GARIX vs. GTRFX

Last updated Aug 1, 2026

GARIX (Gotham Absolute Return Fund) and GTRFX (Gotham Total Return Fund) are both Long-Short funds from Gotham. Over the past 10 years, GARIX returned 9.65%/yr vs 9.17%/yr for GTRFX. Their correlation of 0.85 means they have usually moved in the same direction. GARIX charges 1.50%/yr vs 0.00%/yr for GTRFX.

Performance

GARIX vs. GTRFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Absolute Return Fund (GARIX) and Gotham Total Return Fund (GTRFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GARIX achieves a 11.32% return, which is significantly higher than GTRFX's 10.65% return. Both investments have delivered pretty close results over the past 10 years, with GARIX having a 9.65% annualized return and GTRFX not far behind at 9.17%.

GARIX

• 1D: 1.19%
• 1M: 1.70%
• 6M: 9.43%
• YTD: 11.32%
• 1Y: 20.06%
• 3Y*: 17.55%
• 5Y*: 13.80%
• 10Y*: 9.65%
• ALL TIME*: 9.41%

GTRFX

• 1D: 0.48%
• 1M: 2.93%
• 6M: 8.06%
• YTD: 10.65%
• 1Y: 21.36%
• 3Y*: 15.82%
• 5Y*: 10.94%
• 10Y*: 9.17%
• ALL TIME*: 9.32%

*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)
GARIX Gotham Absolute Return Fund	$0.00	$0.00	$0.00
GTRFX Gotham Total Return Fund	$0.00	$0.00	$0.00

GARIX vs. GTRFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GARIX Gotham Absolute Return Fund	11.32%	16.18%	20.46%	17.70%	-5.04%	26.87%	-6.19%	11.50%	-4.86%	10.01%
GTRFX Gotham Total Return Fund	10.65%	15.31%	15.73%	15.29%	-9.82%	27.83%	-11.41%	12.57%	-1.73%	18.93%

Correlation

The correlation between GARIX and GTRFX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.85

The correlation between GARIX and GTRFX shifts across timeframes, from 0.66 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GARIX vs. GTRFX — Risk / Return Rank

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

GARIX

GARIX Risk / Return Rank: 89
GARIX Sharpe Ratio Rank: 87
GARIX Sortino Ratio Rank: 85
GARIX Omega Ratio Rank: 81
GARIX Calmar Ratio Rank: 97
GARIX Martin Ratio Rank: 97

GTRFX

GTRFX Risk / Return Rank: 84
GTRFX Sharpe Ratio Rank: 83
GTRFX Sortino Ratio Rank: 82
GTRFX Omega Ratio Rank: 78
GTRFX Calmar Ratio Rank: 87
GTRFX Martin Ratio Rank: 90

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.

GARIX vs. GTRFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Absolute Return Fund (GARIX) and Gotham Total Return Fund (GTRFX). 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.

	GARIX	GTRFX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.01	+0.14
Sortino ratio: Return per unit of downside risk	3.03	2.89	+0.14
Omega ratio: Gain probability vs. loss probability	1.37	1.35	+0.02
Calmar ratio: Return relative to maximum drawdown	4.92	3.08	+1.84
Martin ratio: Return relative to average drawdown	18.05	12.31	+5.74

GARIX vs. GTRFX - Sharpe Ratio Comparison

The current GARIX Sharpe Ratio is 2.15, which is comparable to the GTRFX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of GARIX and GTRFX, 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

GARIX vs. GTRFX - Drawdown Comparison

The maximum GARIX drawdown since its inception was -26.49%, smaller than the maximum GTRFX drawdown of -29.58%. Use the drawdown chart below to compare losses from any high point for GARIX and GTRFX.

Drawdown Indicators

	GARIX	GTRFX	Difference
Max Drawdown Largest peak-to-trough decline	-26.49%	-29.58%	+3.09%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-6.47%	+2.62%
Max Drawdown (3Y) Largest decline over 3 years	-23.15%	-14.48%	-8.67%
Max Drawdown (5Y) Largest decline over 5 years	-23.15%	-18.51%	-4.64%
Max Drawdown (10Y) Largest decline over 10 years	-26.49%	-29.58%	+3.09%
Current Drawdown Current decline from peak	-0.42%	-0.07%	-0.35%
Average Drawdown Average peak-to-trough decline	-4.48%	-4.23%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	1.63%	-0.58%

Volatility

GARIX vs. GTRFX - Volatility Comparison

Gotham Absolute Return Fund (GARIX) and Gotham Total Return Fund (GTRFX) have volatilities of 2.50% and 2.49%, 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

	GARIX	GTRFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	2.49%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	7.04%	7.30%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	8.82%	9.92%	-1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.41%	13.53%	+1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.91%	13.84%	+0.07%

GARIX vs. GTRFX - Expense Ratio Comparison

GARIX has a 1.50% expense ratio, which is higher than GTRFX's 0.00% expense ratio.

Dividends

GARIX vs. GTRFX - Dividend Comparison

GARIX's dividend yield for the trailing twelve months is around 6.45%, less than GTRFX's 8.62% 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%
GTRFX Gotham Total Return Fund	8.62%	9.53%	11.50%	7.27%	10.25%	4.66%	0.71%	6.06%	1.48%	0.33%	0.05%	0.00%

Frequently Asked Questions

Can I hold both GARIX and GTRFX in my portfolio?

GARIX and GTRFX have a correlation of 0.66, 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 GTRFX?

GARIX has higher volatility (2.50%) compared to GTRFX (2.49%). In terms of maximum drawdown, GARIX dropped -26.49% vs GTRFX's -29.58%.

Which has better risk-adjusted returns?

GARIX currently has the higher Sharpe Ratio (2.15 vs 2.01), 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.