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.84	2.69	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	0.81	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.84	-0.09

Drawdowns

GARIX vs. GSPFX - Drawdown Comparison

The maximum GARIX drawdown since its inception was -26.49%, smaller than the maximum GSPFX drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for GARIX and GSPFX.

Drawdown Indicators

	GARIX	GSPFX	Difference
Max Drawdown Largest peak-to-trough decline	-26.49%	-33.10%	+6.61%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-8.44%	+4.59%
Max Drawdown (3Y) Largest decline over 3 years	-23.15%	-24.19%	+1.04%
Max Drawdown (5Y) Largest decline over 5 years	-23.15%	-24.19%	+1.04%
Max Drawdown (10Y) Largest decline over 10 years	-26.49%	—	—
Current Drawdown Current decline from peak	-0.04%	-0.24%	+0.20%
Average Drawdown Average peak-to-trough decline	-4.52%	-4.33%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.85%	-0.94%

Volatility

GARIX vs. GSPFX - Volatility Comparison

The current volatility for Gotham Absolute Return Fund (GARIX) is 1.87%, while Gotham Enhanced S&P 500 Index Fund (GSPFX) has a volatility of 2.60%. This indicates that GARIX experiences smaller price fluctuations and is considered to be less risky than GSPFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GARIX	GSPFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.87%	2.60%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	6.13%	8.73%	-2.60%
Volatility (1Y) Calculated over the trailing 1-year period	7.99%	11.54%	-3.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.35%	17.63%	-2.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.89%	18.59%	-4.70%

GARIX vs. GSPFX - Expense Ratio Comparison

GARIX has a 1.50% expense ratio, which is higher than GSPFX's 0.50% expense ratio.

Dividends

GARIX vs. GSPFX - Dividend Comparison

GARIX's dividend yield for the trailing twelve months is around 6.45%, less than GSPFX's 8.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GARIX Gotham Absolute Return Fund	6.45%	7.18%	18.74%	5.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.36%
GSPFX Gotham Enhanced S&P 500 Index Fund	8.63%	9.67%	11.01%	3.15%	8.37%	6.67%	0.95%	3.41%	19.92%	3.45%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GARIX and GSPFX in my portfolio?

GARIX and GSPFX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GARIX or GSPFX?

GSPFX has higher volatility (2.60%) compared to GARIX (1.87%). In terms of maximum drawdown, GARIX dropped -26.49% vs GSPFX's -33.10%.

Which has better risk-adjusted returns?

GARIX currently has the higher Sharpe Ratio (2.84 vs 2.69), 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.