GTAPX vs. LSOFX

Last updated Aug 4, 2026

GTAPX (Quantitative U.S. Long/Short Equity Portfolio) and LSOFX (LS Opportunity Fund - Institutional Class) are both Long-Short funds. Over the past 10 years, GTAPX returned 6.14%/yr vs 7.25%/yr for LSOFX. Their 0.62 correlation means they have sometimes moved together and sometimes differently. GTAPX charges 1.25%/yr vs 1.95%/yr for LSOFX.

Performance

GTAPX vs. LSOFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Quantitative U.S. Long/Short Equity Portfolio (GTAPX) and LS Opportunity Fund - Institutional Class (LSOFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GTAPX achieves a 9.80% return, which is significantly higher than LSOFX's 5.59% return. Over the past 10 years, GTAPX has underperformed LSOFX with an annualized return of 6.14%, while LSOFX has yielded a comparatively higher 7.25% annualized return.

GTAPX

• 1D: 0.07%
• 1M: 5.32%
• 6M: 6.34%
• YTD: 9.80%
• 1Y: 18.71%
• 3Y*: 11.99%
• 5Y*: 9.98%
• 10Y*: 6.14%
• ALL TIME*: 4.00%

LSOFX

• 1D: 0.94%
• 1M: 2.81%
• 6M: 3.58%
• YTD: 5.59%
• 1Y: 7.58%
• 3Y*: 7.22%
• 5Y*: 5.96%
• 10Y*: 7.25%
• ALL TIME*: 6.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GTAPX Quantitative U.S. Long/Short Equity Portfolio	$0.00	$0.00	$0.00
LSOFX LS Opportunity Fund - Institutional Class	$0.00	$0.00	$0.00

GTAPX vs. LSOFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTAPX Quantitative U.S. Long/Short Equity Portfolio	9.80%	12.79%	13.28%	4.42%	3.16%	17.72%	-5.16%	3.26%	-8.65%	8.74%
LSOFX LS Opportunity Fund - Institutional Class	5.59%	3.85%	8.28%	11.00%	-3.12%	12.42%	4.35%	18.31%	-3.57%	9.59%

Correlation

The correlation between GTAPX and LSOFX is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.44
Correlation (3Y) Balances recent behavior with more history.	0.48
Correlation (5Y) Shows whether the relationship held over a longer period.	0.53
Correlation (10Y) Provides a long-term view across more market conditions.	0.60
Correlation (All Time) Calculated using the full available price history since Sep 30, 2010	0.62

The correlation between GTAPX and LSOFX shifts across timeframes, from 0.44 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GTAPX vs. LSOFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GTAPX

GTAPX Risk / Return Rank: 95
GTAPX Sharpe Ratio Rank: 96
GTAPX Sortino Ratio Rank: 96
GTAPX Omega Ratio Rank: 90
GTAPX Calmar Ratio Rank: 98
GTAPX Martin Ratio Rank: 97

LSOFX

LSOFX Risk / Return Rank: 23
LSOFX Sharpe Ratio Rank: 22
LSOFX Sortino Ratio Rank: 23
LSOFX Omega Ratio Rank: 21
LSOFX Calmar Ratio Rank: 27
LSOFX Martin Ratio Rank: 25

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GTAPX vs. LSOFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Quantitative U.S. Long/Short Equity Portfolio (GTAPX) and LS Opportunity Fund - Institutional Class (LSOFX). 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.

	GTAPX	LSOFX	Difference
Sharpe ratio: Return per unit of total volatility	2.68	0.85	+1.83
Sortino ratio: Return per unit of downside risk	4.07	1.31	+2.75
Omega ratio: Gain probability vs. loss probability	1.48	1.15	+0.33
Calmar ratio: Return relative to maximum drawdown	6.19	1.30	+4.89
Martin ratio: Return relative to average drawdown	19.47	3.78	+15.69

GTAPX vs. LSOFX - Sharpe Ratio Comparison

The current GTAPX Sharpe Ratio is 2.68, which is higher than the LSOFX Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of GTAPX and LSOFX, 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

GTAPX vs. LSOFX - Drawdown Comparison

The maximum GTAPX drawdown since its inception was -30.40%, which is greater than LSOFX's maximum drawdown of -22.05%. Use the drawdown chart below to compare losses from any high point for GTAPX and LSOFX.

Drawdown Indicators

	GTAPX	LSOFX	Difference
Max Drawdown Largest peak-to-trough decline	-30.40%	-22.05%	-8.35%
Max Drawdown (1Y) Largest decline over 1 year	-3.01%	-5.36%	+2.35%
Max Drawdown (3Y) Largest decline over 3 years	-12.21%	-10.43%	-1.78%
Max Drawdown (5Y) Largest decline over 5 years	-12.21%	-13.00%	+0.79%
Max Drawdown (10Y) Largest decline over 10 years	-30.40%	-22.05%	-8.35%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.98%	-3.31%	-3.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.84%	-0.89%

Volatility

GTAPX vs. LSOFX - Volatility Comparison

The current volatility for Quantitative U.S. Long/Short Equity Portfolio (GTAPX) is 1.99%, while LS Opportunity Fund - Institutional Class (LSOFX) has a volatility of 3.10%. This indicates that GTAPX experiences smaller price fluctuations and is considered to be less risky than LSOFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTAPX	LSOFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.99%	3.10%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	5.35%	6.30%	-0.95%
Volatility (1Y) Calculated over the trailing 1-year period	6.94%	8.20%	-1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.88%	9.77%	+1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.24%	10.24%	0.00%

GTAPX vs. LSOFX - Expense Ratio Comparison

GTAPX has a 1.25% expense ratio, which is lower than LSOFX's 1.95% expense ratio.

Dividends

GTAPX vs. LSOFX - Dividend Comparison

GTAPX's dividend yield for the trailing twelve months is around 14.98%, less than LSOFX's 31.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTAPX Quantitative U.S. Long/Short Equity Portfolio	14.98%	16.63%	11.79%	11.23%	0.00%	0.00%	0.00%	0.96%	0.00%	0.00%	0.00%	0.00%
LSOFX LS Opportunity Fund - Institutional Class	31.80%	4.81%	0.98%	0.00%	5.27%	4.35%	1.28%	2.35%	2.71%	3.91%	0.00%	6.74%

Frequently Asked Questions

Can I hold both GTAPX and LSOFX in my portfolio?

GTAPX and LSOFX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTAPX or LSOFX?

LSOFX has higher volatility (3.10%) compared to GTAPX (1.99%). In terms of maximum drawdown, GTAPX dropped -30.40% vs LSOFX's -22.05%.

Which has better risk-adjusted returns?

GTAPX currently has the higher Sharpe Ratio (2.68 vs 0.85), 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.