GOF vs. SAOAX

Last updated Aug 4, 2026

GOF (Guggenheim Strategic Opportunities Fund) and SAOAX (Guggenheim Alpha Opportunity Fund) are both mutual funds - GOF is a Multisector Bonds fund actively managed by Guggenheim, while SAOAX is a Long-Short fund managed by Guggenheim. Over the past 10 years, GOF returned 7.06%/yr vs 3.77%/yr for SAOAX. Their 0.24 correlation means their historical movements had little consistent relationship. GOF charges 1.89%/yr vs 1.76%/yr for SAOAX.

Performance

GOF vs. SAOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guggenheim Strategic Opportunities Fund (GOF) 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, GOF achieves a -9.05% return, which is significantly lower than SAOAX's 15.92% return. Over the past 10 years, GOF has outperformed SAOAX with an annualized return of 7.06%, while SAOAX has yielded a comparatively lower 3.77% annualized return.

GOF

• 1D: -0.19%
• 1M: -2.92%
• 6M: -6.47%
• YTD: -9.05%
• 1Y: -15.70%
• 3Y*: 1.75%
• 5Y*: -0.24%
• 10Y*: 7.06%
• ALL TIME*: 8.79%

SAOAX

• 1D: 0.34%
• 1M: 3.15%
• 6M: 11.19%
• YTD: 15.92%
• 1Y: 17.90%
• 3Y*: 8.99%
• 5Y*: 5.74%
• 10Y*: 3.77%
• ALL TIME*: 6.24%

*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)
GOF Guggenheim Strategic Opportunities Fund	$13.30M	$14.34M	$15.54M
SAOAX Guggenheim Alpha Opportunity Fund	$0.00	$0.00	$0.00

GOF vs. SAOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GOF Guggenheim Strategic Opportunities Fund	-9.05%	-1.92%	38.04%	-3.04%	-5.78%	4.90%	21.51%	10.51%	-5.95%	22.01%
SAOAX Guggenheim Alpha Opportunity Fund	15.92%	-2.00%	10.49%	8.81%	-8.66%	14.38%	0.17%	-2.26%	-11.25%	7.48%

Correlation

The correlation between GOF and SAOAX is 0.11, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.11
Correlation (3Y) Balances recent behavior with more history.	0.10
Correlation (5Y) Shows whether the relationship held over a longer period.	0.09
Correlation (10Y) Provides a long-term view across more market conditions.	0.13
Correlation (All Time) Calculated using the full available price history since Jul 27, 2007	0.24

The correlation between GOF and SAOAX shifts across timeframes, from 0.09 (5 years) to 0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GOF vs. SAOAX — Risk / Return Rank

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

GOF

GOF Risk / Return Rank: 0
GOF Sharpe Ratio Rank: 0
GOF Sortino Ratio Rank: 1
GOF Omega Ratio Rank: 0
GOF Calmar Ratio Rank: 1
GOF Martin Ratio Rank: 1

SAOAX

SAOAX Risk / Return Rank: 82
SAOAX Sharpe Ratio Rank: 81
SAOAX Sortino Ratio Rank: 81
SAOAX Omega Ratio Rank: 76
SAOAX Calmar Ratio Rank: 86
SAOAX Martin Ratio Rank: 83

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.

GOF vs. SAOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guggenheim Strategic Opportunities Fund (GOF) 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.

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.

	GOF	SAOAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	1.99	-2.86
Sortino ratio: Return per unit of downside risk	-1.03	2.87	-3.90
Omega ratio: Gain probability vs. loss probability	0.84	1.35	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.68	3.14	-3.82
Martin ratio: Return relative to average drawdown	-1.11	10.87	-11.98

GOF vs. SAOAX - Sharpe Ratio Comparison

The current GOF Sharpe Ratio is -0.86, which is lower than the SAOAX Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of GOF 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.

Drawdowns

GOF vs. SAOAX - Drawdown Comparison

The maximum GOF drawdown since its inception was -54.66%, roughly equal to the maximum SAOAX drawdown of -52.28%. Use the drawdown chart below to compare losses from any high point for GOF and SAOAX.

Drawdown Indicators

	GOF	SAOAX	Difference
Max Drawdown Largest peak-to-trough decline	-54.66%	-52.28%	-2.38%
Max Drawdown (1Y) Largest decline over 1 year	-23.24%	-5.90%	-17.34%
Max Drawdown (3Y) Largest decline over 3 years	-28.56%	-35.90%	+7.34%
Max Drawdown (5Y) Largest decline over 5 years	-32.41%	-35.90%	+3.49%
Max Drawdown (10Y) Largest decline over 10 years	-38.50%	-35.90%	-2.60%
Current Drawdown Current decline from peak	-18.98%	-2.11%	-16.87%
Average Drawdown Average peak-to-trough decline	-7.15%	-8.66%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.19%	1.70%	+12.49%

Volatility

GOF vs. SAOAX - Volatility Comparison

Guggenheim Strategic Opportunities Fund (GOF) and Guggenheim Alpha Opportunity Fund (SAOAX) have volatilities of 2.59% and 2.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOF	SAOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	2.54%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	10.60%	7.51%	+3.09%
Volatility (1Y) Calculated over the trailing 1-year period	18.26%	9.30%	+8.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.18%	28.75%	-10.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.54%	21.18%	-1.64%

GOF vs. SAOAX - Expense Ratio Comparison

GOF has a 1.89% expense ratio, which is higher than SAOAX's 1.76% expense ratio.

Dividends

GOF vs. SAOAX - Dividend Comparison

GOF's dividend yield for the trailing twelve months is around 20.83%, more than SAOAX's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GOF Guggenheim Strategic Opportunities Fund	20.83%	16.97%	14.32%	17.07%	14.36%	11.93%	11.26%	12.08%	11.96%	10.13%	11.13%	12.98%
SAOAX Guggenheim Alpha Opportunity Fund	0.62%	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 GOF and SAOAX in my portfolio?

GOF and SAOAX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOF or SAOAX?

GOF has higher volatility (2.59%) compared to SAOAX (2.54%). In terms of maximum drawdown, GOF dropped -54.66% vs SAOAX's -52.28%.

Which has better risk-adjusted returns?

SAOAX currently has the higher Sharpe Ratio (1.99 vs -0.86), 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.