GOLDX vs. ARCNX

Last updated Jul 14, 2026

GOLDX (Gabelli Gold Fund) and ARCNX (AQR Risk-Balanced Commodities Strategy Fund Class N) are both mutual funds - GOLDX is a Gold fund actively managed by Gabelli, while ARCNX is a Commodities fund managed by AQR. Over the past 10 years, GOLDX returned 10.80%/yr vs 10.65%/yr for ARCNX. At a 0.45 correlation, their price movements are largely independent. GOLDX charges 1.51%/yr vs 1.28%/yr for ARCNX.

Performance

GOLDX vs. ARCNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Gold Fund (GOLDX) and AQR Risk-Balanced Commodities Strategy Fund Class N (ARCNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GOLDX achieves a -11.14% return, which is significantly lower than ARCNX's 13.27% return. Both investments have delivered pretty close results over the past 10 years, with GOLDX having a 10.80% annualized return and ARCNX not far behind at 10.65%.

GOLDX

• 1D: -0.26%
• 1M: -4.47%
• 6M: -18.16%
• YTD: -11.14%
• 1Y: 51.83%
• 3Y*: 40.86%
• 5Y*: 20.01%
• 10Y*: 10.80%

ARCNX

• 1D: -0.29%
• 1M: -0.87%
• 6M: 8.36%
• YTD: 13.27%
• 1Y: 28.50%
• 3Y*: 13.90%
• 5Y*: 14.29%
• 10Y*: 10.65%

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

GOLDX vs. ARCNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GOLDX Gabelli Gold Fund	-11.14%	165.59%	14.92%	7.85%	-11.02%	-8.97%	26.30%	43.94%	-14.80%	6.22%
ARCNX AQR Risk-Balanced Commodities Strategy Fund Class N	13.27%	20.76%	7.19%	-0.50%	20.97%	39.48%	8.11%	17.68%	-17.83%	10.20%

Correlation

The correlation between GOLDX and ARCNX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jul 9, 2012	0.45

The correlation between GOLDX and ARCNX shifts across timeframes, from 0.34 (1 year) to 0.48 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

GOLDX vs. ARCNX — Risk / Return Rank

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

GOLDX

GOLDX Risk / Return Rank: 27
GOLDX Sharpe Ratio Rank: 30
GOLDX Sortino Ratio Rank: 27
GOLDX Omega Ratio Rank: 31
GOLDX Calmar Ratio Rank: 26
GOLDX Martin Ratio Rank: 18

ARCNX

ARCNX Risk / Return Rank: 58
ARCNX Sharpe Ratio Rank: 73
ARCNX Sortino Ratio Rank: 63
ARCNX Omega Ratio Rank: 67
ARCNX Calmar Ratio Rank: 45
ARCNX Martin Ratio Rank: 43

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.

GOLDX vs. ARCNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Gold Fund (GOLDX) and AQR Risk-Balanced Commodities Strategy Fund Class N (ARCNX). 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.

	GOLDX	ARCNX	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.90	-0.71
Sortino ratio: Return per unit of downside risk	1.62	2.50	-0.88
Omega ratio: Gain probability vs. loss probability	1.22	1.34	-0.11
Calmar ratio: Return relative to maximum drawdown	1.44	2.05	-0.61
Martin ratio: Return relative to average drawdown	3.41	7.36	-3.95

GOLDX vs. ARCNX - Sharpe Ratio Comparison

The current GOLDX Sharpe Ratio is 1.19, which is lower than the ARCNX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of GOLDX and ARCNX, 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

GOLDX vs. ARCNX - Drawdown Comparison

The maximum GOLDX drawdown since its inception was -73.40%, which is greater than ARCNX's maximum drawdown of -55.17%. Use the drawdown chart below to compare losses from any high point for GOLDX and ARCNX.

Drawdown Indicators

	GOLDX	ARCNX	Difference
Max Drawdown Largest peak-to-trough decline	-73.40%	-55.17%	-18.23%
Max Drawdown (1Y) Largest decline over 1 year	-37.54%	-14.52%	-23.02%
Max Drawdown (3Y) Largest decline over 3 years	-37.54%	-14.52%	-23.02%
Max Drawdown (5Y) Largest decline over 5 years	-44.73%	-20.30%	-24.43%
Max Drawdown (10Y) Largest decline over 10 years	-49.42%	-32.80%	-16.62%
Current Drawdown Current decline from peak	-34.88%	-10.41%	-24.47%
Average Drawdown Average peak-to-trough decline	-34.49%	-25.84%	-8.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.75%	4.04%	+11.71%

Volatility

GOLDX vs. ARCNX - Volatility Comparison

Gabelli Gold Fund (GOLDX) has a higher volatility of 15.88% compared to AQR Risk-Balanced Commodities Strategy Fund Class N (ARCNX) at 5.29%. This indicates that GOLDX's price experiences larger fluctuations and is considered to be riskier than ARCNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOLDX	ARCNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.88%	5.29%	+10.59%
Volatility (6M) Calculated over the trailing 6-month period	38.76%	13.18%	+25.58%
Volatility (1Y) Calculated over the trailing 1-year period	45.35%	15.67%	+29.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.35%	18.95%	+14.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.42%	17.44%	+14.98%

GOLDX vs. ARCNX - Expense Ratio Comparison

GOLDX has a 1.51% expense ratio, which is higher than ARCNX's 1.28% expense ratio.

Dividends

GOLDX vs. ARCNX - Dividend Comparison

GOLDX's dividend yield for the trailing twelve months is around 17.52%, more than ARCNX's 11.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ARCNX AQR Risk-Balanced Commodities Strategy Fund Class N	11.98%	13.57%	1.89%	7.45%	9.45%	18.31%	0.09%	4.98%	0.29%	0.01%	4.69%
GOLDX Gabelli Gold Fund	17.52%	15.57%	2.11%	1.13%	0.00%	0.00%	1.69%	0.83%	0.34%	0.51%	2.18%

Frequently Asked Questions

Can I hold both GOLDX and ARCNX in my portfolio?

GOLDX and ARCNX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOLDX or ARCNX?

GOLDX has higher volatility (15.88%) compared to ARCNX (5.29%). In terms of maximum drawdown, GOLDX dropped -73.40% vs ARCNX's -55.17%.

Which has better risk-adjusted returns?

ARCNX currently has the higher Sharpe Ratio (1.90 vs 1.19), 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.