GRHIX vs. ^GSPC
GRHIX (Goehring & Rozencwajg Resources Fund) is Energy Equities fund managed by Goehring & Rozencwajg, while ^GSPC (S&P 500 Index) is an index. Over the past 5 years, GRHIX returned 20.95%/yr vs 11.99%/yr for ^GSPC. A 0.52 correlation means they provide meaningful diversification when combined.
Performance
GRHIX vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, GRHIX achieves a 6.98% return, which is significantly lower than ^GSPC's 9.16% return.
GRHIX
- 1D
- -2.05%
- 1M
- -9.32%
- YTD
- 6.98%
- 6M
- 6.87%
- 1Y
- 40.42%
- 3Y*
- 24.68%
- 5Y*
- 20.95%
- 10Y*
- —
^GSPC
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
GRHIX vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GRHIX Goehring & Rozencwajg Resources Fund | 6.98% | 61.65% | -1.51% | 16.61% | 16.38% | 62.15% | -2.74% | 0.01% | -30.03% | -0.96% |
^GSPC S&P 500 Index | 9.16% | 16.39% | 23.31% | 24.23% | -19.44% | 26.89% | 16.26% | 28.88% | -6.24% | 19.42% |
Correlation
The correlation between GRHIX and ^GSPC is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.52 |
The correlation between GRHIX and ^GSPC shifts across timeframes, from 0.39 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GRHIX vs. ^GSPC — Risk / Return Rank
GRHIX
^GSPC
GRHIX vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goehring & Rozencwajg Resources Fund (GRHIX) and S&P 500 Index (^GSPC). 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.
| GRHIX | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.37 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 2.78 | -0.27 |
| Martin ratioReturn relative to average drawdown | 7.75 | 12.44 | -4.69 |
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Drawdowns
GRHIX vs. ^GSPC - Drawdown Comparison
The maximum GRHIX drawdown since its inception was -70.61%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for GRHIX and ^GSPC.
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Drawdown Indicators
| GRHIX | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.61% | -56.78% | -13.83% |
Max Drawdown (1Y)Largest decline over 1 year | -15.38% | -9.10% | -6.28% |
Max Drawdown (3Y)Largest decline over 3 years | -25.32% | -18.90% | -6.42% |
Max Drawdown (5Y)Largest decline over 5 years | -31.47% | -25.43% | -6.04% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -15.38% | -1.80% | -13.58% |
Average DrawdownAverage peak-to-trough decline | -18.19% | -10.71% | -7.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.99% | 2.03% | +2.96% |
Volatility
GRHIX vs. ^GSPC - Volatility Comparison
Goehring & Rozencwajg Resources Fund (GRHIX) has a higher volatility of 8.30% compared to S&P 500 Index (^GSPC) at 4.67%. This indicates that GRHIX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GRHIX | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.30% | 4.67% | +3.63% |
Volatility (6M)Calculated over the trailing 6-month period | 19.22% | 9.84% | +9.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.36% | 12.50% | +12.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.14% | 16.99% | +12.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.50% | 18.11% | +11.39% |
Frequently Asked Questions
GRHIX and ^GSPC have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GRHIX has higher volatility (8.30%) compared to ^GSPC (4.67%). In terms of maximum drawdown, GRHIX dropped -70.61% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (2.03 vs 1.52), 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.
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