IGNAX vs. GHAAX

Last updated Jun 18, 2026

IGNAX (Delaware Ivy Natural Resources Fund) and GHAAX (VanEck Global Resources Fund) are both Energy Equities funds. Over the past 10 years, IGNAX returned 7.34%/yr vs 6.89%/yr for GHAAX. Their correlation of 0.90 suggests significant overlap in exposure. IGNAX charges 1.82%/yr vs 1.38%/yr for GHAAX.

Performance

IGNAX vs. GHAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Ivy Natural Resources Fund (IGNAX) and VanEck Global Resources Fund (GHAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IGNAX achieves a 16.30% return, which is significantly higher than GHAAX's 14.44% return. Over the past 10 years, IGNAX has outperformed GHAAX with an annualized return of 7.34%, while GHAAX has yielded a comparatively lower 6.89% annualized return.

IGNAX

• 1D: -0.08%
• 1M: -0.79%
• YTD: 16.30%
• 6M: 17.91%
• 1Y: 43.80%
• 3Y*: 17.78%
• 5Y*: 15.30%
• 10Y*: 7.34%

GHAAX

• 1D: -0.07%
• 1M: -1.12%
• YTD: 14.44%
• 6M: 16.99%
• 1Y: 36.61%
• 3Y*: 14.98%
• 5Y*: 9.86%
• 10Y*: 6.89%

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

IGNAX vs. GHAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IGNAX Delaware Ivy Natural Resources Fund	16.30%	38.01%	-0.56%	1.26%	17.52%	26.06%	-12.38%	9.24%	-23.79%	2.89%
GHAAX VanEck Global Resources Fund	14.44%	36.12%	-3.15%	-3.93%	7.79%	18.63%	18.68%	11.65%	-29.35%	-1.49%

Correlation

The correlation between IGNAX and GHAAX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 31, 1996	0.90

The correlation between IGNAX and GHAAX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

IGNAX vs. GHAAX — Risk / Return Rank

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

IGNAX

IGNAX Risk / Return Rank: 81
IGNAX Sharpe Ratio Rank: 80
IGNAX Sortino Ratio Rank: 64
IGNAX Omega Ratio Rank: 68
IGNAX Calmar Ratio Rank: 98
IGNAX Martin Ratio Rank: 96

GHAAX

GHAAX Risk / Return Rank: 51
GHAAX Sharpe Ratio Rank: 42
GHAAX Sortino Ratio Rank: 32
GHAAX Omega Ratio Rank: 42
GHAAX Calmar Ratio Rank: 77
GHAAX 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.

IGNAX vs. GHAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Ivy Natural Resources Fund (IGNAX) and VanEck Global Resources Fund (GHAAX). 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.

	IGNAX	GHAAX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	1.76	+0.66
Sortino ratio: Return per unit of downside risk	3.03	2.21	+0.82
Omega ratio: Gain probability vs. loss probability	1.42	1.33	+0.09
Calmar ratio: Return relative to maximum drawdown	6.98	3.28	+3.69
Martin ratio: Return relative to average drawdown	21.76	11.15	+10.61

IGNAX vs. GHAAX - Sharpe Ratio Comparison

The current IGNAX Sharpe Ratio is 2.42, which is higher than the GHAAX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of IGNAX and GHAAX, 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

IGNAX vs. GHAAX - Drawdown Comparison

The maximum IGNAX drawdown since its inception was -77.49%, roughly equal to the maximum GHAAX drawdown of -74.68%. Use the drawdown chart below to compare losses from any high point for IGNAX and GHAAX.

Drawdown Indicators

	IGNAX	GHAAX	Difference
Max Drawdown Largest peak-to-trough decline	-77.49%	-74.68%	-2.81%
Max Drawdown (1Y) Largest decline over 1 year	-6.24%	-11.04%	+4.80%
Max Drawdown (3Y) Largest decline over 3 years	-22.86%	-18.65%	-4.21%
Max Drawdown (5Y) Largest decline over 5 years	-24.79%	-27.74%	+2.95%
Max Drawdown (10Y) Largest decline over 10 years	-57.95%	-62.93%	+4.98%
Current Drawdown Current decline from peak	-11.09%	-6.12%	-4.97%
Average Drawdown Average peak-to-trough decline	-35.64%	-24.66%	-10.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	3.25%	-1.24%

Volatility

IGNAX vs. GHAAX - Volatility Comparison

Delaware Ivy Natural Resources Fund (IGNAX) and VanEck Global Resources Fund (GHAAX) have volatilities of 6.12% and 6.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGNAX	GHAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	6.30%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	14.01%	17.34%	-3.33%
Volatility (1Y) Calculated over the trailing 1-year period	18.03%	20.64%	-2.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.02%	23.15%	-1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.49%	25.39%	-2.90%

IGNAX vs. GHAAX - Expense Ratio Comparison

IGNAX has a 1.82% expense ratio, which is higher than GHAAX's 1.38% expense ratio.

Dividends

IGNAX vs. GHAAX - Dividend Comparison

IGNAX has not paid dividends to shareholders, while GHAAX's dividend yield for the trailing twelve months is around 1.36%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GHAAX VanEck Global Resources Fund	1.36%	1.56%	2.95%	2.33%	2.53%	1.35%	0.53%	0.89%	0.00%	0.00%	0.03%	0.51%
IGNAX Delaware Ivy Natural Resources Fund	0.00%	0.00%	5.68%	1.94%	2.02%	2.30%	0.29%	1.75%	0.00%	0.00%	0.06%	0.00%

Frequently Asked Questions

Can I hold both IGNAX and GHAAX in my portfolio?

With a correlation of 0.92, IGNAX and GHAAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IGNAX or GHAAX?

GHAAX has higher volatility (6.30%) compared to IGNAX (6.12%). In terms of maximum drawdown, IGNAX dropped -77.49% vs GHAAX's -74.68%.

Which has better risk-adjusted returns?

IGNAX currently has the higher Sharpe Ratio (2.42 vs 1.76), 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.