IEYYX vs. GAGEX

Last updated Jun 3, 2026

IEYYX (Delaware Ivy Energy Fund) and GAGEX (Guinness Atkinson Global Energy Fund) are both Energy Equities funds. Over the past 10 years, IEYYX returned 1.72%/yr vs 7.24%/yr for GAGEX. Their correlation of 0.88 suggests significant overlap in exposure. IEYYX charges 1.28%/yr vs 1.46%/yr for GAGEX.

Performance

IEYYX vs. GAGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Ivy Energy Fund (IEYYX) 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, IEYYX achieves a 20.33% return, which is significantly lower than GAGEX's 32.24% return. Over the past 10 years, IEYYX has underperformed GAGEX with an annualized return of 1.72%, while GAGEX has yielded a comparatively higher 7.24% annualized return.

IEYYX

• 1D: -0.30%
• 1M: 0.15%
• YTD: 20.33%
• 6M: 22.60%
• 1Y: 46.35%
• 3Y*: 12.94%
• 5Y*: 14.40%
• 10Y*: 1.72%

GAGEX

• 1D: 1.67%
• 1M: -3.81%
• YTD: 32.24%
• 6M: 30.80%
• 1Y: 52.71%
• 3Y*: 18.48%
• 5Y*: 17.03%
• 10Y*: 7.24%

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

IEYYX vs. GAGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEYYX Delaware Ivy Energy Fund	20.33%	22.56%	-3.60%	-4.08%	41.14%	43.34%	-38.68%	4.25%	-34.47%	-12.98%
GAGEX Guinness Atkinson Global Energy Fund	32.24%	16.88%	-1.75%	2.66%	34.32%	45.96%	-34.12%	10.45%	-18.96%	-1.04%

Correlation

The correlation between IEYYX and GAGEX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Apr 6, 2006	0.88

Over the past year, the correlation between IEYYX and GAGEX has dropped to 0.39 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

Return for Risk

IEYYX vs. GAGEX — Risk / Return Rank

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

IEYYX

IEYYX Risk / Return Rank: 96
IEYYX Sharpe Ratio Rank: 97
IEYYX Sortino Ratio Rank: 94
IEYYX Omega Ratio Rank: 90
IEYYX Calmar Ratio Rank: 99
IEYYX Martin Ratio Rank: 98

GAGEX

GAGEX Risk / Return Rank: 86
GAGEX Sharpe Ratio Rank: 91
GAGEX Sortino Ratio Rank: 79
GAGEX Omega Ratio Rank: 73
GAGEX Calmar Ratio Rank: 96
GAGEX Martin Ratio Rank: 93

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.

IEYYX vs. GAGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Ivy Energy Fund (IEYYX) 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.

	IEYYX	GAGEX	Difference
Sharpe ratio Return per unit of total volatility	3.70	3.02	+0.69
Sortino ratio Return per unit of downside risk	4.91	3.75	+1.16
Omega ratio Gain probability vs. loss probability	1.65	1.48	+0.17
Calmar ratio Return relative to maximum drawdown	10.57	6.37	+4.20
Martin ratio Return relative to average drawdown	36.07	19.85	+16.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEYYX vs. GAGEX - Sharpe Ratio Comparison

The current IEYYX Sharpe Ratio is 3.70, which is comparable to the GAGEX Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of IEYYX 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.

Sharpe Ratios by Period

	IEYYX	GAGEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.70	3.02	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.73	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.06	0.27	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.24	-0.18

Drawdowns

IEYYX vs. GAGEX - Drawdown Comparison

The maximum IEYYX drawdown since its inception was -85.16%, which is greater than GAGEX's maximum drawdown of -78.90%. Use the drawdown chart below to compare losses from any high point for IEYYX and GAGEX.

Drawdown Indicators

	IEYYX	GAGEX	Difference
Max Drawdown Largest peak-to-trough decline	-85.16%	-78.90%	-6.26%
Max Drawdown (1Y) Largest decline over 1 year	-4.55%	-8.53%	+3.98%
Max Drawdown (3Y) Largest decline over 3 years	-22.71%	-23.67%	+0.96%
Max Drawdown (5Y) Largest decline over 5 years	-30.43%	-26.42%	-4.01%
Max Drawdown (10Y) Largest decline over 10 years	-81.45%	-69.98%	-11.47%
Current Drawdown Current decline from peak	-22.24%	-6.03%	-16.21%
Average Drawdown Average peak-to-trough decline	-35.18%	-29.23%	-5.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	2.74%	-1.41%

Volatility

IEYYX vs. GAGEX - Volatility Comparison

The current volatility for Delaware Ivy Energy Fund (IEYYX) is 4.16%, while Guinness Atkinson Global Energy Fund (GAGEX) has a volatility of 7.11%. This indicates that IEYYX experiences smaller price fluctuations and is considered to be less risky than GAGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEYYX	GAGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	7.11%	-2.95%
Volatility (6M) Calculated over the trailing 6-month period	9.67%	14.89%	-5.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.89%	18.44%	-5.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.75%	23.62%	-1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.87%	27.31%	+3.56%

IEYYX vs. GAGEX - Expense Ratio Comparison

IEYYX has a 1.28% expense ratio, which is lower than GAGEX's 1.46% expense ratio.

Dividends

IEYYX vs. GAGEX - Dividend Comparison

IEYYX's dividend yield for the trailing twelve months is around 0.72%, less than GAGEX's 2.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAGEX Guinness Atkinson Global Energy Fund	2.13%	2.82%	7.08%	4.33%	0.15%	2.59%	3.59%	1.91%	1.72%	1.40%	1.13%	1.33%
IEYYX Delaware Ivy Energy Fund	0.72%	0.87%	0.91%	2.37%	1.33%	1.49%	2.17%	0.00%	0.00%	0.36%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IEYYX and GAGEX in my portfolio?

IEYYX and GAGEX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEYYX or GAGEX?

GAGEX has higher volatility (7.11%) compared to IEYYX (4.16%). In terms of maximum drawdown, IEYYX dropped -85.16% vs GAGEX's -78.90%.

Which has better risk-adjusted returns?

IEYYX currently has the higher Sharpe Ratio (3.70 vs 3.02), 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.