GONIX vs. GSPFX

Last updated Jun 4, 2026

GONIX (Gotham Neutral Fund Institutional Class) and GSPFX (Gotham Enhanced S&P 500 Index Fund) are both mutual funds - GONIX is a Equity Market Neutral fund actively managed by Gotham, while GSPFX is a Large Cap Blend Equities fund managed by Gotham. Over the past 5 years, GONIX returned 9.52%/yr vs 14.19%/yr for GSPFX. At a 0.39 correlation, their price movements are largely independent. GONIX charges 1.51%/yr vs 0.50%/yr for GSPFX.

Performance

GONIX vs. GSPFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Neutral Fund Institutional Class (GONIX) and Gotham Enhanced S&P 500 Index Fund (GSPFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GONIX achieves a -2.60% return, which is significantly lower than GSPFX's 12.07% return.

GONIX

• 1D: -0.48%
• 1M: 0.14%
• YTD: -2.60%
• 6M: -2.14%
• 1Y: -0.68%
• 3Y*: 10.00%
• 5Y*: 9.52%
• 10Y*: 3.86%

GSPFX

• 1D: -0.24%
• 1M: 6.12%
• YTD: 12.07%
• 6M: 13.09%
• 1Y: 29.69%
• 3Y*: 21.94%
• 5Y*: 14.19%
• 10Y*: —

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

GONIX vs. GSPFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GONIX Gotham Neutral Fund Institutional Class	-2.60%	7.13%	17.70%	10.06%	6.59%	19.25%	-16.47%	-0.39%	-2.38%	0.67%
GSPFX Gotham Enhanced S&P 500 Index Fund	12.07%	16.77%	22.74%	25.56%	-14.75%	27.80%	13.47%	28.91%	-1.82%	24.01%

Correlation

The correlation between GONIX and GSPFX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.39

Over the past year, the correlation between GONIX and GSPFX has dropped to 0.17 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

Return for Risk

GONIX vs. GSPFX — Risk / Return Rank

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

GONIX

GONIX Risk / Return Rank: 2
GONIX Sharpe Ratio Rank: 2
GONIX Sortino Ratio Rank: 2
GONIX Omega Ratio Rank: 2
GONIX Calmar Ratio Rank: 2
GONIX Martin Ratio Rank: 2

GSPFX

GSPFX Risk / Return Rank: 79
GSPFX Sharpe Ratio Rank: 83
GSPFX Sortino Ratio Rank: 77
GSPFX Omega Ratio Rank: 71
GSPFX Calmar Ratio Rank: 81
GSPFX Martin Ratio Rank: 86

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.

GONIX vs. GSPFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Neutral Fund Institutional Class (GONIX) and Gotham Enhanced S&P 500 Index Fund (GSPFX). 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.

	GONIX	GSPFX	Difference
Sharpe ratio: Return per unit of total volatility	-0.17	2.69	-2.87
Sortino ratio: Return per unit of downside risk	-0.21	3.66	-3.87
Omega ratio: Gain probability vs. loss probability	0.98	1.47	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.24	3.68	-3.92
Martin ratio: Return relative to average drawdown	-0.49	16.66	-17.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GONIX vs. GSPFX - Sharpe Ratio Comparison

The current GONIX Sharpe Ratio is -0.17, which is lower than the GSPFX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of GONIX and GSPFX, 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

	GONIX	GSPFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.17	2.69	-2.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.50	0.81	+0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.84	-0.38

Drawdowns

GONIX vs. GSPFX - Drawdown Comparison

The maximum GONIX drawdown since its inception was -24.52%, smaller than the maximum GSPFX drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for GONIX and GSPFX.

Drawdown Indicators

	GONIX	GSPFX	Difference
Max Drawdown Largest peak-to-trough decline	-24.52%	-33.10%	+8.58%
Max Drawdown (1Y) Largest decline over 1 year	-3.99%	-8.44%	+4.45%
Max Drawdown (3Y) Largest decline over 3 years	-5.65%	-24.19%	+18.54%
Max Drawdown (5Y) Largest decline over 5 years	-5.65%	-24.19%	+18.54%
Max Drawdown (10Y) Largest decline over 10 years	-22.46%	—	—
Current Drawdown Current decline from peak	-2.73%	-0.24%	-2.49%
Average Drawdown Average peak-to-trough decline	-7.36%	-4.33%	-3.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	1.85%	+0.09%

Volatility

GONIX vs. GSPFX - Volatility Comparison

The current volatility for Gotham Neutral Fund Institutional Class (GONIX) is 1.28%, while Gotham Enhanced S&P 500 Index Fund (GSPFX) has a volatility of 2.60%. This indicates that GONIX experiences smaller price fluctuations and is considered to be less risky than GSPFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GONIX	GSPFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	2.60%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	4.39%	8.73%	-4.34%
Volatility (1Y) Calculated over the trailing 1-year period	5.46%	11.54%	-6.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.38%	17.63%	-11.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.48%	18.59%	-12.11%

GONIX vs. GSPFX - Expense Ratio Comparison

GONIX has a 1.51% expense ratio, which is higher than GSPFX's 0.50% expense ratio.

Dividends

GONIX vs. GSPFX - Dividend Comparison

GONIX's dividend yield for the trailing twelve months is around 0.14%, less than GSPFX's 8.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GONIX Gotham Neutral Fund Institutional Class	0.14%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.65%
GSPFX Gotham Enhanced S&P 500 Index Fund	8.63%	9.67%	11.01%	3.15%	8.37%	6.67%	0.95%	3.41%	19.92%	3.45%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GONIX and GSPFX in my portfolio?

GONIX and GSPFX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GONIX or GSPFX?

GSPFX has higher volatility (2.60%) compared to GONIX (1.28%). In terms of maximum drawdown, GONIX dropped -24.52% vs GSPFX's -33.10%.

Which has better risk-adjusted returns?

GSPFX currently has the higher Sharpe Ratio (2.69 vs -0.17), 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.