GRZZX vs. FXAIX

Last updated Jun 3, 2026

GRZZX (Grizzly Short Fund) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - GRZZX is a Inverse Equities fund managed by Leuthold, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, GRZZX returned -1.28%/yr vs 15.65%/yr for FXAIX. At a correlation of -0.87, they often move in opposite directions. GRZZX charges 1.61%/yr vs 0.02%/yr for FXAIX.

Performance

GRZZX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grizzly Short Fund (GRZZX) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GRZZX achieves a -6.80% return, which is significantly lower than FXAIX's 11.56% return. Over the past 10 years, GRZZX has underperformed FXAIX with an annualized return of -1.28%, while FXAIX has yielded a comparatively higher 15.65% annualized return.

GRZZX

• 1D: -0.48%
• 1M: -5.17%
• YTD: -6.80%
• 6M: -7.02%
• 1Y: -10.88%
• 3Y*: -7.64%
• 5Y*: -3.94%
• 10Y*: -1.28%

FXAIX

• 1D: 0.27%
• 1M: 5.24%
• YTD: 11.56%
• 6M: 11.94%
• 1Y: 29.57%
• 3Y*: 22.70%
• 5Y*: 14.17%
• 10Y*: 15.65%

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

GRZZX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GRZZX Grizzly Short Fund	-6.80%	-2.98%	-6.74%	-18.72%	22.43%	-15.87%	-41.33%	-29.43%	301.98%	-19.84%
FXAIX Fidelity 500 Index Fund	11.56%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between GRZZX and FXAIX is -0.79, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.79
Correlation (3Y) Calculated over the trailing 3-year period	-0.83
Correlation (5Y) Calculated over the trailing 5-year period	-0.87
Correlation (10Y) Calculated over the trailing 10-year period	-0.87
Correlation (All Time) Calculated using the full available price history since May 5, 2011	-0.87

The correlation between GRZZX and FXAIX has been stable across timeframes, ranging from -0.87 to -0.79 - a consistent structural relationship.

Return for Risk

GRZZX vs. FXAIX — Risk / Return Rank

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

GRZZX

GRZZX Risk / Return Rank: 1
GRZZX Sharpe Ratio Rank: 1
GRZZX Sortino Ratio Rank: 1
GRZZX Omega Ratio Rank: 1
GRZZX Calmar Ratio Rank: 0
GRZZX Martin Ratio Rank: 0

FXAIX

FXAIX Risk / Return Rank: 75
FXAIX Sharpe Ratio Rank: 77
FXAIX Sortino Ratio Rank: 69
FXAIX Omega Ratio Rank: 69
FXAIX Calmar Ratio Rank: 74
FXAIX Martin Ratio Rank: 84

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.

GRZZX vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grizzly Short Fund (GRZZX) and Fidelity 500 Index Fund (FXAIX). 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.

	GRZZX	FXAIX	Difference
Sharpe ratio Return per unit of total volatility	-0.79	2.55	-3.34
Sortino ratio Return per unit of downside risk	-1.05	3.46	-4.51
Omega ratio Gain probability vs. loss probability	0.89	1.46	-0.58
Calmar ratio Return relative to maximum drawdown	-0.76	3.39	-4.15
Martin ratio Return relative to average drawdown	-1.72	15.86	-17.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GRZZX vs. FXAIX - Sharpe Ratio Comparison

The current GRZZX Sharpe Ratio is -0.79, which is lower than the FXAIX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of GRZZX and FXAIX, 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

	GRZZX	FXAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.79	2.55	-3.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.20	0.84	-1.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	0.87	-0.88
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	0.82	-0.93

Drawdowns

GRZZX vs. FXAIX - Drawdown Comparison

The maximum GRZZX drawdown since its inception was -91.80%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for GRZZX and FXAIX.

Drawdown Indicators

	GRZZX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-91.80%	-33.79%	-58.01%
Max Drawdown (1Y) Largest decline over 1 year	-13.89%	-8.89%	-5.00%
Max Drawdown (3Y) Largest decline over 3 years	-29.48%	-18.76%	-10.72%
Max Drawdown (5Y) Largest decline over 5 years	-37.65%	-24.50%	-13.15%
Max Drawdown (10Y) Largest decline over 10 years	-72.45%	-33.79%	-38.66%
Current Drawdown Current decline from peak	-89.61%	0.00%	-89.61%
Average Drawdown Average peak-to-trough decline	-69.35%	-3.79%	-65.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.13%	1.90%	+4.23%

Volatility

GRZZX vs. FXAIX - Volatility Comparison

Grizzly Short Fund (GRZZX) and Fidelity 500 Index Fund (FXAIX) have volatilities of 2.94% and 2.82%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GRZZX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.94%	2.82%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	10.10%	8.99%	+1.11%
Volatility (1Y) Calculated over the trailing 1-year period	13.72%	11.88%	+1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.53%	16.91%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.66%	18.07%	+78.59%

GRZZX vs. FXAIX - Expense Ratio Comparison

GRZZX has a 1.61% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

GRZZX vs. FXAIX - Dividend Comparison

GRZZX's dividend yield for the trailing twelve months is around 5.55%, more than FXAIX's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.03%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
GRZZX Grizzly Short Fund	5.55%	6.00%	10.30%	6.61%	0.00%	0.00%	0.00%	1.14%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GRZZX and FXAIX in my portfolio?

GRZZX and FXAIX have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRZZX or FXAIX?

GRZZX has higher volatility (2.94%) compared to FXAIX (2.82%). In terms of maximum drawdown, GRZZX dropped -91.80% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.55 vs -0.79), 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.