GRHIX vs. GRHAX

Last updated Jul 14, 2026

GRHIX (Goehring & Rozencwajg Resources Fund) and GRHAX (Goehring & Rozencwajg Resources Fund Retail Class) are both mutual funds - GRHIX is a Energy Equities fund managed by Goehring & Rozencwajg, while GRHAX is a Natural Resources fund actively managed by Goehring & Rozencwajg. Over the past 5 years, GRHIX returned 18.92%/yr vs 18.57%/yr for GRHAX. With a 1.00 correlation, they move nearly in lockstep. GRHIX charges 0.92%/yr vs 1.28%/yr for GRHAX.

Performance

GRHIX vs. GRHAX - Performance Comparison

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

Returns By Period

In the year-to-date period, GRHIX achieves a 2.90% return, which is significantly higher than GRHAX's 2.43% return.

GRHIX

• 1D: 0.40%
• 1M: -8.51%
• 6M: -4.17%
• YTD: 2.90%
• 1Y: 32.93%
• 3Y*: 21.67%
• 5Y*: 18.92%
• 10Y*: —

GRHAX

• 1D: -0.20%
• 1M: -8.87%
• 6M: -2.51%
• YTD: 2.43%
• 1Y: 33.70%
• 3Y*: 21.81%
• 5Y*: 18.57%
• 10Y*: —

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

GRHIX vs. GRHAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GRHIX Goehring & Rozencwajg Resources Fund	2.90%	61.65%	-1.51%	16.61%	16.38%	62.15%	-2.74%	0.01%	-30.03%	-0.96%
GRHAX Goehring & Rozencwajg Resources Fund Retail Class	2.43%	61.00%	-1.71%	16.19%	16.43%	61.61%	-3.02%	-0.29%	-30.26%	-1.36%

Correlation

The correlation between GRHIX and GRHAX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	1.00

The correlation between GRHIX and GRHAX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

GRHIX vs. GRHAX — Risk / Return Rank

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

GRHIX

GRHIX Risk / Return Rank: 34
GRHIX Sharpe Ratio Rank: 38
GRHIX Sortino Ratio Rank: 33
GRHIX Omega Ratio Rank: 34
GRHIX Calmar Ratio Rank: 33
GRHIX Martin Ratio Rank: 29

GRHAX

GRHAX Risk / Return Rank: 35
GRHAX Sharpe Ratio Rank: 40
GRHAX Sortino Ratio Rank: 34
GRHAX Omega Ratio Rank: 35
GRHAX Calmar Ratio Rank: 35
GRHAX Martin Ratio Rank: 30

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.

GRHIX vs. GRHAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goehring & Rozencwajg Resources Fund (GRHIX) and Goehring & Rozencwajg Resources Fund Retail Class (GRHAX). 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	GRHAX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.39	-0.02
Sortino ratio: Return per unit of downside risk	1.83	1.85	-0.03
Omega ratio: Gain probability vs. loss probability	1.23	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	1.71	1.75	-0.03
Martin ratio: Return relative to average drawdown	5.19	5.37	-0.18

GRHIX vs. GRHAX - Sharpe Ratio Comparison

The current GRHIX Sharpe Ratio is 1.37, which is comparable to the GRHAX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of GRHIX and GRHAX, 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

GRHIX vs. GRHAX - Drawdown Comparison

The maximum GRHIX drawdown since its inception was -70.61%, roughly equal to the maximum GRHAX drawdown of -71.03%. Use the drawdown chart below to compare losses from any high point for GRHIX and GRHAX.

Drawdown Indicators

	GRHIX	GRHAX	Difference
Max Drawdown Largest peak-to-trough decline	-70.61%	-71.03%	+0.42%
Max Drawdown (1Y) Largest decline over 1 year	-20.26%	-20.32%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	-25.32%	-25.49%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-31.47%	-31.48%	+0.01%
Current Drawdown Current decline from peak	-18.61%	-18.97%	+0.36%
Average Drawdown Average peak-to-trough decline	-18.19%	-18.51%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.67%	6.59%	+0.08%

Volatility

GRHIX vs. GRHAX - Volatility Comparison

The current volatility for Goehring & Rozencwajg Resources Fund (GRHIX) is 5.41%, while Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) has a volatility of 5.95%. This indicates that GRHIX experiences smaller price fluctuations and is considered to be less risky than GRHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GRHIX	GRHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	5.95%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	19.00%	19.02%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	25.38%	25.49%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.05%	29.07%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.45%	29.48%	-0.03%

GRHIX vs. GRHAX - Expense Ratio Comparison

GRHIX has a 0.92% expense ratio, which is lower than GRHAX's 1.28% expense ratio.

Dividends

GRHIX vs. GRHAX - Dividend Comparison

GRHIX's dividend yield for the trailing twelve months is around 3.30%, more than GRHAX's 3.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GRHAX Goehring & Rozencwajg Resources Fund Retail Class	3.20%	3.28%	3.87%	3.03%	1.41%	3.08%	1.76%	0.43%	0.88%	0.52%
GRHIX Goehring & Rozencwajg Resources Fund	3.30%	3.39%	4.02%	3.19%	1.21%	3.25%	2.03%	0.57%	1.18%	0.51%

Frequently Asked Questions

Can I hold both GRHIX and GRHAX in my portfolio?

With a correlation of 1.00, GRHIX and GRHAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GRHIX or GRHAX?

GRHAX has higher volatility (5.95%) compared to GRHIX (5.41%). In terms of maximum drawdown, GRHIX dropped -70.61% vs GRHAX's -71.03%.

Which has better risk-adjusted returns?

GRHAX currently has the higher Sharpe Ratio (1.39 vs 1.37), 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.