GPAIX vs. FARYX

Last updated Jun 4, 2026

GPAIX (Grant Park Multi Alternative Strategies Fund) and FARYX (Fulcrum Diversified Absolute Return Fund) are both Macro Trading funds. Over the past 10 years, GPAIX returned 4.90%/yr vs 5.41%/yr for FARYX. At a 0.42 correlation, their price movements are largely independent. GPAIX charges 1.43%/yr vs 1.04%/yr for FARYX.

Performance

GPAIX vs. FARYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grant Park Multi Alternative Strategies Fund (GPAIX) and Fulcrum Diversified Absolute Return Fund (FARYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPAIX achieves a 5.70% return, which is significantly lower than FARYX's 6.99% return. Over the past 10 years, GPAIX has underperformed FARYX with an annualized return of 4.90%, while FARYX has yielded a comparatively higher 5.41% annualized return.

GPAIX

• 1D: 0.25%
• 1M: 0.75%
• YTD: 5.70%
• 6M: 6.85%
• 1Y: 16.64%
• 3Y*: 7.77%
• 5Y*: 4.31%
• 10Y*: 4.90%

FARYX

• 1D: 0.09%
• 1M: -0.28%
• YTD: 6.99%
• 6M: 8.07%
• 1Y: 16.64%
• 3Y*: 10.23%
• 5Y*: 5.68%
• 10Y*: 5.41%

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

GPAIX vs. FARYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GPAIX Grant Park Multi Alternative Strategies Fund	5.70%	12.24%	1.33%	4.02%	-1.88%	5.70%	9.09%	14.33%	-5.96%	12.36%
FARYX Fulcrum Diversified Absolute Return Fund	6.99%	13.34%	7.19%	0.79%	2.19%	4.30%	9.81%	7.62%	-1.91%	1.90%

Correlation

The correlation between GPAIX and FARYX is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.42

Over the past year, GPAIX and FARYX have become more correlated (0.71) than their long-term average of 0.42, meaning their price movements have been converging.

Return for Risk

GPAIX vs. FARYX — Risk / Return Rank

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

GPAIX

GPAIX Risk / Return Rank: 49
GPAIX Sharpe Ratio Rank: 53
GPAIX Sortino Ratio Rank: 47
GPAIX Omega Ratio Rank: 54
GPAIX Calmar Ratio Rank: 53
GPAIX Martin Ratio Rank: 35

FARYX

FARYX Risk / Return Rank: 68
FARYX Sharpe Ratio Rank: 56
FARYX Sortino Ratio Rank: 59
FARYX Omega Ratio Rank: 53
FARYX Calmar Ratio Rank: 93
FARYX Martin Ratio Rank: 78

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.

GPAIX vs. FARYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grant Park Multi Alternative Strategies Fund (GPAIX) and Fulcrum Diversified Absolute Return Fund (FARYX). 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.

	GPAIX	FARYX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.22	-0.09
Sortino ratio: Return per unit of downside risk	2.91	3.25	-0.34
Omega ratio: Gain probability vs. loss probability	1.40	1.40	0.00
Calmar ratio: Return relative to maximum drawdown	2.78	5.12	-2.34
Martin ratio: Return relative to average drawdown	7.90	14.74	-6.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GPAIX vs. FARYX - Sharpe Ratio Comparison

The current GPAIX Sharpe Ratio is 2.13, which is comparable to the FARYX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of GPAIX and FARYX, 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

	GPAIX	FARYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.22	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.90	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.94	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.87	-0.15

Drawdowns

GPAIX vs. FARYX - Drawdown Comparison

The maximum GPAIX drawdown since its inception was -17.16%, which is greater than FARYX's maximum drawdown of -7.41%. Use the drawdown chart below to compare losses from any high point for GPAIX and FARYX.

Drawdown Indicators

	GPAIX	FARYX	Difference
Max Drawdown Largest peak-to-trough decline	-17.16%	-7.41%	-9.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.01%	-3.26%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	-6.59%	-4.69%	-1.90%
Max Drawdown (5Y) Largest decline over 5 years	-9.13%	-6.87%	-2.26%
Max Drawdown (10Y) Largest decline over 10 years	-17.16%	-7.41%	-9.75%
Current Drawdown Current decline from peak	-2.11%	-2.04%	-0.07%
Average Drawdown Average peak-to-trough decline	-4.20%	-1.84%	-2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	1.13%	+0.98%

Volatility

GPAIX vs. FARYX - Volatility Comparison

The current volatility for Grant Park Multi Alternative Strategies Fund (GPAIX) is 1.51%, while Fulcrum Diversified Absolute Return Fund (FARYX) has a volatility of 1.95%. This indicates that GPAIX experiences smaller price fluctuations and is considered to be less risky than FARYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPAIX	FARYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	1.95%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	6.13%	5.95%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	7.83%	7.53%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.40%	6.33%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.16%	5.79%	+1.37%

GPAIX vs. FARYX - Expense Ratio Comparison

GPAIX has a 1.43% expense ratio, which is higher than FARYX's 1.04% expense ratio.

Dividends

GPAIX vs. FARYX - Dividend Comparison

GPAIX's dividend yield for the trailing twelve months is around 3.26%, less than FARYX's 6.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FARYX Fulcrum Diversified Absolute Return Fund	6.71%	7.18%	4.39%	0.89%	1.28%	8.96%	7.79%	0.63%	8.88%	3.39%	0.40%	0.00%
GPAIX Grant Park Multi Alternative Strategies Fund	3.26%	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 FARYX in my portfolio?

GPAIX and FARYX have a correlation of 0.71, 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 FARYX?

FARYX has higher volatility (1.95%) compared to GPAIX (1.51%). In terms of maximum drawdown, GPAIX dropped -17.16% vs FARYX's -7.41%.

Which has better risk-adjusted returns?

FARYX currently has the higher Sharpe Ratio (2.22 vs 2.13), 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.