GIOIX vs. SUBFX

Last updated Aug 4, 2026

GIOIX (Guggenheim Macro Opportunities Fund) and SUBFX (Carillon Reams Unconstrained Bond Fund) are both Nontraditional Bonds funds. Over the past 10 years, GIOIX returned 3.98%/yr vs 3.81%/yr for SUBFX. Their 0.47 correlation means their historical movements had little consistent relationship. GIOIX charges 0.96%/yr vs 0.50%/yr for SUBFX.

Performance

GIOIX vs. SUBFX - Performance Comparison

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

Returns By Period

In the year-to-date period, GIOIX achieves a 0.55% return, which is significantly higher than SUBFX's 0.50% return. Both investments have delivered pretty close results over the past 10 years, with GIOIX having a 3.98% annualized return and SUBFX not far behind at 3.81%.

GIOIX

• 1D: -0.12%
• 1M: -0.77%
• 6M: 0.03%
• YTD: 0.55%
• 1Y: 3.66%
• 3Y*: 6.90%
• 5Y*: 3.07%
• 10Y*: 3.98%
• ALL TIME*: 4.65%

SUBFX

• 1D: -0.32%
• 1M: -0.79%
• 6M: 0.16%
• YTD: 0.50%
• 1Y: 3.21%
• 3Y*: 6.56%
• 5Y*: 3.62%
• 10Y*: 3.81%
• ALL TIME*: 4.66%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GIOIX Guggenheim Macro Opportunities Fund	$0.00	$0.00	$0.00
SUBFX Carillon Reams Unconstrained Bond Fund	$0.00	$0.00	$0.00

GIOIX vs. SUBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GIOIX Guggenheim Macro Opportunities Fund	0.55%	7.64%	7.78%	9.69%	-9.57%	1.71%	11.09%	2.25%	0.46%	5.32%
SUBFX Carillon Reams Unconstrained Bond Fund	0.50%	10.61%	4.22%	8.53%	-4.74%	-0.32%	11.18%	6.52%	0.53%	2.04%

Correlation

The correlation between GIOIX and SUBFX is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (10Y) Provides a long-term view across more market conditions.	0.52
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.47

Over the past year, GIOIX and SUBFX have become more correlated (0.73) than their long-term average of 0.47, meaning their price movements have been converging.

Return for Risk

GIOIX vs. SUBFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GIOIX

GIOIX Risk / Return Rank: 63
GIOIX Sharpe Ratio Rank: 60
GIOIX Sortino Ratio Rank: 77
GIOIX Omega Ratio Rank: 75
GIOIX Calmar Ratio Rank: 43
GIOIX Martin Ratio Rank: 58

SUBFX

SUBFX Risk / Return Rank: 32
SUBFX Sharpe Ratio Rank: 31
SUBFX Sortino Ratio Rank: 31
SUBFX Omega Ratio Rank: 31
SUBFX Calmar Ratio Rank: 35
SUBFX Martin Ratio Rank: 33

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GIOIX vs. SUBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guggenheim Macro Opportunities Fund (GIOIX) and Carillon Reams Unconstrained Bond Fund (SUBFX). 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	SUBFX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.09	+0.49
Sortino ratio: Return per unit of downside risk	2.70	1.62	+1.08
Omega ratio: Gain probability vs. loss probability	1.35	1.20	+0.14
Calmar ratio: Return relative to maximum drawdown	1.84	1.61	+0.22
Martin ratio: Return relative to average drawdown	8.21	5.25	+2.96

GIOIX vs. SUBFX - Sharpe Ratio Comparison

The current GIOIX Sharpe Ratio is 1.58, which is higher than the SUBFX Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of GIOIX and SUBFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GIOIX vs. SUBFX - Drawdown Comparison

The maximum GIOIX drawdown since its inception was -13.38%, which is greater than SUBFX's maximum drawdown of -11.22%. Use the drawdown chart below to compare losses from any high point for GIOIX and SUBFX.

Drawdown Indicators

	GIOIX	SUBFX	Difference
Max Drawdown Largest peak-to-trough decline	-13.38%	-11.22%	-2.16%
Max Drawdown (1Y) Largest decline over 1 year	-2.12%	-2.34%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-2.12%	-3.83%	+1.71%
Max Drawdown (5Y) Largest decline over 5 years	-13.38%	-10.55%	-2.83%
Max Drawdown (10Y) Largest decline over 10 years	-13.38%	-11.22%	-2.16%
Current Drawdown Current decline from peak	-0.85%	-1.32%	+0.47%
Average Drawdown Average peak-to-trough decline	-1.41%	-1.46%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.72%	-0.25%

Volatility

GIOIX vs. SUBFX - Volatility Comparison

The current volatility for Guggenheim Macro Opportunities Fund (GIOIX) is 0.49%, while Carillon Reams Unconstrained Bond Fund (SUBFX) has a volatility of 0.93%. This indicates that GIOIX experiences smaller price fluctuations and is considered to be less risky than SUBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIOIX	SUBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.49%	0.93%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	2.11%	3.01%	-0.90%
Volatility (1Y) Calculated over the trailing 1-year period	2.53%	3.46%	-0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.19%	5.52%	-2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.89%	5.31%	-2.42%

GIOIX vs. SUBFX - Expense Ratio Comparison

GIOIX has a 0.96% expense ratio, which is higher than SUBFX's 0.50% expense ratio.

Dividends

GIOIX vs. SUBFX - Dividend Comparison

GIOIX's dividend yield for the trailing twelve months is around 5.63%, less than SUBFX's 5.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIOIX Guggenheim Macro Opportunities Fund	5.63%	5.86%	5.88%	6.45%	3.78%	3.10%	3.61%	3.29%	3.55%	3.54%	5.38%	5.82%
SUBFX Carillon Reams Unconstrained Bond Fund	5.84%	6.44%	4.92%	4.52%	2.16%	1.96%	3.01%	2.83%	2.06%	1.17%	1.01%	0.52%

Frequently Asked Questions

Can I hold both GIOIX and SUBFX in my portfolio?

GIOIX and SUBFX have a correlation of 0.73, 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 SUBFX?

SUBFX has higher volatility (0.93%) compared to GIOIX (0.49%). In terms of maximum drawdown, GIOIX dropped -13.38% vs SUBFX's -11.22%.

Which has better risk-adjusted returns?

GIOIX currently has the higher Sharpe Ratio (1.58 vs 1.09), 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.