GGN vs. GRHAX

Last updated Jun 4, 2026

GGN (GAMCO Global Gold, Natural Resources and Income Trust) and GRHAX (Goehring & Rozencwajg Resources Fund Retail Class) are both Commodity Producers Equities funds. Over the past 5 years, GGN returned 14.01%/yr vs 21.67%/yr for GRHAX. A 0.51 correlation means they provide meaningful diversification when combined. GGN charges 0.01%/yr vs 1.28%/yr for GRHAX.

Performance

GGN vs. GRHAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GAMCO Global Gold, Natural Resources and Income Trust (GGN) and Goehring & Rozencwajg Resources Fund Retail Class (GRHAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GGN achieves a 1.59% return, which is significantly lower than GRHAX's 20.83% return.

GGN

• 1D: -0.78%
• 1M: -1.95%
• YTD: 1.59%
• 6M: 2.78%
• 1Y: 23.32%
• 3Y*: 21.48%
• 5Y*: 14.01%
• 10Y*: 8.89%

GRHAX

• 1D: 1.70%
• 1M: -0.68%
• YTD: 20.83%
• 6M: 23.40%
• 1Y: 69.91%
• 3Y*: 31.01%
• 5Y*: 21.67%
• 10Y*: —

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

GGN vs. GRHAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GGN GAMCO Global Gold, Natural Resources and Income Trust	1.59%	48.19%	9.59%	15.01%	6.80%	17.41%	-8.62%	36.59%	-19.53%	11.86%
GRHAX Goehring & Rozencwajg Resources Fund Retail Class	20.83%	61.00%	-1.71%	16.19%	16.43%	61.61%	-3.02%	-0.29%	-30.26%	-1.36%

Correlation

The correlation between GGN and GRHAX is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.51

The correlation between GGN and GRHAX has been stable across timeframes, ranging from 0.51 to 0.60 - a consistent structural relationship.

Return for Risk

GGN vs. GRHAX — Risk / Return Rank

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

GGN

GGN Risk / Return Rank: 15
GGN Sharpe Ratio Rank: 14
GGN Sortino Ratio Rank: 13
GGN Omega Ratio Rank: 15
GGN Calmar Ratio Rank: 16
GGN Martin Ratio Rank: 16

GRHAX

GRHAX Risk / Return Rank: 82
GRHAX Sharpe Ratio Rank: 90
GRHAX Sortino Ratio Rank: 70
GRHAX Omega Ratio Rank: 66
GRHAX Calmar Ratio Rank: 97
GRHAX Martin Ratio Rank: 87

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.

GGN vs. GRHAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GAMCO Global Gold, Natural Resources and Income Trust (GGN) and Goehring & Rozencwajg Resources Fund Retail Class (GRHAX). 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.

	GGN	GRHAX	Difference
Sharpe ratio: Return per unit of total volatility	1.03	2.97	-1.94
Sortino ratio: Return per unit of downside risk	1.42	3.49	-2.07
Omega ratio: Gain probability vs. loss probability	1.20	1.45	-0.25
Calmar ratio: Return relative to maximum drawdown	1.39	6.87	-5.48
Martin ratio: Return relative to average drawdown	4.49	16.74	-12.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GGN vs. GRHAX - Sharpe Ratio Comparison

The current GGN Sharpe Ratio is 1.03, which is lower than the GRHAX Sharpe Ratio of 2.97. The chart below compares the historical Sharpe Ratios of GGN and GRHAX, 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

	GGN	GRHAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.03	2.97	-1.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.75	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.39	-0.25

Drawdowns

GGN vs. GRHAX - Drawdown Comparison

The maximum GGN drawdown since its inception was -73.04%, roughly equal to the maximum GRHAX drawdown of -71.03%. Use the drawdown chart below to compare losses from any high point for GGN and GRHAX.

Drawdown Indicators

	GGN	GRHAX	Difference
Max Drawdown Largest peak-to-trough decline	-73.04%	-71.03%	-2.01%
Max Drawdown (1Y) Largest decline over 1 year	-16.80%	-10.58%	-6.22%
Max Drawdown (3Y) Largest decline over 3 years	-16.80%	-25.49%	+8.69%
Max Drawdown (5Y) Largest decline over 5 years	-22.08%	-31.48%	+9.40%
Max Drawdown (10Y) Largest decline over 10 years	-53.04%	—	—
Current Drawdown Current decline from peak	-11.36%	-4.42%	-6.94%
Average Drawdown Average peak-to-trough decline	-31.79%	-18.55%	-13.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.21%	4.33%	+0.88%

Volatility

GGN vs. GRHAX - Volatility Comparison

The current volatility for GAMCO Global Gold, Natural Resources and Income Trust (GGN) is 4.56%, while Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) has a volatility of 5.16%. This indicates that GGN experiences smaller price fluctuations and is considered to be less risky than GRHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GGN	GRHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	5.16%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	18.61%	18.22%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	22.72%	24.54%	-1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.48%	29.07%	-9.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.00%	29.50%	-6.50%

GGN vs. GRHAX - Expense Ratio Comparison

GGN has a 0.02% expense ratio, which is lower than GRHAX's 1.28% expense ratio.

Dividends

GGN vs. GRHAX - Dividend Comparison

GGN's dividend yield for the trailing twelve months is around 7.06%, more than GRHAX's 2.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GGN GAMCO Global Gold, Natural Resources and Income Trust	7.06%	6.98%	9.55%	10.37%	9.92%	9.60%	13.68%	13.64%	16.22%	11.52%	15.85%	17.68%
GRHAX Goehring & Rozencwajg Resources Fund Retail Class	2.71%	3.28%	3.87%	3.03%	1.41%	3.08%	1.76%	0.43%	0.88%	0.52%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GGN and GRHAX in my portfolio?

GGN and GRHAX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GGN or GRHAX?

GRHAX has higher volatility (5.16%) compared to GGN (4.56%). In terms of maximum drawdown, GGN dropped -73.04% vs GRHAX's -71.03%.

Which has better risk-adjusted returns?

GRHAX currently has the higher Sharpe Ratio (2.97 vs 1.03), 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.