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GINDX vs. FEQHX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GINDX vs. FEQHX

Last updated Jun 25, 2026

GINDX (Gotham Index Plus Fund) and FEQHX (Fidelity Hedged Equity Fund) are both Large Cap Blend Equities funds. Over the past 3 years, GINDX returned 21.62%/yr vs 16.23%/yr for FEQHX. Their correlation of 0.91 suggests significant overlap in exposure. GINDX charges 1.15%/yr vs 0.55%/yr for FEQHX.

Performance

GINDX vs. FEQHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Index Plus Fund (GINDX) and Fidelity Hedged Equity Fund (FEQHX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GINDX achieves a 3.39% return, which is significantly lower than FEQHX's 6.58% return.

GINDX

1D
-1.34%
1M
-3.18%
YTD
3.39%
6M
2.08%
1Y
19.49%
3Y*
21.62%
5Y*
14.83%
10Y*
15.77%

FEQHX

1D
-1.12%
1M
-1.55%
YTD
6.58%
6M
5.31%
1Y
16.41%
3Y*
16.23%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

GINDX vs. FEQHX - Yearly Performance Comparison

2026 (YTD)2025202420232022
GINDX
Gotham Index Plus Fund		3.39%22.25%25.96%26.40%-0.10%
FEQHX
Fidelity Hedged Equity Fund		6.58%13.61%19.46%17.65%-4.85%

Correlation

The correlation between GINDX and FEQHX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.88

Correlation (3Y)
Calculated over the trailing 3-year period

0.89

Correlation (All Time)
Calculated using the full available price history since Sep 8, 2022

0.91

The correlation between GINDX and FEQHX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

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Gotham Index Plus Fund

Fidelity Hedged Equity Fund

Often compared with GINDX:
GINDX vs. AGTHXGINDX vs. SSAQXGINDX vs. ^GSPCGINDX vs. FCNTXGINDX vs. GARIXGINDX vs. QLEIXGINDX vs. SPYI.DE
Often compared with FEQHX:
FEQHX vs. BDMAXFEQHX vs. JDIEXFEQHX vs. INGIXFEQHX vs. BFSAXFEQHX vs. AGRDXFEQHX vs. VDIGXFEQHX vs. VOO

Return for Risk

GINDX vs. FEQHX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GINDX
GINDX Risk / Return Rank: 4141
Overall Rank
GINDX Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
GINDX Sortino Ratio Rank: 3838
Sortino Ratio Rank
GINDX Omega Ratio Rank: 3838
Omega Ratio Rank
GINDX Calmar Ratio Rank: 4242
Calmar Ratio Rank
GINDX Martin Ratio Rank: 4545
Martin Ratio Rank
FEQHX
FEQHX Risk / Return Rank: 4545
Overall Rank
FEQHX Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
FEQHX Sortino Ratio Rank: 4545
Sortino Ratio Rank
FEQHX Omega Ratio Rank: 4444
Omega Ratio Rank
FEQHX Calmar Ratio Rank: 4444
Calmar Ratio Rank
FEQHX Martin Ratio Rank: 4747
Martin Ratio Rank
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.

GINDX vs. FEQHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Index Plus Fund (GINDX) and Fidelity Hedged Equity Fund (FEQHX). 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.

GINDXFEQHXDifference
Sharpe ratioReturn per unit of total volatility
1.71
1.79

-0.08

Sortino ratioReturn per unit of downside risk
2.33
2.50

-0.18

Omega ratioGain probability vs. loss probability

1.30

1.32

-0.02

Calmar ratioReturn relative to maximum drawdown

2.32

2.37

-0.04

Martin ratioReturn relative to average drawdown

8.84

9.06

-0.22

GINDX vs. FEQHX - Sharpe Ratio Comparison

The current GINDX Sharpe Ratio is 1.71, which is comparable to the FEQHX Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of GINDX and FEQHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GINDX vs. FEQHX - Drawdown Comparison

The maximum GINDX drawdown since its inception was -33.70%, which is greater than FEQHX's maximum drawdown of -10.42%. Use the drawdown chart below to compare losses from any high point for GINDX and FEQHX.

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Drawdown Indicators

GINDXFEQHXDifference

Max Drawdown

Largest peak-to-trough decline

-33.70%

-10.42%

-23.28%

Max Drawdown (1Y)

Largest decline over 1 year

-9.06%

-7.40%

-1.66%

Max Drawdown (3Y)

Largest decline over 3 years

-18.75%

-10.42%

-8.33%

Max Drawdown (5Y)

Largest decline over 5 years

-19.77%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-33.70%

—

—

Current Drawdown

Current decline from peak

-4.54%

-3.11%

-1.43%

Average Drawdown

Average peak-to-trough decline

-4.00%

-2.22%

-1.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.37%

1.93%

+0.44%

Volatility

GINDX vs. FEQHX - Volatility Comparison

Gotham Index Plus Fund (GINDX) has a higher volatility of 4.58% compared to Fidelity Hedged Equity Fund (FEQHX) at 4.12%. This indicates that GINDX's price experiences larger fluctuations and is considered to be riskier than FEQHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GINDXFEQHXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.58%

4.12%

+0.46%

Volatility (6M)

Calculated over the trailing 6-month period

9.57%

7.52%

+2.05%

Volatility (1Y)

Calculated over the trailing 1-year period

12.31%

9.81%

+2.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.79%

11.33%

+5.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.17%

11.33%

+6.84%

GINDX vs. FEQHX - Expense Ratio Comparison

GINDX has a 1.15% expense ratio, which is higher than FEQHX's 0.55% expense ratio.

Dividends

GINDX vs. FEQHX - Dividend Comparison

GINDX's dividend yield for the trailing twelve months is around 3.16%, more than FEQHX's 0.52% yield.

PositionTTM2025202420232022202120202019201820172016
FEQHX
Fidelity Hedged Equity Fund		0.52%0.43%0.61%0.77%0.37%0.00%0.00%0.00%0.00%0.00%0.00%
GINDX
Gotham Index Plus Fund		3.16%3.27%2.97%4.02%1.81%5.38%1.07%1.38%2.10%0.37%0.48%

Frequently Asked Questions

GINDX and FEQHX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GINDX has higher volatility (4.58%) compared to FEQHX (4.12%). In terms of maximum drawdown, GINDX dropped -33.70% vs FEQHX's -10.42%.

FEQHX currently has the higher Sharpe Ratio (1.79 vs 1.71), 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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