GONIX vs. MMNIX

Last updated Jun 23, 2026

GONIX (Gotham Neutral Fund Institutional Class) and MMNIX (Miller Market Neutral Income Fund Class I) are both Equity Market Neutral funds. Both are actively managed. Over the past year, GONIX returned -2.21% vs 9.40% for MMNIX. At a correlation of -0.07, they often move in opposite directions. GONIX charges 1.51%/yr vs 1.69%/yr for MMNIX.

Performance

GONIX vs. MMNIX - Performance Comparison

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

Returns By Period

In the year-to-date period, GONIX achieves a -2.80% return, which is significantly lower than MMNIX's 3.85% return.

GONIX

• 1D: -0.34%
• 1M: 0.34%
• YTD: -2.80%
• 6M: -2.21%
• 1Y: -2.21%
• 3Y*: 9.63%
• 5Y*: 10.18%
• 10Y*: 3.86%

MMNIX

• 1D: -0.09%
• 1M: 0.64%
• YTD: 3.85%
• 6M: 4.14%
• 1Y: 9.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GONIX vs. MMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GONIX Gotham Neutral Fund Institutional Class	-2.80%	7.13%	17.70%
MMNIX Miller Market Neutral Income Fund Class I	3.85%	10.04%	9.56%

Correlation

The correlation between GONIX and MMNIX is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024	-0.07

Return for Risk

GONIX vs. MMNIX — 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

MMNIX

MMNIX Risk / Return Rank: 99
MMNIX Sharpe Ratio Rank: 100
MMNIX Sortino Ratio Rank: 99
MMNIX Omega Ratio Rank: 99
MMNIX Calmar Ratio Rank: 100
MMNIX Martin Ratio Rank: 100

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. MMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Neutral Fund Institutional Class (GONIX) and Miller Market Neutral Income Fund Class I (MMNIX). 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	MMNIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.36	6.08	-6.44
Sortino ratio: Return per unit of downside risk	-0.47	11.18	-11.65
Omega ratio: Gain probability vs. loss probability	0.95	2.76	-1.82
Calmar ratio: Return relative to maximum drawdown	-0.51	20.99	-21.50
Martin ratio: Return relative to average drawdown	-0.99	89.06	-90.06

GONIX vs. MMNIX - Sharpe Ratio Comparison

The current GONIX Sharpe Ratio is -0.36, which is lower than the MMNIX Sharpe Ratio of 6.08. The chart below compares the historical Sharpe Ratios of GONIX and MMNIX, 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. MMNIX - Drawdown Comparison

The maximum GONIX drawdown since its inception was -24.52%, which is greater than MMNIX's maximum drawdown of -0.49%. Use the drawdown chart below to compare losses from any high point for GONIX and MMNIX.

Drawdown Indicators

	GONIX	MMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-24.52%	-0.49%	-24.03%
Max Drawdown (1Y) Largest decline over 1 year	-3.99%	-0.46%	-3.53%
Max Drawdown (3Y) Largest decline over 3 years	-5.65%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-5.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.46%	—	—
Current Drawdown Current decline from peak	-2.93%	-0.09%	-2.84%
Average Drawdown Average peak-to-trough decline	-7.34%	-0.06%	-7.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	0.11%	+1.92%

Volatility

GONIX vs. MMNIX - Volatility Comparison

Gotham Neutral Fund Institutional Class (GONIX) has a higher volatility of 1.72% compared to Miller Market Neutral Income Fund Class I (MMNIX) at 0.51%. This indicates that GONIX's price experiences larger fluctuations and is considered to be riskier than MMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GONIX	MMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	0.51%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	4.55%	1.14%	+3.41%
Volatility (1Y) Calculated over the trailing 1-year period	5.57%	1.59%	+3.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.35%	1.74%	+4.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.50%	1.74%	+4.76%

GONIX vs. MMNIX - Expense Ratio Comparison

GONIX has a 1.51% expense ratio, which is lower than MMNIX's 1.69% expense ratio.

Dividends

GONIX vs. MMNIX - Dividend Comparison

GONIX's dividend yield for the trailing twelve months is around 0.14%, less than MMNIX's 4.56% 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%
MMNIX Miller Market Neutral Income Fund Class I	4.56%	5.03%	4.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GONIX and MMNIX in my portfolio?

GONIX and MMNIX have a correlation of -0.00, 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 MMNIX?

GONIX has higher volatility (1.72%) compared to MMNIX (0.51%). In terms of maximum drawdown, GONIX dropped -24.52% vs MMNIX's -0.49%.

Which has better risk-adjusted returns?

MMNIX currently has the higher Sharpe Ratio (6.08 vs -0.36), 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.