GIOIX vs. FALN
GIOIX (Guggenheim Macro Opportunities Fund) and FALN (iShares Fallen Angels USD Bond ETF) are both funds - GIOIX is a Nontraditional Bonds fund actively managed by Guggenheim, while FALN is a High Yield Bonds fund tracking the Bloomberg US High Yield Fallen Angel 3% Capped Index. GIOIX is actively managed, while FALN is passively managed. Over the past 10 years, GIOIX returned 4.29%/yr vs 6.60%/yr for FALN. A 0.51 correlation means they provide meaningful diversification when combined. GIOIX charges 0.96%/yr vs 0.25%/yr for FALN.
Performance
GIOIX vs. FALN - Performance Comparison
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Returns By Period
In the year-to-date period, GIOIX achieves a 0.95% return, which is significantly lower than FALN's 2.24% return. Over the past 10 years, GIOIX has underperformed FALN with an annualized return of 4.29%, while FALN has yielded a comparatively higher 6.60% annualized return.
GIOIX
- 1D
- 0.08%
- 1M
- 0.73%
- YTD
- 0.95%
- 6M
- 1.49%
- 1Y
- 5.64%
- 3Y*
- 7.47%
- 5Y*
- 3.29%
- 10Y*
- 4.29%
FALN
- 1D
- -0.11%
- 1M
- 1.07%
- YTD
- 2.24%
- 6M
- 2.46%
- 1Y
- 7.88%
- 3Y*
- 9.39%
- 5Y*
- 3.76%
- 10Y*
- 6.60%
GIOIX vs. FALN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GIOIX Guggenheim Macro Opportunities Fund | 0.95% | 7.64% | 7.78% | 9.69% | -9.57% | 1.71% | 11.09% | 2.25% | 0.46% | 5.32% |
FALN iShares Fallen Angels USD Bond ETF | 2.24% | 8.92% | 7.68% | 13.47% | -13.79% | 5.40% | 14.85% | 17.42% | -4.97% | 8.70% |
Correlation
The correlation between GIOIX and FALN is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2016 | 0.51 |
The correlation between GIOIX and FALN shifts across timeframes, from 0.51 (10 years) to 0.67 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GIOIX vs. FALN — Risk / Return Rank
GIOIX
FALN
GIOIX vs. FALN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Guggenheim Macro Opportunities Fund (GIOIX) and iShares Fallen Angels USD Bond ETF (FALN). 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.
| GIOIX | FALN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.33 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 2.00 | +0.70 |
| Martin ratioReturn relative to average drawdown | 12.72 | 8.32 | +4.40 |
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Drawdowns
GIOIX vs. FALN - Drawdown Comparison
The maximum GIOIX drawdown since its inception was -13.38%, smaller than the maximum FALN drawdown of -29.22%. Use the drawdown chart below to compare losses from any high point for GIOIX and FALN.
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Drawdown Indicators
| GIOIX | FALN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.38% | -29.22% | +15.84% |
Max Drawdown (1Y)Largest decline over 1 year | -2.12% | -3.96% | +1.84% |
Max Drawdown (3Y)Largest decline over 3 years | -2.12% | -5.92% | +3.80% |
Max Drawdown (5Y)Largest decline over 5 years | -13.38% | -18.78% | +5.40% |
Max Drawdown (10Y)Largest decline over 10 years | -13.38% | -29.22% | +15.84% |
Current DrawdownCurrent decline from peak | -0.24% | -0.11% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -1.42% | -3.31% | +1.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.45% | 0.95% | -0.50% |
Volatility
GIOIX vs. FALN - Volatility Comparison
The current volatility for Guggenheim Macro Opportunities Fund (GIOIX) is 0.94%, while iShares Fallen Angels USD Bond ETF (FALN) has a volatility of 1.18%. This indicates that GIOIX experiences smaller price fluctuations and is considered to be less risky than FALN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GIOIX | FALN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 1.18% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 2.07% | 3.73% | -1.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.52% | 4.60% | -2.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.19% | 7.33% | -4.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.89% | 8.94% | -6.05% |
GIOIX vs. FALN - Expense Ratio Comparison
GIOIX has a 0.96% expense ratio, which is higher than FALN's 0.25% expense ratio.
Dividends
GIOIX vs. FALN - Dividend Comparison
GIOIX's dividend yield for the trailing twelve months is around 6.10%, less than FALN's 6.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FALN iShares Fallen Angels USD Bond ETF | 6.42% | 6.31% | 6.24% | 5.37% | 5.08% | 3.40% | 5.14% | 5.35% | 5.97% | 6.98% | 3.55% | 0.00% |
GIOIX Guggenheim Macro Opportunities Fund | 6.10% | 5.86% | 5.88% | 6.45% | 3.78% | 3.10% | 3.61% | 3.29% | 3.55% | 3.54% | 5.38% | 5.82% |
Frequently Asked Questions
GIOIX and FALN have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FALN has higher volatility (1.18%) compared to GIOIX (0.94%). In terms of maximum drawdown, GIOIX dropped -13.38% vs FALN's -29.22%.
GIOIX currently has the higher Sharpe Ratio (2.27 vs 1.72), 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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