GTRFX vs. GINDX

Last updated Aug 4, 2026

GTRFX (Gotham Total Return Fund) and GINDX (Gotham Index Plus Fund) are both mutual funds - GTRFX is a Long-Short fund managed by Gotham, while GINDX is a Large Cap Blend Equities fund managed by Gotham. Over the past 10 years, GTRFX returned 9.23%/yr vs 15.58%/yr for GINDX. Their correlation of 0.91 means they have usually moved in the same direction. GTRFX charges 0.00%/yr vs 1.15%/yr for GINDX.

Performance

GTRFX vs. GINDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Total Return Fund (GTRFX) and Gotham Index Plus Fund (GINDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GTRFX achieves a 10.65% return, which is significantly higher than GINDX's 9.68% return. Over the past 10 years, GTRFX has underperformed GINDX with an annualized return of 9.23%, while GINDX has yielded a comparatively higher 15.58% annualized return.

GTRFX

• 1D: 0.00%
• 1M: 2.93%
• 6M: 7.27%
• YTD: 10.65%
• 1Y: 21.36%
• 3Y*: 15.88%
• 5Y*: 10.94%
• 10Y*: 9.23%
• ALL TIME*: 9.31%

GINDX

• 1D: 0.70%
• 1M: 4.33%
• 6M: 7.48%
• YTD: 9.68%
• 1Y: 24.05%
• 3Y*: 21.52%
• 5Y*: 15.58%
• 10Y*: 15.58%
• ALL TIME*: 15.61%

*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)
GINDX Gotham Index Plus Fund	$0.00	$0.00	$0.00
GTRFX Gotham Total Return Fund	$0.00	$0.00	$0.00

GTRFX vs. GINDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTRFX Gotham Total Return Fund	10.65%	15.31%	15.73%	15.29%	-9.82%	27.83%	-11.41%	12.57%	-1.73%	18.93%
GINDX Gotham Index Plus Fund	9.68%	22.25%	25.96%	26.40%	-11.61%	32.73%	6.79%	19.39%	-3.49%	26.05%

Correlation

The correlation between GTRFX and GINDX is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.91

The correlation between GTRFX and GINDX has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

Return for Risk

GTRFX vs. GINDX — Risk / Return Rank

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

GTRFX

GTRFX Risk / Return Rank: 84
GTRFX Sharpe Ratio Rank: 84
GTRFX Sortino Ratio Rank: 83
GTRFX Omega Ratio Rank: 78
GTRFX Calmar Ratio Rank: 86
GTRFX Martin Ratio Rank: 90

GINDX

GINDX Risk / Return Rank: 68
GINDX Sharpe Ratio Rank: 72
GINDX Sortino Ratio Rank: 67
GINDX Omega Ratio Rank: 65
GINDX Calmar Ratio Rank: 72
GINDX Martin Ratio Rank: 65

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.

GTRFX vs. GINDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Total Return Fund (GTRFX) and Gotham Index Plus Fund (GINDX). 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.

	GTRFX	GINDX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.77	+0.30
Sortino ratio: Return per unit of downside risk	2.97	2.41	+0.56
Omega ratio: Gain probability vs. loss probability	1.37	1.31	+0.06
Calmar ratio: Return relative to maximum drawdown	3.16	2.44	+0.72
Martin ratio: Return relative to average drawdown	12.66	8.80	+3.85

GTRFX vs. GINDX - Sharpe Ratio Comparison

The current GTRFX Sharpe Ratio is 2.07, which is comparable to the GINDX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of GTRFX and GINDX, 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

GTRFX vs. GINDX - Drawdown Comparison

The maximum GTRFX drawdown since its inception was -29.58%, smaller than the maximum GINDX drawdown of -33.70%. Use the drawdown chart below to compare losses from any high point for GTRFX and GINDX.

Drawdown Indicators

	GTRFX	GINDX	Difference
Max Drawdown Largest peak-to-trough decline	-29.58%	-33.70%	+4.12%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-9.06%	+2.59%
Max Drawdown (3Y) Largest decline over 3 years	-14.48%	-18.75%	+4.27%
Max Drawdown (5Y) Largest decline over 5 years	-18.51%	-19.77%	+1.26%
Max Drawdown (10Y) Largest decline over 10 years	-29.58%	-33.70%	+4.12%
Current Drawdown Current decline from peak	-0.07%	0.00%	-0.07%
Average Drawdown Average peak-to-trough decline	-4.23%	-3.98%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	2.50%	-0.88%

Volatility

GTRFX vs. GINDX - Volatility Comparison

The current volatility for Gotham Total Return Fund (GTRFX) is 2.49%, while Gotham Index Plus Fund (GINDX) has a volatility of 3.19%. This indicates that GTRFX experiences smaller price fluctuations and is considered to be less risky than GINDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTRFX	GINDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.49%	3.19%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	7.29%	9.36%	-2.07%
Volatility (1Y) Calculated over the trailing 1-year period	9.91%	12.51%	-2.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.52%	16.77%	-3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.84%	18.14%	-4.30%

GTRFX vs. GINDX - Expense Ratio Comparison

GTRFX has a 0.00% expense ratio, which is lower than GINDX's 1.15% expense ratio.

Dividends

GTRFX vs. GINDX - Dividend Comparison

GTRFX's dividend yield for the trailing twelve months is around 8.62%, more than GINDX's 2.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GINDX Gotham Index Plus Fund	2.98%	3.27%	2.97%	4.02%	1.81%	5.38%	1.07%	1.38%	2.10%	0.37%	0.48%
GTRFX Gotham Total Return Fund	8.62%	9.53%	11.50%	7.27%	10.25%	4.66%	0.71%	6.06%	1.48%	0.33%	0.05%

Frequently Asked Questions

Can I hold both GTRFX and GINDX in my portfolio?

GTRFX and GINDX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTRFX or GINDX?

GINDX has higher volatility (3.19%) compared to GTRFX (2.49%). In terms of maximum drawdown, GTRFX dropped -29.58% vs GINDX's -33.70%.

Which has better risk-adjusted returns?

GTRFX currently has the higher Sharpe Ratio (2.07 vs 1.77), 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.