IASMX vs. GAGEX

Last updated Jun 24, 2026

IASMX (Guinness Atkinson Asia Focus Fund) and GAGEX (Guinness Atkinson Global Energy Fund) are both mutual funds - IASMX is a Asia Pacific Equities fund managed by Guinness Atkinson, while GAGEX is a Energy Equities fund managed by Guinness Atkinson. Over the past 10 years, IASMX returned 9.32%/yr vs 6.67%/yr for GAGEX. At a 0.46 correlation, their price movements are largely independent. IASMX charges 1.98%/yr vs 1.46%/yr for GAGEX.

Performance

IASMX vs. GAGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guinness Atkinson Asia Focus Fund (IASMX) and Guinness Atkinson Global Energy Fund (GAGEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IASMX achieves a 18.07% return, which is significantly lower than GAGEX's 23.97% return. Over the past 10 years, IASMX has outperformed GAGEX with an annualized return of 9.32%, while GAGEX has yielded a comparatively lower 6.67% annualized return.

IASMX

• 1D: -0.68%
• 1M: 3.36%
• YTD: 18.07%
• 6M: 19.23%
• 1Y: 37.47%
• 3Y*: 17.59%
• 5Y*: 2.30%
• 10Y*: 9.32%

GAGEX

• 1D: 1.44%
• 1M: -9.35%
• YTD: 23.97%
• 6M: 25.20%
• 1Y: 36.02%
• 3Y*: 16.60%
• 5Y*: 15.70%
• 10Y*: 6.67%

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

IASMX vs. GAGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IASMX Guinness Atkinson Asia Focus Fund	18.07%	29.64%	4.38%	5.95%	-28.04%	-6.46%	26.02%	29.32%	-17.58%	47.12%
GAGEX Guinness Atkinson Global Energy Fund	23.97%	16.88%	-1.75%	2.66%	34.32%	45.96%	-34.12%	10.45%	-18.96%	-1.04%

Correlation

The correlation between IASMX and GAGEX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jun 30, 2004	0.46

Over the past year, the correlation between IASMX and GAGEX has dropped to 0.04 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

Return for Risk

IASMX vs. GAGEX — Risk / Return Rank

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

IASMX

IASMX Risk / Return Rank: 63
IASMX Sharpe Ratio Rank: 61
IASMX Sortino Ratio Rank: 54
IASMX Omega Ratio Rank: 54
IASMX Calmar Ratio Rank: 84
IASMX Martin Ratio Rank: 62

GAGEX

GAGEX Risk / Return Rank: 42
GAGEX Sharpe Ratio Rank: 42
GAGEX Sortino Ratio Rank: 36
GAGEX Omega Ratio Rank: 35
GAGEX Calmar Ratio Rank: 47
GAGEX Martin Ratio Rank: 52

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.

IASMX vs. GAGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guinness Atkinson Asia Focus Fund (IASMX) and Guinness Atkinson Global Energy Fund (GAGEX). 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.

	IASMX	GAGEX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.75	+0.37
Sortino ratio: Return per unit of downside risk	2.85	2.31	+0.53
Omega ratio: Gain probability vs. loss probability	1.37	1.29	+0.08
Calmar ratio: Return relative to maximum drawdown	3.80	2.51	+1.28
Martin ratio: Return relative to average drawdown	11.51	10.13	+1.37

IASMX vs. GAGEX - Sharpe Ratio Comparison

The current IASMX Sharpe Ratio is 2.12, which is comparable to the GAGEX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of IASMX and GAGEX, 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

IASMX vs. GAGEX - Drawdown Comparison

The maximum IASMX drawdown since its inception was -76.53%, roughly equal to the maximum GAGEX drawdown of -78.90%. Use the drawdown chart below to compare losses from any high point for IASMX and GAGEX.

Drawdown Indicators

	IASMX	GAGEX	Difference
Max Drawdown Largest peak-to-trough decline	-76.53%	-78.90%	+2.37%
Max Drawdown (1Y) Largest decline over 1 year	-10.00%	-13.16%	+3.16%
Max Drawdown (3Y) Largest decline over 3 years	-19.62%	-23.67%	+4.05%
Max Drawdown (5Y) Largest decline over 5 years	-46.57%	-26.42%	-20.15%
Max Drawdown (10Y) Largest decline over 10 years	-52.51%	-69.98%	+17.47%
Current Drawdown Current decline from peak	-2.08%	-11.91%	+9.83%
Average Drawdown Average peak-to-trough decline	-33.16%	-29.17%	-3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	3.30%	-0.01%

Volatility

IASMX vs. GAGEX - Volatility Comparison

Guinness Atkinson Asia Focus Fund (IASMX) has a higher volatility of 7.59% compared to Guinness Atkinson Global Energy Fund (GAGEX) at 6.66%. This indicates that IASMX's price experiences larger fluctuations and is considered to be riskier than GAGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IASMX	GAGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.59%	6.66%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	14.45%	15.54%	-1.09%
Volatility (1Y) Calculated over the trailing 1-year period	17.96%	18.96%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.54%	23.65%	-2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	27.30%	-6.47%

IASMX vs. GAGEX - Expense Ratio Comparison

IASMX has a 1.98% expense ratio, which is higher than GAGEX's 1.46% expense ratio.

Dividends

IASMX vs. GAGEX - Dividend Comparison

IASMX's dividend yield for the trailing twelve months is around 5.86%, more than GAGEX's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAGEX Guinness Atkinson Global Energy Fund	2.28%	2.82%	7.08%	4.33%	0.15%	2.59%	3.59%	1.91%	1.72%	1.40%	1.13%	1.33%
IASMX Guinness Atkinson Asia Focus Fund	5.86%	6.92%	1.51%	1.16%	3.40%	9.14%	5.78%	6.61%	12.82%	0.90%	1.44%	1.18%

Frequently Asked Questions

Can I hold both IASMX and GAGEX in my portfolio?

IASMX and GAGEX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IASMX or GAGEX?

IASMX has higher volatility (7.59%) compared to GAGEX (6.66%). In terms of maximum drawdown, IASMX dropped -76.53% vs GAGEX's -78.90%.

Which has better risk-adjusted returns?

IASMX currently has the higher Sharpe Ratio (2.12 vs 1.75), 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.