GSAWX vs. WAVLX

Last updated Jun 23, 2026

GSAWX (Goldman Sachs Long Short Credit Strategies Fund) and WAVLX (Wavelength Interest Rate Neutral Fund) are both Nontraditional Bonds funds. Over the past 10 years, GSAWX returned 3.10%/yr vs 4.21%/yr for WAVLX. At a 0.27 correlation, their price movements are largely independent. GSAWX charges 1.12%/yr vs 0.99%/yr for WAVLX.

Performance

GSAWX vs. WAVLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Long Short Credit Strategies Fund (GSAWX) and Wavelength Interest Rate Neutral Fund (WAVLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSAWX achieves a 1.45% return, which is significantly lower than WAVLX's 3.13% return. Over the past 10 years, GSAWX has underperformed WAVLX with an annualized return of 3.10%, while WAVLX has yielded a comparatively higher 4.21% annualized return.

GSAWX

• 1D: 0.00%
• 1M: 0.49%
• YTD: 1.45%
• 6M: 2.10%
• 1Y: 5.36%
• 3Y*: 6.92%
• 5Y*: 3.36%
• 10Y*: 3.10%

WAVLX

• 1D: 0.39%
• 1M: 0.61%
• YTD: 3.13%
• 6M: 3.07%
• 1Y: 9.74%
• 3Y*: 7.56%
• 5Y*: 2.79%
• 10Y*: 4.21%

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

GSAWX vs. WAVLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSAWX Goldman Sachs Long Short Credit Strategies Fund	1.45%	7.11%	5.35%	9.90%	-8.40%	3.79%	6.67%	8.12%	-3.27%	0.83%
WAVLX Wavelength Interest Rate Neutral Fund	3.13%	9.86%	5.21%	7.02%	-11.34%	1.72%	8.29%	13.07%	-1.46%	5.59%

Correlation

The correlation between GSAWX and WAVLX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013	0.27

Over the past year, GSAWX and WAVLX have become more correlated (0.53) than their long-term average of 0.27, meaning their price movements have been converging.

Return for Risk

GSAWX vs. WAVLX — Risk / Return Rank

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

GSAWX

GSAWX Risk / Return Rank: 67
GSAWX Sharpe Ratio Rank: 46
GSAWX Sortino Ratio Rank: 79
GSAWX Omega Ratio Rank: 77
GSAWX Calmar Ratio Rank: 59
GSAWX Martin Ratio Rank: 75

WAVLX

WAVLX Risk / Return Rank: 76
WAVLX Sharpe Ratio Rank: 72
WAVLX Sortino Ratio Rank: 75
WAVLX Omega Ratio Rank: 75
WAVLX Calmar Ratio Rank: 76
WAVLX Martin Ratio Rank: 80

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.

GSAWX vs. WAVLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Long Short Credit Strategies Fund (GSAWX) and Wavelength Interest Rate Neutral Fund (WAVLX). 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.

	GSAWX	WAVLX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.27	-0.43
Sortino ratio: Return per unit of downside risk	3.43	3.30	+0.13
Omega ratio: Gain probability vs. loss probability	1.46	1.45	+0.01
Calmar ratio: Return relative to maximum drawdown	2.82	3.27	-0.45
Martin ratio: Return relative to average drawdown	13.17	13.91	-0.75

GSAWX vs. WAVLX - Sharpe Ratio Comparison

The current GSAWX Sharpe Ratio is 1.84, which is comparable to the WAVLX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of GSAWX and WAVLX, 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

GSAWX vs. WAVLX - Drawdown Comparison

The maximum GSAWX drawdown since its inception was -16.52%, which is greater than WAVLX's maximum drawdown of -14.39%. Use the drawdown chart below to compare losses from any high point for GSAWX and WAVLX.

Drawdown Indicators

	GSAWX	WAVLX	Difference
Max Drawdown Largest peak-to-trough decline	-16.52%	-14.39%	-2.13%
Max Drawdown (1Y) Largest decline over 1 year	-1.92%	-3.03%	+1.11%
Max Drawdown (3Y) Largest decline over 3 years	-3.13%	-5.33%	+2.20%
Max Drawdown (5Y) Largest decline over 5 years	-12.23%	-14.39%	+2.16%
Max Drawdown (10Y) Largest decline over 10 years	-16.52%	-14.39%	-2.13%
Current Drawdown Current decline from peak	-0.25%	-0.29%	+0.04%
Average Drawdown Average peak-to-trough decline	-2.78%	-2.97%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	0.71%	-0.30%

Volatility

GSAWX vs. WAVLX - Volatility Comparison

The current volatility for Goldman Sachs Long Short Credit Strategies Fund (GSAWX) is 0.87%, while Wavelength Interest Rate Neutral Fund (WAVLX) has a volatility of 1.56%. This indicates that GSAWX experiences smaller price fluctuations and is considered to be less risky than WAVLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSAWX	WAVLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	1.56%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	2.28%	3.39%	-1.11%
Volatility (1Y) Calculated over the trailing 1-year period	2.94%	4.36%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.01%	5.61%	-1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.25%	5.31%	-1.06%

GSAWX vs. WAVLX - Expense Ratio Comparison

GSAWX has a 1.12% expense ratio, which is higher than WAVLX's 0.99% expense ratio.

Dividends

GSAWX vs. WAVLX - Dividend Comparison

GSAWX's dividend yield for the trailing twelve months is around 6.01%, more than WAVLX's 4.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSAWX Goldman Sachs Long Short Credit Strategies Fund	6.01%	6.09%	5.21%	5.49%	6.27%	4.98%	3.51%	4.67%	6.43%	2.37%	3.85%	3.81%
WAVLX Wavelength Interest Rate Neutral Fund	4.33%	3.67%	4.41%	4.83%	3.63%	2.83%	2.21%	4.96%	2.65%	2.09%	2.13%	2.18%

Frequently Asked Questions

Can I hold both GSAWX and WAVLX in my portfolio?

GSAWX and WAVLX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSAWX or WAVLX?

WAVLX has higher volatility (1.56%) compared to GSAWX (0.87%). In terms of maximum drawdown, GSAWX dropped -16.52% vs WAVLX's -14.39%.

Which has better risk-adjusted returns?

WAVLX currently has the higher Sharpe Ratio (2.27 vs 1.84), 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.