GIOIX vs. GUG

Last updated Jun 4, 2026

GIOIX (Guggenheim Macro Opportunities Fund) and GUG (Guggenheim Active Allocation Fund) are both mutual funds - GIOIX is a Nontraditional Bonds fund actively managed by Guggenheim, while GUG is a Tactical Allocation fund actively managed by Guggenheim. Both are actively managed. Over the past 3 years, GIOIX returned 7.59%/yr vs 14.85%/yr for GUG. At a 0.37 correlation, their price movements are largely independent. GIOIX charges 0.96%/yr vs 3.86%/yr for GUG.

Performance

GIOIX vs. GUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guggenheim Macro Opportunities Fund (GIOIX) and Guggenheim Active Allocation Fund (GUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GIOIX achieves a 1.12% return, which is significantly lower than GUG's 7.15% return.

GIOIX

• 1D: 0.00%
• 1M: 0.57%
• YTD: 1.12%
• 6M: 1.66%
• 1Y: 6.11%
• 3Y*: 7.59%
• 5Y*: 3.26%
• 10Y*: 4.33%

GUG

• 1D: -1.37%
• 1M: -0.00%
• YTD: 7.15%
• 6M: 7.28%
• 1Y: 13.63%
• 3Y*: 14.85%
• 5Y*: —
• 10Y*: —

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

GIOIX vs. GUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GIOIX Guggenheim Macro Opportunities Fund	1.12%	7.64%	7.78%	9.69%	-9.57%	0.79%
GUG Guggenheim Active Allocation Fund	7.15%	13.12%	11.46%	20.68%	-26.55%	-0.20%

Correlation

The correlation between GIOIX and GUG is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (All Time) Calculated using the full available price history since Nov 26, 2021	0.37

Return for Risk

GIOIX vs. GUG — Risk / Return Rank

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

GIOIX

GIOIX Risk / Return Rank: 77
GIOIX Sharpe Ratio Rank: 74
GIOIX Sortino Ratio Rank: 93
GIOIX Omega Ratio Rank: 89
GIOIX Calmar Ratio Rank: 58
GIOIX Martin Ratio Rank: 72

GUG

GUG Risk / Return Rank: 19
GUG Sharpe Ratio Rank: 18
GUG Sortino Ratio Rank: 19
GUG Omega Ratio Rank: 16
GUG Calmar Ratio Rank: 23
GUG Martin Ratio Rank: 20

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.

GIOIX vs. GUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guggenheim Macro Opportunities Fund (GIOIX) and Guggenheim Active Allocation Fund (GUG). 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.

	GIOIX	GUG	Difference
Sharpe ratio: Return per unit of total volatility	2.49	1.21	+1.28
Sortino ratio: Return per unit of downside risk	4.65	1.83	+2.82
Omega ratio: Gain probability vs. loss probability	1.63	1.21	+0.42
Calmar ratio: Return relative to maximum drawdown	2.90	1.76	+1.15
Martin ratio: Return relative to average drawdown	13.85	5.19	+8.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GIOIX vs. GUG - Sharpe Ratio Comparison

The current GIOIX Sharpe Ratio is 2.49, which is higher than the GUG Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of GIOIX and GUG, 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

	GIOIX	GUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	1.21	+1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.73	0.23	+1.50

Drawdowns

GIOIX vs. GUG - Drawdown Comparison

The maximum GIOIX drawdown since its inception was -13.38%, smaller than the maximum GUG drawdown of -32.78%. Use the drawdown chart below to compare losses from any high point for GIOIX and GUG.

Drawdown Indicators

	GIOIX	GUG	Difference
Max Drawdown Largest peak-to-trough decline	-13.38%	-32.78%	+19.40%
Max Drawdown (1Y) Largest decline over 1 year	-2.12%	-7.80%	+5.68%
Max Drawdown (3Y) Largest decline over 3 years	-2.12%	-12.10%	+9.98%
Max Drawdown (5Y) Largest decline over 5 years	-13.38%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-13.38%	—	—
Current Drawdown Current decline from peak	-0.08%	-3.00%	+2.92%
Average Drawdown Average peak-to-trough decline	-1.42%	-11.62%	+10.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	2.63%	-2.19%

Volatility

GIOIX vs. GUG - Volatility Comparison

The current volatility for Guggenheim Macro Opportunities Fund (GIOIX) is 0.99%, while Guggenheim Active Allocation Fund (GUG) has a volatility of 3.32%. This indicates that GIOIX experiences smaller price fluctuations and is considered to be less risky than GUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIOIX	GUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	3.32%	-2.33%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	8.05%	-6.00%
Volatility (1Y) Calculated over the trailing 1-year period	2.47%	11.30%	-8.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.18%	17.52%	-14.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.89%	17.52%	-14.63%

GIOIX vs. GUG - Expense Ratio Comparison

GIOIX has a 0.96% expense ratio, which is lower than GUG's 3.86% expense ratio.

Dividends

GIOIX vs. GUG - Dividend Comparison

GIOIX's dividend yield for the trailing twelve months is around 6.09%, less than GUG's 9.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIOIX Guggenheim Macro Opportunities Fund	6.09%	5.86%	5.88%	6.45%	3.78%	3.10%	3.61%	3.29%	3.55%	3.54%	5.38%	5.82%
GUG Guggenheim Active Allocation Fund	9.01%	9.30%	9.58%	9.72%	9.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GIOIX and GUG in my portfolio?

GIOIX and GUG have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIOIX or GUG?

GUG has higher volatility (3.32%) compared to GIOIX (0.99%). In terms of maximum drawdown, GIOIX dropped -13.38% vs GUG's -32.78%.

Which has better risk-adjusted returns?

GIOIX currently has the higher Sharpe Ratio (2.49 vs 1.21), 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.