GSXIX vs. ATOIX

Last updated Jun 4, 2026

GSXIX (abrdn U.S. Small Cap Equity Fund) and ATOIX (abrdn Ultra Short Municipal Income Fund) are both mutual funds - GSXIX is a Small Cap Growth Equities fund managed by Aberdeen, while ATOIX is a Municipal Bonds fund managed by Aberdeen. Over the past 10 years, GSXIX returned 13.74%/yr vs 1.79%/yr for ATOIX. At a correlation of -0.02, they often move in opposite directions. GSXIX charges 1.11%/yr vs 0.44%/yr for ATOIX.

Performance

GSXIX vs. ATOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn U.S. Small Cap Equity Fund (GSXIX) and abrdn Ultra Short Municipal Income Fund (ATOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSXIX achieves a 16.61% return, which is significantly higher than ATOIX's 1.01% return. Over the past 10 years, GSXIX has outperformed ATOIX with an annualized return of 13.74%, while ATOIX has yielded a comparatively lower 1.79% annualized return.

GSXIX

• 1D: 0.87%
• 1M: 2.37%
• YTD: 16.61%
• 6M: 13.47%
• 1Y: 25.25%
• 3Y*: 15.68%
• 5Y*: 12.86%
• 10Y*: 13.74%

ATOIX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 1.01%
• 6M: 1.54%
• 1Y: 3.02%
• 3Y*: 3.08%
• 5Y*: 2.30%
• 10Y*: 1.79%

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

GSXIX vs. ATOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSXIX abrdn U.S. Small Cap Equity Fund	16.61%	8.99%	16.00%	11.28%	-25.87%	70.47%	28.48%	25.11%	-13.29%	11.29%
ATOIX abrdn Ultra Short Municipal Income Fund	1.01%	3.33%	3.14%	3.27%	0.87%	-0.04%	0.88%	1.40%	1.54%	2.24%

Correlation

The correlation between GSXIX and ATOIX is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (10Y) Calculated over the trailing 10-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012	-0.02

Return for Risk

GSXIX vs. ATOIX — Risk / Return Rank

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

GSXIX

GSXIX Risk / Return Rank: 33
GSXIX Sharpe Ratio Rank: 26
GSXIX Sortino Ratio Rank: 26
GSXIX Omega Ratio Rank: 23
GSXIX Calmar Ratio Rank: 46
GSXIX Martin Ratio Rank: 44

ATOIX

ATOIX Risk / Return Rank: 99
ATOIX Sharpe Ratio Rank: 96
ATOIX Sortino Ratio Rank: 100
ATOIX Omega Ratio Rank: 100
ATOIX Calmar Ratio Rank: 100
ATOIX Martin Ratio Rank: 100

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.

GSXIX vs. ATOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn U.S. Small Cap Equity Fund (GSXIX) and abrdn Ultra Short Municipal Income Fund (ATOIX). 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.

	GSXIX	ATOIX	Difference
Sharpe ratio Return per unit of total volatility	1.46	3.50	-2.03
Sortino ratio Return per unit of downside risk	2.13	17.32	-15.19
Omega ratio Gain probability vs. loss probability	1.25	10.98	-9.73
Calmar ratio Return relative to maximum drawdown	2.58	30.48	-27.90
Martin ratio Return relative to average drawdown	9.36	89.66	-80.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSXIX vs. ATOIX - Sharpe Ratio Comparison

The current GSXIX Sharpe Ratio is 1.46, which is lower than the ATOIX Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of GSXIX and ATOIX, 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

	GSXIX	ATOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	3.50	-2.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	2.80	-2.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	2.28	-1.70
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	2.47	-1.76

Drawdowns

GSXIX vs. ATOIX - Drawdown Comparison

The maximum GSXIX drawdown since its inception was -35.39%, which is greater than ATOIX's maximum drawdown of -1.46%. Use the drawdown chart below to compare losses from any high point for GSXIX and ATOIX.

Drawdown Indicators

	GSXIX	ATOIX	Difference
Max Drawdown Largest peak-to-trough decline	-35.39%	-1.46%	-33.93%
Max Drawdown (1Y) Largest decline over 1 year	-10.21%	-0.10%	-10.11%
Max Drawdown (3Y) Largest decline over 3 years	-23.22%	-0.10%	-23.12%
Max Drawdown (5Y) Largest decline over 5 years	-32.39%	-0.37%	-32.02%
Max Drawdown (10Y) Largest decline over 10 years	-35.39%	-0.43%	-34.96%
Current Drawdown Current decline from peak	-1.12%	0.00%	-1.12%
Average Drawdown Average peak-to-trough decline	-7.14%	-0.06%	-7.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	0.03%	+2.78%

Volatility

GSXIX vs. ATOIX - Volatility Comparison

abrdn U.S. Small Cap Equity Fund (GSXIX) has a higher volatility of 5.39% compared to abrdn Ultra Short Municipal Income Fund (ATOIX) at 0.20%. This indicates that GSXIX's price experiences larger fluctuations and is considered to be riskier than ATOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSXIX	ATOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	0.20%	+5.19%
Volatility (6M) Calculated over the trailing 6-month period	13.62%	0.61%	+13.01%
Volatility (1Y) Calculated over the trailing 1-year period	18.01%	0.87%	+17.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.69%	0.83%	+24.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.71%	0.79%	+22.92%

GSXIX vs. ATOIX - Expense Ratio Comparison

GSXIX has a 1.11% expense ratio, which is higher than ATOIX's 0.44% expense ratio.

Dividends

GSXIX vs. ATOIX - Dividend Comparison

GSXIX has not paid dividends to shareholders, while ATOIX's dividend yield for the trailing twelve months is around 2.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATOIX abrdn Ultra Short Municipal Income Fund	2.98%	3.27%	3.09%	3.02%	1.07%	0.06%	0.88%	1.39%	1.42%	2.20%	0.61%	0.52%
GSXIX abrdn U.S. Small Cap Equity Fund	0.00%	0.00%	0.00%	0.00%	5.42%	44.27%	6.63%	7.30%	13.20%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSXIX and ATOIX in my portfolio?

GSXIX and ATOIX have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSXIX or ATOIX?

GSXIX has higher volatility (5.39%) compared to ATOIX (0.20%). In terms of maximum drawdown, GSXIX dropped -35.39% vs ATOIX's -1.46%.

Which has better risk-adjusted returns?

ATOIX currently has the higher Sharpe Ratio (3.50 vs 1.46), 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.