GIBIX vs. SAOAX

Last updated Jun 3, 2026

GIBIX (Guggenheim Total Return Bond Fund) and SAOAX (Guggenheim Alpha Opportunity Fund) are both mutual funds - GIBIX is a Intermediate Core-Plus Bond fund managed by Guggenheim, while SAOAX is a Long-Short fund managed by Guggenheim. Over the past 10 years, GIBIX returned 2.85%/yr vs 3.80%/yr for SAOAX. At a correlation of -0.09, they often move in opposite directions. GIBIX charges 0.50%/yr vs 1.76%/yr for SAOAX.

Performance

GIBIX vs. SAOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guggenheim Total Return Bond Fund (GIBIX) and Guggenheim Alpha Opportunity Fund (SAOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GIBIX achieves a 0.59% return, which is significantly lower than SAOAX's 17.00% return. Over the past 10 years, GIBIX has underperformed SAOAX with an annualized return of 2.85%, while SAOAX has yielded a comparatively higher 3.80% annualized return.

GIBIX

• 1D: -0.08%
• 1M: 0.09%
• YTD: 0.59%
• 6M: 0.70%
• 1Y: 6.21%
• 3Y*: 5.35%
• 5Y*: 0.56%
• 10Y*: 2.85%

SAOAX

• 1D: 0.28%
• 1M: 3.75%
• YTD: 17.00%
• 6M: 18.41%
• 1Y: 17.30%
• 3Y*: 9.79%
• 5Y*: 6.24%
• 10Y*: 3.80%

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

GIBIX vs. SAOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GIBIX Guggenheim Total Return Bond Fund	0.59%	8.22%	3.18%	7.45%	-16.38%	-0.58%	14.94%	4.45%	0.89%	6.50%
SAOAX Guggenheim Alpha Opportunity Fund	17.00%	-2.00%	10.49%	8.81%	-8.66%	14.38%	0.17%	-2.26%	-11.25%	7.48%

Correlation

The correlation between GIBIX and SAOAX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (10Y) Calculated over the trailing 10-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012	-0.09

The correlation between GIBIX and SAOAX shifts across timeframes, from -0.09 (all time) to 0.08 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GIBIX vs. SAOAX — Risk / Return Rank

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

GIBIX

GIBIX Risk / Return Rank: 29
GIBIX Sharpe Ratio Rank: 26
GIBIX Sortino Ratio Rank: 29
GIBIX Omega Ratio Rank: 25
GIBIX Calmar Ratio Rank: 36
GIBIX Martin Ratio Rank: 30

SAOAX

SAOAX Risk / Return Rank: 53
SAOAX Sharpe Ratio Rank: 45
SAOAX Sortino Ratio Rank: 48
SAOAX Omega Ratio Rank: 43
SAOAX Calmar Ratio Rank: 83
SAOAX Martin Ratio Rank: 44

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.

GIBIX vs. SAOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guggenheim Total Return Bond Fund (GIBIX) and Guggenheim Alpha Opportunity Fund (SAOAX). 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.

	GIBIX	SAOAX	Difference
Sharpe ratio Return per unit of total volatility	1.50	1.97	-0.48
Sortino ratio Return per unit of downside risk	2.27	2.92	-0.65
Omega ratio Gain probability vs. loss probability	1.27	1.36	-0.09
Calmar ratio Return relative to maximum drawdown	2.30	3.87	-1.57
Martin ratio Return relative to average drawdown	7.25	9.41	-2.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GIBIX vs. SAOAX - Sharpe Ratio Comparison

The current GIBIX Sharpe Ratio is 1.50, which is comparable to the SAOAX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of GIBIX and SAOAX, 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

	GIBIX	SAOAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	1.97	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.22	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.18	+0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.31	+0.61

Drawdowns

GIBIX vs. SAOAX - Drawdown Comparison

The maximum GIBIX drawdown since its inception was -21.44%, smaller than the maximum SAOAX drawdown of -52.28%. Use the drawdown chart below to compare losses from any high point for GIBIX and SAOAX.

Drawdown Indicators

	GIBIX	SAOAX	Difference
Max Drawdown Largest peak-to-trough decline	-21.44%	-52.28%	+30.84%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-4.45%	+1.46%
Max Drawdown (3Y) Largest decline over 3 years	-5.93%	-35.90%	+29.97%
Max Drawdown (5Y) Largest decline over 5 years	-21.44%	-35.90%	+14.46%
Max Drawdown (10Y) Largest decline over 10 years	-21.44%	-35.90%	+14.46%
Current Drawdown Current decline from peak	-1.21%	0.00%	-1.21%
Average Drawdown Average peak-to-trough decline	-3.42%	-8.71%	+5.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.83%	-0.88%

Volatility

GIBIX vs. SAOAX - Volatility Comparison

The current volatility for Guggenheim Total Return Bond Fund (GIBIX) is 1.45%, while Guggenheim Alpha Opportunity Fund (SAOAX) has a volatility of 2.71%. This indicates that GIBIX experiences smaller price fluctuations and is considered to be less risky than SAOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIBIX	SAOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	2.71%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	6.25%	-3.34%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	8.69%	-4.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.83%	28.70%	-22.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.77%	21.15%	-16.38%

GIBIX vs. SAOAX - Expense Ratio Comparison

GIBIX has a 0.50% expense ratio, which is lower than SAOAX's 1.76% expense ratio.

Dividends

GIBIX vs. SAOAX - Dividend Comparison

GIBIX's dividend yield for the trailing twelve months is around 5.09%, more than SAOAX's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIBIX Guggenheim Total Return Bond Fund	5.09%	5.03%	4.71%	4.44%	3.08%	3.36%	4.80%	2.38%	3.25%	3.38%	4.68%	4.39%
SAOAX Guggenheim Alpha Opportunity Fund	0.61%	0.71%	1.06%	0.62%	0.72%	0.82%	1.22%	0.92%	1.17%	7.07%	0.03%	0.00%

Frequently Asked Questions

Can I hold both GIBIX and SAOAX in my portfolio?

GIBIX and SAOAX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIBIX or SAOAX?

SAOAX has higher volatility (2.71%) compared to GIBIX (1.45%). In terms of maximum drawdown, GIBIX dropped -21.44% vs SAOAX's -52.28%.

Which has better risk-adjusted returns?

SAOAX currently has the higher Sharpe Ratio (1.97 vs 1.50), 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.