GVALX vs. GONIX

Last updated Jun 3, 2026

GVALX (Gotham Large Value Fund) and GONIX (Gotham Neutral Fund Institutional Class) are both mutual funds - GVALX is a Large Cap Value Equities fund managed by Gotham, while GONIX is a Equity Market Neutral fund actively managed by Gotham. Over the past 5 years, GVALX returned 9.36%/yr vs 9.65%/yr for GONIX. At a 0.38 correlation, their price movements are largely independent. GVALX charges 1.05%/yr vs 1.51%/yr for GONIX.

Performance

GVALX vs. GONIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Large Value Fund (GVALX) and Gotham Neutral Fund Institutional Class (GONIX). 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 higher than GONIX's -2.13% return.

GVALX

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

GONIX

• 1D: 0.20%
• 1M: 0.89%
• YTD: -2.13%
• 6M: -2.06%
• 1Y: -0.47%
• 3Y*: 10.17%
• 5Y*: 9.65%
• 10Y*: 3.91%

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

GVALX vs. GONIX - 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%
GONIX Gotham Neutral Fund Institutional Class	-2.13%	7.13%	17.70%	10.06%	6.59%	19.25%	-16.47%	-1.54%

Correlation

The correlation between GVALX and GONIX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Feb 25, 2019	0.38

The correlation between GVALX and GONIX shifts across timeframes, from 0.18 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GVALX vs. GONIX — 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

GONIX

GONIX Risk / Return Rank: 2
GONIX Sharpe Ratio Rank: 2
GONIX Sortino Ratio Rank: 2
GONIX Omega Ratio Rank: 2
GONIX Calmar Ratio Rank: 2
GONIX Martin Ratio Rank: 2

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. GONIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Large Value Fund (GVALX) and Gotham Neutral Fund Institutional Class (GONIX). 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	GONIX	Difference
Sharpe ratio Return per unit of total volatility	1.94	-0.07	+2.01
Sortino ratio Return per unit of downside risk	2.85	-0.07	+2.92
Omega ratio Gain probability vs. loss probability	1.34	0.99	+0.35
Calmar ratio Return relative to maximum drawdown	2.89	0.00	+2.89
Martin ratio Return relative to average drawdown	10.03	0.00	+10.03
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. GONIX - Sharpe Ratio Comparison

The current GVALX Sharpe Ratio is 1.94, which is higher than the GONIX Sharpe Ratio of -0.07. The chart below compares the historical Sharpe Ratios of GVALX and GONIX, 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	GONIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	-0.07	+2.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	1.52	-0.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.47	+0.11

Drawdowns

GVALX vs. GONIX - Drawdown Comparison

The maximum GVALX drawdown since its inception was -38.56%, which is greater than GONIX's maximum drawdown of -24.52%. Use the drawdown chart below to compare losses from any high point for GVALX and GONIX.

Drawdown Indicators

	GVALX	GONIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.56%	-24.52%	-14.04%
Max Drawdown (1Y) Largest decline over 1 year	-7.46%	-3.99%	-3.47%
Max Drawdown (3Y) Largest decline over 3 years	-15.66%	-5.65%	-10.01%
Max Drawdown (5Y) Largest decline over 5 years	-18.68%	-5.65%	-13.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.46%	—
Current Drawdown Current decline from peak	-0.26%	-2.26%	+2.00%
Average Drawdown Average peak-to-trough decline	-4.48%	-7.36%	+2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	1.93%	+0.22%

Volatility

GVALX vs. GONIX - Volatility Comparison

Gotham Large Value Fund (GVALX) has a higher volatility of 3.19% compared to Gotham Neutral Fund Institutional Class (GONIX) at 1.28%. This indicates that GVALX's price experiences larger fluctuations and is considered to be riskier than GONIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GVALX	GONIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	1.28%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	8.06%	4.37%	+3.69%
Volatility (1Y) Calculated over the trailing 1-year period	11.05%	5.45%	+5.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.39%	6.39%	+9.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.51%	6.48%	+13.03%

GVALX vs. GONIX - Expense Ratio Comparison

GVALX has a 1.05% expense ratio, which is lower than GONIX's 1.51% expense ratio.

Dividends

GVALX vs. GONIX - Dividend Comparison

GVALX's dividend yield for the trailing twelve months is around 10.80%, more than GONIX's 0.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GONIX Gotham Neutral Fund Institutional Class	0.14%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.65%
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 GONIX in my portfolio?

GVALX and GONIX have a correlation of 0.18, 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 GONIX?

GVALX has higher volatility (3.19%) compared to GONIX (1.28%). In terms of maximum drawdown, GVALX dropped -38.56% vs GONIX's -24.52%.

Which has better risk-adjusted returns?

GVALX currently has the higher Sharpe Ratio (1.94 vs -0.07), 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.