GPAIX vs. EBSAX

Last updated Aug 1, 2026

GPAIX (Grant Park Multi Alternative Strategies Fund) and EBSAX (Campbell Systematic Macro Fund Class A Shares) are both Multistrategy funds. Over the past 5 years, GPAIX returned 4.16%/yr vs 7.66%/yr for EBSAX. Their 0.36 correlation means their historical movements had little consistent relationship. GPAIX charges 1.43%/yr vs 2.00%/yr for EBSAX.

Performance

GPAIX vs. EBSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grant Park Multi Alternative Strategies Fund (GPAIX) and Campbell Systematic Macro Fund Class A Shares (EBSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPAIX achieves a 3.51% return, which is significantly lower than EBSAX's 5.63% return.

GPAIX

• 1D: 0.00%
• 1M: -0.17%
• 6M: -1.26%
• YTD: 3.51%
• 1Y: 11.82%
• 3Y*: 6.34%
• 5Y*: 4.16%
• 10Y*: 4.32%
• ALL TIME*: 4.99%

EBSAX

• 1D: -0.31%
• 1M: -1.01%
• 6M: 3.06%
• YTD: 5.63%
• 1Y: 5.09%
• 3Y*: 3.94%
• 5Y*: 7.66%
• 10Y*: —
• ALL TIME*: 9.58%

*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)
EBSAX Campbell Systematic Macro Fund Class A Shares	$0.00	$0.00	$0.00
GPAIX Grant Park Multi Alternative Strategies Fund	$0.00	$0.00	$0.00

GPAIX vs. EBSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GPAIX Grant Park Multi Alternative Strategies Fund	3.51%	12.24%	1.33%	4.02%	-1.88%	5.70%	4.94%
EBSAX Campbell Systematic Macro Fund Class A Shares	5.63%	-1.34%	11.28%	-2.11%	30.56%	8.90%	4.88%

Correlation

The correlation between GPAIX and EBSAX is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (5Y) Shows whether the relationship held over a longer period.	0.31
Correlation (All Time) Calculated using the full available price history since Oct 28, 2020	0.36

The correlation between GPAIX and EBSAX shifts across timeframes, from 0.31 (5 years) to 0.55 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GPAIX vs. EBSAX — Risk / Return Rank

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

GPAIX

GPAIX Risk / Return Rank: 47
GPAIX Sharpe Ratio Rank: 54
GPAIX Sortino Ratio Rank: 49
GPAIX Omega Ratio Rank: 56
GPAIX Calmar Ratio Rank: 48
GPAIX Martin Ratio Rank: 30

EBSAX

EBSAX Risk / Return Rank: 10
EBSAX Sharpe Ratio Rank: 10
EBSAX Sortino Ratio Rank: 9
EBSAX Omega Ratio Rank: 9
EBSAX Calmar Ratio Rank: 11
EBSAX Martin Ratio Rank: 10

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.

GPAIX vs. EBSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grant Park Multi Alternative Strategies Fund (GPAIX) and Campbell Systematic Macro Fund Class A Shares (EBSAX). 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.

	GPAIX	EBSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.41	0.38	+1.02
Sortino ratio: Return per unit of downside risk	1.93	0.62	+1.32
Omega ratio: Gain probability vs. loss probability	1.26	1.07	+0.19
Calmar ratio: Return relative to maximum drawdown	1.84	0.54	+1.30
Martin ratio: Return relative to average drawdown	4.37	1.22	+3.14

GPAIX vs. EBSAX - Sharpe Ratio Comparison

The current GPAIX Sharpe Ratio is 1.41, which is higher than the EBSAX Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of GPAIX and EBSAX, 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

GPAIX vs. EBSAX - Drawdown Comparison

The maximum GPAIX drawdown since its inception was -17.16%, which is greater than EBSAX's maximum drawdown of -11.15%. Use the drawdown chart below to compare losses from any high point for GPAIX and EBSAX.

Drawdown Indicators

	GPAIX	EBSAX	Difference
Max Drawdown Largest peak-to-trough decline	-17.16%	-11.15%	-6.01%
Max Drawdown (1Y) Largest decline over 1 year	-6.01%	-5.83%	-0.18%
Max Drawdown (3Y) Largest decline over 3 years	-6.59%	-10.26%	+3.67%
Max Drawdown (5Y) Largest decline over 5 years	-9.13%	-11.15%	+2.02%
Max Drawdown (10Y) Largest decline over 10 years	-17.16%	—	—
Current Drawdown Current decline from peak	-4.14%	-4.50%	+0.36%
Average Drawdown Average peak-to-trough decline	-4.19%	-3.14%	-1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	2.62%	-0.09%

Volatility

GPAIX vs. EBSAX - Volatility Comparison

The current volatility for Grant Park Multi Alternative Strategies Fund (GPAIX) is 1.57%, while Campbell Systematic Macro Fund Class A Shares (EBSAX) has a volatility of 2.71%. This indicates that GPAIX experiences smaller price fluctuations and is considered to be less risky than EBSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPAIX	EBSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	2.71%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	5.49%	5.96%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	7.87%	8.25%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.40%	9.55%	-3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.14%	9.43%	-2.29%

GPAIX vs. EBSAX - Expense Ratio Comparison

GPAIX has a 1.43% expense ratio, which is lower than EBSAX's 2.00% expense ratio.

Dividends

GPAIX vs. EBSAX - Dividend Comparison

GPAIX's dividend yield for the trailing twelve months is around 3.33%, more than EBSAX's 2.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EBSAX Campbell Systematic Macro Fund Class A Shares	2.84%	3.00%	2.59%	1.45%	15.15%	7.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GPAIX Grant Park Multi Alternative Strategies Fund	3.33%	3.44%	2.01%	1.98%	2.71%	10.90%	1.78%	13.29%	1.51%	1.68%	1.92%	1.49%

Frequently Asked Questions

Can I hold both GPAIX and EBSAX in my portfolio?

GPAIX and EBSAX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPAIX or EBSAX?

EBSAX has higher volatility (2.71%) compared to GPAIX (1.57%). In terms of maximum drawdown, GPAIX dropped -17.16% vs EBSAX's -11.15%.

Which has better risk-adjusted returns?

GPAIX currently has the higher Sharpe Ratio (1.41 vs 0.38), 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.