GONIX vs. GVALX

Last updated Jun 24, 2026

GONIX (Gotham Neutral Fund Institutional Class) and GVALX (Gotham Large Value Fund) are both mutual funds - GONIX is a Equity Market Neutral fund actively managed by Gotham, while GVALX is a Large Cap Value Equities fund managed by Gotham. Over the past 5 years, GONIX returned 10.02%/yr vs 10.04%/yr for GVALX. At a 0.38 correlation, their price movements are largely independent. GONIX charges 1.51%/yr vs 1.05%/yr for GVALX.

Performance

GONIX vs. GVALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Neutral Fund Institutional Class (GONIX) and Gotham Large Value Fund (GVALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GONIX achieves a -2.93% return, which is significantly lower than GVALX's 9.74% return.

GONIX

• 1D: -0.14%
• 1M: 0.21%
• YTD: -2.93%
• 6M: -2.61%
• 1Y: -2.60%
• 3Y*: 9.35%
• 5Y*: 10.02%
• 10Y*: 3.90%

GVALX

• 1D: 0.13%
• 1M: 0.39%
• YTD: 9.74%
• 6M: 8.89%
• 1Y: 19.88%
• 3Y*: 15.76%
• 5Y*: 10.04%
• 10Y*: —

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

GONIX vs. GVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GONIX Gotham Neutral Fund Institutional Class	-2.93%	7.13%	17.70%	10.06%	6.59%	19.25%	-16.47%	-1.45%
GVALX Gotham Large Value Fund	9.74%	13.83%	11.88%	11.74%	-6.84%	28.96%	3.42%	12.79%

Correlation

The correlation between GONIX and GVALX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Feb 22, 2019	0.38

The correlation between GONIX and GVALX shifts across timeframes, from 0.19 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GONIX vs. GVALX — Risk / Return Rank

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

GONIX

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

GVALX

GVALX Risk / Return Rank: 50
GVALX Sharpe Ratio Rank: 48
GVALX Sortino Ratio Rank: 51
GVALX Omega Ratio Rank: 44
GVALX Calmar Ratio Rank: 59
GVALX Martin Ratio Rank: 50

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. GVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Neutral Fund Institutional Class (GONIX) and Gotham Large Value Fund (GVALX). 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.

	GONIX	GVALX	Difference
Sharpe ratio: Return per unit of total volatility	-0.42	1.88	-2.30
Sortino ratio: Return per unit of downside risk	-0.55	2.76	-3.31
Omega ratio: Gain probability vs. loss probability	0.94	1.33	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.59	2.83	-3.42
Martin ratio: Return relative to average drawdown	-1.15	9.76	-10.91

GONIX vs. GVALX - Sharpe Ratio Comparison

The current GONIX Sharpe Ratio is -0.42, which is lower than the GVALX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of GONIX and GVALX, 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

GONIX vs. GVALX - Drawdown Comparison

The maximum GONIX drawdown since its inception was -24.52%, smaller than the maximum GVALX drawdown of -38.56%. Use the drawdown chart below to compare losses from any high point for GONIX and GVALX.

Drawdown Indicators

	GONIX	GVALX	Difference
Max Drawdown Largest peak-to-trough decline	-24.52%	-38.56%	+14.04%
Max Drawdown (1Y) Largest decline over 1 year	-3.99%	-7.46%	+3.47%
Max Drawdown (3Y) Largest decline over 3 years	-5.65%	-15.66%	+10.01%
Max Drawdown (5Y) Largest decline over 5 years	-5.65%	-18.68%	+13.03%
Max Drawdown (10Y) Largest decline over 10 years	-22.46%	—	—
Current Drawdown Current decline from peak	-3.06%	-1.78%	-1.28%
Average Drawdown Average peak-to-trough decline	-7.34%	-4.45%	-2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	2.15%	-0.11%

Volatility

GONIX vs. GVALX - Volatility Comparison

The current volatility for Gotham Neutral Fund Institutional Class (GONIX) is 1.71%, while Gotham Large Value Fund (GVALX) has a volatility of 3.43%. This indicates that GONIX experiences smaller price fluctuations and is considered to be less risky than GVALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GONIX	GVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.71%	3.43%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	4.55%	8.36%	-3.81%
Volatility (1Y) Calculated over the trailing 1-year period	5.58%	11.26%	-5.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.34%	15.39%	-9.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.50%	19.47%	-12.97%

GONIX vs. GVALX - Expense Ratio Comparison

GONIX has a 1.51% expense ratio, which is higher than GVALX's 1.05% expense ratio.

Dividends

GONIX vs. GVALX - Dividend Comparison

GONIX's dividend yield for the trailing twelve months is around 0.14%, less than GVALX's 10.76% 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%
GVALX Gotham Large Value Fund	10.76%	11.81%	10.72%	9.77%	7.59%	18.49%	1.61%	2.40%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GONIX and GVALX in my portfolio?

GONIX and GVALX have a correlation of 0.19, 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 GVALX?

GVALX has higher volatility (3.43%) compared to GONIX (1.71%). In terms of maximum drawdown, GONIX dropped -24.52% vs GVALX's -38.56%.

Which has better risk-adjusted returns?

GVALX currently has the higher Sharpe Ratio (1.88 vs -0.42), 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.