GVALX vs. GARIX

Last updated Jun 3, 2026

GVALX (Gotham Large Value Fund) and GARIX (Gotham Absolute Return Fund) are both mutual funds - GVALX is a Large Cap Value Equities fund managed by Gotham, while GARIX is a Long-Short fund managed by Gotham. Over the past 5 years, GVALX returned 9.36%/yr vs 14.23%/yr for GARIX. Their correlation of 0.81 suggests significant overlap in exposure. GVALX charges 1.05%/yr vs 1.50%/yr for GARIX.

Performance

GVALX vs. GARIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Large Value Fund (GVALX) and Gotham Absolute Return Fund (GARIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GVALX achieves a 9.39% return, which is significantly lower than GARIX's 11.32% return.

GVALX

• 1D: -0.26%
• 1M: 1.45%
• YTD: 9.39%
• 6M: 11.51%
• 1Y: 21.27%
• 3Y*: 15.98%
• 5Y*: 9.36%
• 10Y*: —

GARIX

• 1D: 0.42%
• 1M: 5.61%
• YTD: 11.32%
• 6M: 11.39%
• 1Y: 22.52%
• 3Y*: 19.79%
• 5Y*: 14.23%
• 10Y*: 9.91%

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

GVALX vs. GARIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GVALX Gotham Large Value Fund	9.39%	13.83%	11.88%	11.74%	-6.84%	28.96%	3.42%	12.79%
GARIX Gotham Absolute Return Fund	11.32%	16.18%	20.46%	17.70%	-5.04%	26.87%	-6.19%	5.22%

Correlation

The correlation between GVALX and GARIX is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Feb 25, 2019	0.81

Over the past year, the correlation between GVALX and GARIX has dropped to 0.60 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

GVALX vs. GARIX — Risk / Return Rank

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

GVALX

GVALX Risk / Return Rank: 47
GVALX Sharpe Ratio Rank: 43
GVALX Sortino Ratio Rank: 46
GVALX Omega Ratio Rank: 40
GVALX Calmar Ratio Rank: 57
GVALX Martin Ratio Rank: 48

GARIX

GARIX Risk / Return Rank: 89
GARIX Sharpe Ratio Rank: 88
GARIX Sortino Ratio Rank: 86
GARIX Omega Ratio Rank: 78
GARIX Calmar Ratio Rank: 95
GARIX Martin Ratio Rank: 97

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.

GVALX vs. GARIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Large Value Fund (GVALX) and Gotham Absolute Return Fund (GARIX). 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.

	GVALX	GARIX	Difference
Sharpe ratio Return per unit of total volatility	1.94	2.88	-0.95
Sortino ratio Return per unit of downside risk	2.85	4.12	-1.27
Omega ratio Gain probability vs. loss probability	1.34	1.51	-0.17
Calmar ratio Return relative to maximum drawdown	2.89	5.97	-3.08
Martin ratio Return relative to average drawdown	10.03	25.32	-15.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GVALX vs. GARIX - Sharpe Ratio Comparison

The current GVALX Sharpe Ratio is 1.94, which is lower than the GARIX Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of GVALX and GARIX, 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

	GVALX	GARIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	2.88	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.93	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.75	-0.17

Drawdowns

GVALX vs. GARIX - Drawdown Comparison

The maximum GVALX drawdown since its inception was -38.56%, which is greater than GARIX's maximum drawdown of -26.49%. Use the drawdown chart below to compare losses from any high point for GVALX and GARIX.

Drawdown Indicators

	GVALX	GARIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.56%	-26.49%	-12.07%
Max Drawdown (1Y) Largest decline over 1 year	-7.46%	-3.85%	-3.61%
Max Drawdown (3Y) Largest decline over 3 years	-15.66%	-23.15%	+7.49%
Max Drawdown (5Y) Largest decline over 5 years	-18.68%	-23.15%	+4.47%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.49%	—
Current Drawdown Current decline from peak	-0.26%	0.00%	-0.26%
Average Drawdown Average peak-to-trough decline	-4.48%	-4.52%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	0.91%	+1.24%

Volatility

GVALX vs. GARIX - Volatility Comparison

Gotham Large Value Fund (GVALX) has a higher volatility of 3.19% compared to Gotham Absolute Return Fund (GARIX) at 1.87%. This indicates that GVALX's price experiences larger fluctuations and is considered to be riskier than GARIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GVALX	GARIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	1.87%	+1.32%
Volatility (6M) Calculated over the trailing 6-month period	8.06%	6.14%	+1.92%
Volatility (1Y) Calculated over the trailing 1-year period	11.05%	8.00%	+3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.39%	15.36%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.51%	13.89%	+5.62%

GVALX vs. GARIX - Expense Ratio Comparison

GVALX has a 1.05% expense ratio, which is lower than GARIX's 1.50% expense ratio.

Dividends

GVALX vs. GARIX - Dividend Comparison

GVALX's dividend yield for the trailing twelve months is around 10.80%, more than GARIX's 6.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GARIX Gotham Absolute Return Fund	6.45%	7.18%	18.74%	5.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.36%
GVALX Gotham Large Value Fund	10.80%	11.81%	10.72%	9.77%	7.59%	18.49%	1.61%	2.40%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GVALX and GARIX in my portfolio?

GVALX and GARIX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GVALX or GARIX?

GVALX has higher volatility (3.19%) compared to GARIX (1.87%). In terms of maximum drawdown, GVALX dropped -38.56% vs GARIX's -26.49%.

Which has better risk-adjusted returns?

GARIX currently has the higher Sharpe Ratio (2.88 vs 1.94), 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.