GVALX vs. GTRFX

Last updated Jun 23, 2026

GVALX (Gotham Large Value Fund) and GTRFX (Gotham Total Return Fund) are both mutual funds - GVALX is a Large Cap Value Equities fund managed by Gotham, while GTRFX is a Long-Short fund managed by Gotham. Over the past 5 years, GVALX returned 10.50%/yr vs 11.14%/yr for GTRFX. Their correlation of 0.90 suggests significant overlap in exposure. GVALX charges 1.05%/yr vs 0.00%/yr for GTRFX.

Performance

GVALX vs. GTRFX - Performance Comparison

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

Returns By Period

In the year-to-date period, GVALX achieves a 9.60% return, which is significantly higher than GTRFX's 6.08% return.

GVALX

• 1D: 0.00%
• 1M: 0.26%
• YTD: 9.60%
• 6M: 8.67%
• 1Y: 20.74%
• 3Y*: 14.87%
• 5Y*: 10.50%
• 10Y*: —

GTRFX

• 1D: 0.21%
• 1M: -0.49%
• YTD: 6.08%
• 6M: 5.37%
• 1Y: 17.85%
• 3Y*: 15.83%
• 5Y*: 11.14%
• 10Y*: 9.15%

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

GVALX vs. GTRFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GVALX Gotham Large Value Fund	9.60%	13.83%	11.88%	11.74%	-6.84%	28.96%	3.42%	12.79%
GTRFX Gotham Total Return Fund	6.08%	15.31%	15.73%	15.29%	-9.82%	27.83%	-11.41%	5.17%

Correlation

The correlation between GVALX and GTRFX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 22, 2019	0.90

The correlation between GVALX and GTRFX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

GVALX vs. GTRFX — Risk / Return Rank

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

GVALX

GVALX Risk / Return Rank: 51
GVALX Sharpe Ratio Rank: 48
GVALX Sortino Ratio Rank: 51
GVALX Omega Ratio Rank: 44
GVALX Calmar Ratio Rank: 60
GVALX Martin Ratio Rank: 51

GTRFX

GTRFX Risk / Return Rank: 51
GTRFX Sharpe Ratio Rank: 46
GTRFX Sortino Ratio Rank: 47
GTRFX Omega Ratio Rank: 42
GTRFX Calmar Ratio Rank: 59
GTRFX Martin Ratio Rank: 60

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. GTRFX - Risk-Adjusted Trends Comparison

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

	GVALX	GTRFX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.84	+0.04
Sortino ratio: Return per unit of downside risk	2.77	2.66	+0.11
Omega ratio: Gain probability vs. loss probability	1.33	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	2.84	2.84	0.00
Martin ratio: Return relative to average drawdown	9.82	11.24	-1.42

GVALX vs. GTRFX - Sharpe Ratio Comparison

The current GVALX Sharpe Ratio is 1.88, which is comparable to the GTRFX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of GVALX and GTRFX, 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

GVALX vs. GTRFX - Drawdown Comparison

The maximum GVALX drawdown since its inception was -38.56%, which is greater than GTRFX's maximum drawdown of -29.58%. Use the drawdown chart below to compare losses from any high point for GVALX and GTRFX.

Drawdown Indicators

	GVALX	GTRFX	Difference
Max Drawdown Largest peak-to-trough decline	-38.56%	-29.58%	-8.98%
Max Drawdown (1Y) Largest decline over 1 year	-7.46%	-6.47%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-15.66%	-14.48%	-1.18%
Max Drawdown (5Y) Largest decline over 5 years	-18.68%	-18.51%	-0.17%
Max Drawdown (10Y) Largest decline over 10 years	—	-29.58%	—
Current Drawdown Current decline from peak	-1.91%	-1.67%	-0.24%
Average Drawdown Average peak-to-trough decline	-4.45%	-4.27%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	1.62%	+0.53%

Volatility

GVALX vs. GTRFX - Volatility Comparison

Gotham Large Value Fund (GVALX) has a higher volatility of 3.51% compared to Gotham Total Return Fund (GTRFX) at 3.32%. This indicates that GVALX's price experiences larger fluctuations and is considered to be riskier than GTRFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GVALX	GTRFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	3.32%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	8.39%	7.52%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	11.24%	9.96%	+1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.41%	13.55%	+1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.47%	13.90%	+5.57%

GVALX vs. GTRFX - Expense Ratio Comparison

GVALX has a 1.05% expense ratio, which is higher than GTRFX's 0.00% expense ratio.

Dividends

GVALX vs. GTRFX - Dividend Comparison

GVALX's dividend yield for the trailing twelve months is around 10.78%, more than GTRFX's 8.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GTRFX Gotham Total Return Fund	8.99%	9.53%	11.50%	7.27%	10.25%	4.66%	0.71%	6.06%	1.48%	0.33%	0.05%
GVALX Gotham Large Value Fund	10.78%	11.81%	10.72%	9.77%	7.59%	18.49%	1.61%	2.40%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GVALX and GTRFX in my portfolio?

GVALX and GTRFX have a correlation of 0.89, 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 GTRFX?

GVALX has higher volatility (3.51%) compared to GTRFX (3.32%). In terms of maximum drawdown, GVALX dropped -38.56% vs GTRFX's -29.58%.

Which has better risk-adjusted returns?

GVALX currently has the higher Sharpe Ratio (1.88 vs 1.84), 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.