GDL vs. GDE

Last updated Jun 25, 2026

GDL (The GDL Fund) and GDE (WisdomTree Efficient Gold Plus Equity Strategy Fund) are both funds - GDL is a Event Driven fund managed by Gabelli, while GDE is a Gold fund actively managed by WisdomTree. Over the past 3 years, GDL returned 9.11%/yr vs 39.47%/yr for GDE. At a 0.21 correlation, their price movements are largely independent. GDL charges 0.03%/yr vs 0.20%/yr for GDE.

Performance

GDL vs. GDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The GDL Fund (GDL) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDL achieves a 2.78% return, which is significantly higher than GDE's -3.38% return.

GDL

• 1D: 0.12%
• 1M: 1.43%
• YTD: 2.78%
• 6M: 2.81%
• 1Y: 8.15%
• 3Y*: 9.11%
• 5Y*: 4.52%
• 10Y*: 4.00%

GDE

• 1D: -2.89%
• 1M: -12.63%
• YTD: -3.38%
• 6M: -7.83%
• 1Y: 34.32%
• 3Y*: 39.47%
• 5Y*: —
• 10Y*: —

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

GDL vs. GDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GDL The GDL Fund	2.78%	11.83%	5.94%	9.02%	-4.32%
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	-3.38%	73.76%	44.79%	33.85%	-8.58%

Correlation

The correlation between GDL and GDE is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.21

Return for Risk

GDL vs. GDE — Risk / Return Rank

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

GDL

GDL Risk / Return Rank: 31
GDL Sharpe Ratio Rank: 21
GDL Sortino Ratio Rank: 20
GDL Omega Ratio Rank: 19
GDL Calmar Ratio Rank: 52
GDL Martin Ratio Rank: 41

GDE

GDE Risk / Return Rank: 33
GDE Sharpe Ratio Rank: 34
GDE Sortino Ratio Rank: 30
GDE Omega Ratio Rank: 35
GDE Calmar Ratio Rank: 33
GDE Martin Ratio Rank: 31

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.

GDL vs. GDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The GDL Fund (GDL) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). 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.

	GDL	GDE	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.13	+0.02
Sortino ratio: Return per unit of downside risk	1.63	1.54	+0.09
Omega ratio: Gain probability vs. loss probability	1.20	1.22	-0.02
Calmar ratio: Return relative to maximum drawdown	2.55	1.52	+1.03
Martin ratio: Return relative to average drawdown	7.98	4.18	+3.80

GDL vs. GDE - Sharpe Ratio Comparison

The current GDL Sharpe Ratio is 1.15, which is comparable to the GDE Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of GDL and GDE, 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

GDL vs. GDE - Drawdown Comparison

The maximum GDL drawdown since its inception was -38.74%, which is greater than GDE's maximum drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for GDL and GDE.

Drawdown Indicators

	GDL	GDE	Difference
Max Drawdown Largest peak-to-trough decline	-38.74%	-32.01%	-6.73%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-22.66%	+19.45%
Max Drawdown (3Y) Largest decline over 3 years	-6.00%	-22.66%	+16.66%
Max Drawdown (5Y) Largest decline over 5 years	-9.48%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.74%	—	—
Current Drawdown Current decline from peak	0.00%	-21.82%	+21.82%
Average Drawdown Average peak-to-trough decline	-4.91%	-7.99%	+3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	8.23%	-7.21%

Volatility

GDL vs. GDE - Volatility Comparison

The current volatility for The GDL Fund (GDL) is 1.39%, while WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) has a volatility of 11.66%. This indicates that GDL experiences smaller price fluctuations and is considered to be less risky than GDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDL	GDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	11.66%	-10.27%
Volatility (6M) Calculated over the trailing 6-month period	4.83%	26.64%	-21.81%
Volatility (1Y) Calculated over the trailing 1-year period	7.15%	30.45%	-23.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.62%	27.18%	-18.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.97%	27.18%	-14.21%

GDL vs. GDE - Expense Ratio Comparison

GDL has a 0.03% expense ratio, which is lower than GDE's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GDL vs. GDE - Dividend Comparison

GDL's dividend yield for the trailing twelve months is around 5.67%, more than GDE's 4.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	4.47%	4.32%	7.14%	2.22%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GDL The GDL Fund	5.67%	5.67%	5.99%	5.97%	6.12%	5.38%	5.28%	4.30%	4.36%	5.96%	6.50%	6.39%

Frequently Asked Questions

Can I hold both GDL and GDE in my portfolio?

GDL and GDE have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDL or GDE?

GDE has higher volatility (11.66%) compared to GDL (1.39%). In terms of maximum drawdown, GDL dropped -38.74% vs GDE's -32.01%.

Which has better risk-adjusted returns?

GDL currently has the higher Sharpe Ratio (1.15 vs 1.13), 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.