GCPYX vs. IRONX
GCPYX (Gateway Equity Call Premium Fund) and IRONX (Ironclad Managed Risk Fund) are both Options Trading funds. Over the past 10 years, GCPYX returned 9.49%/yr vs 26.70%/yr for IRONX. Their 0.80 correlation means they have sometimes moved together and sometimes differently. GCPYX charges 0.68%/yr vs 1.25%/yr for IRONX.
Performance
GCPYX vs. IRONX - Performance Comparison
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Returns By Period
In the year-to-date period, GCPYX achieves a 7.63% return, which is significantly higher than IRONX's 5.64% return. Over the past 10 years, GCPYX has underperformed IRONX with an annualized return of 9.49%, while IRONX has yielded a comparatively higher 26.70% annualized return.
GCPYX
- 1D
- 1.01%
- 1M
- 1.40%
- 6M
- 6.63%
- YTD
- 7.63%
- 1Y
- 16.74%
- 3Y*
- 14.18%
- 5Y*
- 9.56%
- 10Y*
- 9.49%
- ALL TIME*
- 8.73%
IRONX
- 1D
- 0.99%
- 1M
- 1.21%
- 6M
- 4.86%
- YTD
- 5.64%
- 1Y
- 11.15%
- 3Y*
- 11.45%
- 5Y*
- 9.34%
- 10Y*
- 26.70%
- ALL TIME*
- 18.61%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
GCPYX vs. IRONX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GCPYX Gateway Equity Call Premium Fund | 7.63% | 12.59% | 18.15% | 17.59% | -11.48% | 19.28% | 8.38% | 16.67% | -5.37% | 12.22% |
IRONX Ironclad Managed Risk Fund | 5.64% | 10.57% | 14.78% | 10.61% | 0.26% | 13.24% | 5.91% | 458.33% | 1.99% | 3.33% |
Correlation
The correlation between GCPYX and IRONX is 0.78, 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. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.80 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2014 | 0.80 |
The correlation between GCPYX and IRONX has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.
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Return for Risk
GCPYX vs. IRONX — Risk / Return Rank
GCPYX
IRONX
GCPYX vs. IRONX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gateway Equity Call Premium Fund (GCPYX) and Ironclad Managed Risk Fund (IRONX). 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.
| GCPYX | IRONX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.26 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 2.06 | +0.75 |
| Martin ratioReturn relative to average drawdown | 14.27 | 7.36 | +6.91 |
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Drawdowns
GCPYX vs. IRONX - Drawdown Comparison
The maximum GCPYX drawdown since its inception was -25.24%, which is greater than IRONX's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for GCPYX and IRONX.
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Drawdown Indicators
| GCPYX | IRONX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.24% | -13.71% | -11.53% |
Max Drawdown (1Y)Largest decline over 1 year | -7.02% | -5.99% | -1.03% |
Max Drawdown (3Y)Largest decline over 3 years | -15.49% | -11.68% | -3.81% |
Max Drawdown (5Y)Largest decline over 5 years | -18.33% | -11.68% | -6.65% |
Max Drawdown (10Y)Largest decline over 10 years | -25.24% | -13.71% | -11.53% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.79% | -1.77% | -1.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 1.67% | -0.38% |
Volatility
GCPYX vs. IRONX - Volatility Comparison
Gateway Equity Call Premium Fund (GCPYX) has a higher volatility of 2.85% compared to Ironclad Managed Risk Fund (IRONX) at 2.25%. This indicates that GCPYX's price experiences larger fluctuations and is considered to be riskier than IRONX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GCPYX | IRONX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.85% | 2.25% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 7.39% | 5.93% | +1.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.65% | 8.40% | +1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.39% | 9.50% | +2.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.50% | 40.77% | -28.27% |
GCPYX vs. IRONX - Expense Ratio Comparison
GCPYX has a 0.68% expense ratio, which is lower than IRONX's 1.25% expense ratio.
Dividends
GCPYX vs. IRONX - Dividend Comparison
GCPYX's dividend yield for the trailing twelve months is around 0.39%, more than IRONX's 0.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GCPYX Gateway Equity Call Premium Fund | 0.39% | 0.44% | 0.73% | 0.92% | 0.96% | 0.47% | 0.82% | 1.07% | 1.12% | 1.03% | 1.15% | 1.47% |
IRONX Ironclad Managed Risk Fund | 0.06% | 0.06% | 0.19% | 5.17% | 2.97% | 13.84% | 4.16% | 121.75% | 8.85% | 9.93% | 1.42% | 0.38% |
Frequently Asked Questions
GCPYX and IRONX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GCPYX has higher volatility (2.85%) compared to IRONX (2.25%). In terms of maximum drawdown, GCPYX dropped -25.24% vs IRONX's -13.71%.
GCPYX currently has the higher Sharpe Ratio (2.05 vs 1.47), 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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