GATEX vs. GCPYX

Last updated Jun 4, 2026

GATEX (Gateway Fund) and GCPYX (Gateway Equity Call Premium Fund) are both Options Trading funds from Natixis. Over the past 10 years, GATEX returned 6.80%/yr vs 9.50%/yr for GCPYX. With a 0.98 correlation, they move nearly in lockstep. GATEX charges 0.93%/yr vs 0.68%/yr for GCPYX.

Performance

GATEX vs. GCPYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gateway Fund (GATEX) and Gateway Equity Call Premium Fund (GCPYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GATEX achieves a 4.80% return, which is significantly lower than GCPYX's 5.51% return. Over the past 10 years, GATEX has underperformed GCPYX with an annualized return of 6.80%, while GCPYX has yielded a comparatively higher 9.50% annualized return.

GATEX

• 1D: 0.13%
• 1M: 2.39%
• YTD: 4.80%
• 6M: 5.02%
• 1Y: 14.55%
• 3Y*: 11.75%
• 5Y*: 7.12%
• 10Y*: 6.80%

GCPYX

• 1D: 0.00%
• 1M: 3.07%
• YTD: 5.51%
• 6M: 6.49%
• 1Y: 20.00%
• 3Y*: 14.36%
• 5Y*: 9.80%
• 10Y*: 9.50%

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

GATEX vs. GCPYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GATEX Gateway Fund	4.80%	10.07%	15.55%	14.43%	-12.06%	11.24%	6.92%	10.84%	-4.39%	9.66%
GCPYX Gateway Equity Call Premium Fund	5.51%	12.59%	18.15%	17.59%	-11.48%	19.28%	8.38%	16.67%	-5.37%	12.22%

Correlation

The correlation between GATEX and GCPYX is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 2, 2014	0.98

The correlation between GATEX and GCPYX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

GATEX vs. GCPYX — Risk / Return Rank

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

GATEX

GATEX Risk / Return Rank: 75
GATEX Sharpe Ratio Rank: 78
GATEX Sortino Ratio Rank: 80
GATEX Omega Ratio Rank: 78
GATEX Calmar Ratio Rank: 62
GATEX Martin Ratio Rank: 75

GCPYX

GCPYX Risk / Return Rank: 86
GCPYX Sharpe Ratio Rank: 88
GCPYX Sortino Ratio Rank: 87
GCPYX Omega Ratio Rank: 86
GCPYX Calmar Ratio Rank: 79
GCPYX Martin Ratio Rank: 91

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.

GATEX vs. GCPYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gateway Fund (GATEX) and Gateway Equity Call Premium Fund (GCPYX). 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.

	GATEX	GCPYX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.85	-0.29
Sortino ratio: Return per unit of downside risk	3.79	4.15	-0.37
Omega ratio: Gain probability vs. loss probability	1.51	1.59	-0.08
Calmar ratio: Return relative to maximum drawdown	3.02	3.57	-0.56
Martin ratio: Return relative to average drawdown	14.22	18.78	-4.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GATEX vs. GCPYX - Sharpe Ratio Comparison

The current GATEX Sharpe Ratio is 2.56, which is comparable to the GCPYX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of GATEX and GCPYX, 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

	GATEX	GCPYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	2.85	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.83	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.78	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.73	-0.20

Drawdowns

GATEX vs. GCPYX - Drawdown Comparison

The maximum GATEX drawdown since its inception was -29.74%, which is greater than GCPYX's maximum drawdown of -25.24%. Use the drawdown chart below to compare losses from any high point for GATEX and GCPYX.

Drawdown Indicators

	GATEX	GCPYX	Difference
Max Drawdown Largest peak-to-trough decline	-29.74%	-25.24%	-4.50%
Max Drawdown (1Y) Largest decline over 1 year	-6.01%	-7.02%	+1.01%
Max Drawdown (3Y) Largest decline over 3 years	-11.52%	-15.49%	+3.97%
Max Drawdown (5Y) Largest decline over 5 years	-16.39%	-18.33%	+1.94%
Max Drawdown (10Y) Largest decline over 10 years	-16.39%	-25.24%	+8.85%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.90%	-2.82%	-1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	2.02%	-0.50%

Volatility

GATEX vs. GCPYX - Volatility Comparison

The current volatility for Gateway Fund (GATEX) is 1.05%, while Gateway Equity Call Premium Fund (GCPYX) has a volatility of 1.35%. This indicates that GATEX experiences smaller price fluctuations and is considered to be less risky than GCPYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GATEX	GCPYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	1.35%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	5.87%	7.37%	-1.50%
Volatility (1Y) Calculated over the trailing 1-year period	7.08%	8.79%	-1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.56%	12.28%	-2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.89%	12.46%	-3.57%

GATEX vs. GCPYX - Expense Ratio Comparison

GATEX has a 0.93% expense ratio, which is higher than GCPYX's 0.68% expense ratio.

Dividends

GATEX vs. GCPYX - Dividend Comparison

GATEX's dividend yield for the trailing twelve months is around 0.18%, less than GCPYX's 0.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GATEX Gateway Fund	0.18%	0.22%	0.42%	0.67%	0.63%	0.43%	0.83%	1.09%	1.15%	1.01%	1.36%	1.84%
GCPYX Gateway Equity Call Premium Fund	0.41%	0.44%	0.73%	0.92%	0.96%	0.47%	0.82%	1.07%	1.12%	1.03%	1.15%	1.47%

Frequently Asked Questions

Can I hold both GATEX and GCPYX in my portfolio?

With a correlation of 0.97, GATEX and GCPYX 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, GATEX or GCPYX?

GCPYX has higher volatility (1.35%) compared to GATEX (1.05%). In terms of maximum drawdown, GATEX dropped -29.74% vs GCPYX's -25.24%.

Which has better risk-adjusted returns?

GCPYX currently has the higher Sharpe Ratio (2.85 vs 2.56), 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.