GRHAX vs. AUMI

Last updated Jul 16, 2026

GRHAX (Goehring & Rozencwajg Resources Fund Retail Class) and AUMI (Themes Gold Miners ETF) are both funds - GRHAX is a Natural Resources fund actively managed by Goehring & Rozencwajg, while AUMI is a Gold fund tracking the Solactive Global Pure Gold Miners Index. GRHAX is actively managed, while AUMI is passively managed. Over the past year, GRHAX returned 34.74% vs 42.29% for AUMI. A 0.60 correlation means they provide meaningful diversification when combined. GRHAX charges 1.28%/yr vs 0.35%/yr for AUMI.

Performance

GRHAX vs. AUMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) and Themes Gold Miners ETF (AUMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GRHAX achieves a 4.44% return, which is significantly higher than AUMI's -16.35% return.

GRHAX

• 1D: 0.95%
• 1M: -6.74%
• 6M: -5.34%
• YTD: 4.44%
• 1Y: 34.74%
• 3Y*: 22.16%
• 5Y*: 20.31%
• 10Y*: —

AUMI

• 1D: -1.07%
• 1M: -11.25%
• 6M: -23.35%
• YTD: -16.35%
• 1Y: 42.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GRHAX vs. AUMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GRHAX Goehring & Rozencwajg Resources Fund Retail Class	4.44%	61.00%	-1.71%	6.06%
AUMI Themes Gold Miners ETF	-16.35%	164.18%	30.61%	10.23%

Correlation

The correlation between GRHAX and AUMI is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.60

The correlation between GRHAX and AUMI has been stable across timeframes, ranging from 0.60 to 0.61 - a consistent structural relationship.

Return for Risk

GRHAX vs. AUMI — Risk / Return Rank

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

GRHAX

GRHAX Risk / Return Rank: 32
GRHAX Sharpe Ratio Rank: 37
GRHAX Sortino Ratio Rank: 32
GRHAX Omega Ratio Rank: 33
GRHAX Calmar Ratio Rank: 32
GRHAX Martin Ratio Rank: 28

AUMI

AUMI Risk / Return Rank: 27
AUMI Sharpe Ratio Rank: 28
AUMI Sortino Ratio Rank: 28
AUMI Omega Ratio Rank: 30
AUMI Calmar Ratio Rank: 27
AUMI Martin Ratio Rank: 24

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.

GRHAX vs. AUMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) and Themes Gold Miners ETF (AUMI). 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.

	GRHAX	AUMI	Difference
Sharpe ratio: Return per unit of total volatility	1.33	0.84	+0.49
Sortino ratio: Return per unit of downside risk	1.78	1.31	+0.47
Omega ratio: Gain probability vs. loss probability	1.23	1.17	+0.05
Calmar ratio: Return relative to maximum drawdown	1.66	1.08	+0.58
Martin ratio: Return relative to average drawdown	4.90	2.53	+2.37

GRHAX vs. AUMI - Sharpe Ratio Comparison

The current GRHAX Sharpe Ratio is 1.33, which is higher than the AUMI Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of GRHAX and AUMI, 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

GRHAX vs. AUMI - Drawdown Comparison

The maximum GRHAX drawdown since its inception was -71.03%, which is greater than AUMI's maximum drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for GRHAX and AUMI.

Drawdown Indicators

	GRHAX	AUMI	Difference
Max Drawdown Largest peak-to-trough decline	-71.03%	-39.28%	-31.75%
Max Drawdown (1Y) Largest decline over 1 year	-20.32%	-39.28%	+18.96%
Max Drawdown (3Y) Largest decline over 3 years	-25.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.48%	—	—
Current Drawdown Current decline from peak	-17.38%	-37.07%	+19.69%
Average Drawdown Average peak-to-trough decline	-18.51%	-8.23%	-10.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.88%	16.76%	-9.88%

Volatility

GRHAX vs. AUMI - Volatility Comparison

The current volatility for Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) is 5.50%, while Themes Gold Miners ETF (AUMI) has a volatility of 14.27%. This indicates that GRHAX experiences smaller price fluctuations and is considered to be less risky than AUMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GRHAX	AUMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	14.27%	-8.77%
Volatility (6M) Calculated over the trailing 6-month period	19.02%	41.07%	-22.05%
Volatility (1Y) Calculated over the trailing 1-year period	25.43%	50.52%	-25.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.04%	42.47%	-13.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.46%	42.47%	-13.01%

GRHAX vs. AUMI - Expense Ratio Comparison

GRHAX has a 1.28% expense ratio, which is higher than AUMI's 0.35% expense ratio.

Dividends

GRHAX vs. AUMI - Dividend Comparison

GRHAX's dividend yield for the trailing twelve months is around 3.14%, more than AUMI's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AUMI Themes Gold Miners ETF	1.03%	0.86%	1.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GRHAX Goehring & Rozencwajg Resources Fund Retail Class	3.14%	3.28%	3.87%	3.03%	1.41%	3.08%	1.76%	0.43%	0.88%	0.52%

Frequently Asked Questions

Can I hold both GRHAX and AUMI in my portfolio?

GRHAX and AUMI have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRHAX or AUMI?

AUMI has higher volatility (14.27%) compared to GRHAX (5.50%). In terms of maximum drawdown, GRHAX dropped -71.03% vs AUMI's -39.28%.

Which has better risk-adjusted returns?

GRHAX currently has the higher Sharpe Ratio (1.33 vs 0.84), 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.