IGNAX vs. SOAEX

Last updated Jul 18, 2026

IGNAX (Delaware Ivy Natural Resources Fund) and SOAEX (Spirit of America Energy Fund) are both Energy Equities funds. Over the past 10 years, IGNAX returned 6.42%/yr vs 33.60%/yr for SOAEX. A 0.77 correlation means they provide meaningful diversification when combined. IGNAX charges 1.82%/yr vs 1.50%/yr for SOAEX.

Performance

IGNAX vs. SOAEX - Performance Comparison

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

Returns By Period

In the year-to-date period, IGNAX achieves a 9.98% return, which is significantly lower than SOAEX's 30.44% return. Over the past 10 years, IGNAX has underperformed SOAEX with an annualized return of 6.42%, while SOAEX has yielded a comparatively higher 33.60% annualized return.

IGNAX

• 1D: -0.57%
• 1M: -3.75%
• 6M: 1.85%
• YTD: 9.98%
• 1Y: 36.89%
• 3Y*: 14.90%
• 5Y*: 15.02%
• 10Y*: 6.42%

SOAEX

• 1D: 0.76%
• 1M: 7.18%
• 6M: 24.55%
• YTD: 30.44%
• 1Y: 33.54%
• 3Y*: 22.50%
• 5Y*: 20.96%
• 10Y*: 33.60%

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

IGNAX vs. SOAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IGNAX Delaware Ivy Natural Resources Fund	9.98%	38.01%	-0.56%	1.26%	17.52%	26.06%	-12.38%	9.24%	-23.79%	2.89%
SOAEX Spirit of America Energy Fund	30.44%	6.05%	19.30%	13.10%	30.26%	34.19%	96.43%	11.49%	148.45%	-3.97%

Correlation

The correlation between IGNAX and SOAEX is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jul 10, 2014	0.77

Over the past year, the correlation between IGNAX and SOAEX has dropped to 0.52 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

Return for Risk

IGNAX vs. SOAEX — Risk / Return Rank

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

IGNAX

IGNAX Risk / Return Rank: 75
IGNAX Sharpe Ratio Rank: 78
IGNAX Sortino Ratio Rank: 65
IGNAX Omega Ratio Rank: 70
IGNAX Calmar Ratio Rank: 84
IGNAX Martin Ratio Rank: 79

SOAEX

SOAEX Risk / Return Rank: 78
SOAEX Sharpe Ratio Rank: 80
SOAEX Sortino Ratio Rank: 74
SOAEX Omega Ratio Rank: 68
SOAEX Calmar Ratio Rank: 94
SOAEX Martin Ratio Rank: 73

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. SOAEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Ivy Natural Resources Fund (IGNAX) and Spirit of America Energy Fund (SOAEX). 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	SOAEX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.14	-0.08
Sortino ratio: Return per unit of downside risk	2.61	2.87	-0.26
Omega ratio: Gain probability vs. loss probability	1.36	1.35	+0.01
Calmar ratio: Return relative to maximum drawdown	3.29	4.27	-0.98
Martin ratio: Return relative to average drawdown	11.47	10.82	+0.65

IGNAX vs. SOAEX - Sharpe Ratio Comparison

The current IGNAX Sharpe Ratio is 2.06, which is comparable to the SOAEX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of IGNAX and SOAEX, 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. SOAEX - Drawdown Comparison

The maximum IGNAX drawdown since its inception was -77.49%, which is greater than SOAEX's maximum drawdown of -67.07%. Use the drawdown chart below to compare losses from any high point for IGNAX and SOAEX.

Drawdown Indicators

	IGNAX	SOAEX	Difference
Max Drawdown Largest peak-to-trough decline	-77.49%	-67.07%	-10.42%
Max Drawdown (1Y) Largest decline over 1 year	-11.40%	-8.03%	-3.37%
Max Drawdown (3Y) Largest decline over 3 years	-22.86%	-19.30%	-3.56%
Max Drawdown (5Y) Largest decline over 5 years	-24.79%	-20.84%	-3.95%
Max Drawdown (10Y) Largest decline over 10 years	-57.95%	-67.07%	+9.12%
Current Drawdown Current decline from peak	-15.93%	-0.56%	-15.37%
Average Drawdown Average peak-to-trough decline	-35.59%	-14.78%	-20.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	3.16%	+0.10%

Volatility

IGNAX vs. SOAEX - Volatility Comparison

Delaware Ivy Natural Resources Fund (IGNAX) and Spirit of America Energy Fund (SOAEX) have volatilities of 4.62% and 4.69%, 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	SOAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	4.69%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	14.03%	12.62%	+1.41%
Volatility (1Y) Calculated over the trailing 1-year period	18.19%	16.04%	+2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.95%	19.87%	+2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.39%	97.67%	-75.28%

IGNAX vs. SOAEX - Expense Ratio Comparison

IGNAX has a 1.82% expense ratio, which is higher than SOAEX's 1.50% expense ratio.

Dividends

IGNAX vs. SOAEX - Dividend Comparison

IGNAX has not paid dividends to shareholders, while SOAEX's dividend yield for the trailing twelve months is around 11.30%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SOAEX Spirit of America Energy Fund	11.30%	13.91%	26.36%	24.88%	22.14%	23.25%	21.16%	20.73%	15.62%	17.90%	13.40%	14.76%

Frequently Asked Questions

Can I hold both IGNAX and SOAEX in my portfolio?

IGNAX and SOAEX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IGNAX or SOAEX?

SOAEX has higher volatility (4.69%) compared to IGNAX (4.62%). In terms of maximum drawdown, IGNAX dropped -77.49% vs SOAEX's -67.07%.

Which has better risk-adjusted returns?

SOAEX currently has the higher Sharpe Ratio (2.14 vs 2.06), 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.