IPSAX vs. JDIEX

Last updated Jun 4, 2026

IPSAX (IPS Strategic Capital Absolute Return Fund) and JDIEX (Easterly Hedged Equity Fund) are both Options Trading funds. Over the past 10 years, IPSAX returned 6.93%/yr vs 9.00%/yr for JDIEX. A 0.67 correlation means they provide meaningful diversification when combined. IPSAX charges 1.50%/yr vs 1.26%/yr for JDIEX.

Performance

IPSAX vs. JDIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IPS Strategic Capital Absolute Return Fund (IPSAX) and Easterly Hedged Equity Fund (JDIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPSAX achieves a 3.87% return, which is significantly lower than JDIEX's 8.68% return. Over the past 10 years, IPSAX has underperformed JDIEX with an annualized return of 6.93%, while JDIEX has yielded a comparatively higher 9.00% annualized return.

IPSAX

• 1D: 0.10%
• 1M: 4.17%
• YTD: 3.87%
• 6M: 3.14%
• 1Y: 12.19%
• 3Y*: 13.42%
• 5Y*: 7.17%
• 10Y*: 6.93%

JDIEX

• 1D: 0.06%
• 1M: 3.04%
• YTD: 8.68%
• 6M: 8.61%
• 1Y: 18.57%
• 3Y*: 15.25%
• 5Y*: 10.88%
• 10Y*: 9.00%

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

IPSAX vs. JDIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPSAX IPS Strategic Capital Absolute Return Fund	3.87%	9.13%	16.99%	16.10%	-16.02%	18.27%	3.11%	14.20%	-5.36%	13.56%
JDIEX Easterly Hedged Equity Fund	8.68%	11.87%	17.36%	14.58%	-2.74%	11.25%	7.57%	12.11%	1.56%	6.68%

Correlation

The correlation between IPSAX and JDIEX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Apr 19, 2016	0.67

The correlation between IPSAX and JDIEX shifts across timeframes, from 0.67 (all time) to 0.82 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IPSAX vs. JDIEX — Risk / Return Rank

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

IPSAX

IPSAX Risk / Return Rank: 15
IPSAX Sharpe Ratio Rank: 17
IPSAX Sortino Ratio Rank: 16
IPSAX Omega Ratio Rank: 19
IPSAX Calmar Ratio Rank: 11
IPSAX Martin Ratio Rank: 10

JDIEX

JDIEX Risk / Return Rank: 91
JDIEX Sharpe Ratio Rank: 91
JDIEX Sortino Ratio Rank: 91
JDIEX Omega Ratio Rank: 87
JDIEX Calmar Ratio Rank: 94
JDIEX Martin Ratio Rank: 94

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.

IPSAX vs. JDIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IPS Strategic Capital Absolute Return Fund (IPSAX) and Easterly Hedged Equity Fund (JDIEX). 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.

	IPSAX	JDIEX	Difference
Sharpe ratio: Return per unit of total volatility	1.16	3.03	-1.87
Sortino ratio: Return per unit of downside risk	1.65	4.43	-2.78
Omega ratio: Gain probability vs. loss probability	1.23	1.60	-0.37
Calmar ratio: Return relative to maximum drawdown	1.05	5.46	-4.42
Martin ratio: Return relative to average drawdown	3.10	21.58	-18.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPSAX vs. JDIEX - Sharpe Ratio Comparison

The current IPSAX Sharpe Ratio is 1.16, which is lower than the JDIEX Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of IPSAX and JDIEX, 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

	IPSAX	JDIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	3.03	-1.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.97	-0.93
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.06	0.84	-0.79
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.82	-0.76

Drawdowns

IPSAX vs. JDIEX - Drawdown Comparison

The maximum IPSAX drawdown since its inception was -81.31%, which is greater than JDIEX's maximum drawdown of -17.63%. Use the drawdown chart below to compare losses from any high point for IPSAX and JDIEX.

Drawdown Indicators

	IPSAX	JDIEX	Difference
Max Drawdown Largest peak-to-trough decline	-81.31%	-17.63%	-63.68%
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	-3.49%	-8.60%
Max Drawdown (3Y) Largest decline over 3 years	-81.31%	-10.66%	-70.65%
Max Drawdown (5Y) Largest decline over 5 years	-81.31%	-17.57%	-63.74%
Max Drawdown (10Y) Largest decline over 10 years	-81.31%	-17.63%	-63.68%
Current Drawdown Current decline from peak	-76.87%	0.00%	-76.87%
Average Drawdown Average peak-to-trough decline	-14.55%	-2.53%	-12.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	0.88%	+3.19%

Volatility

IPSAX vs. JDIEX - Volatility Comparison

IPS Strategic Capital Absolute Return Fund (IPSAX) has a higher volatility of 2.65% compared to Easterly Hedged Equity Fund (JDIEX) at 1.29%. This indicates that IPSAX's price experiences larger fluctuations and is considered to be riskier than JDIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPSAX	JDIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	1.29%	+1.36%
Volatility (6M) Calculated over the trailing 6-month period	7.98%	4.71%	+3.27%
Volatility (1Y) Calculated over the trailing 1-year period	10.93%	6.31%	+4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	175.34%	11.29%	+164.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	124.17%	10.72%	+113.45%

IPSAX vs. JDIEX - Expense Ratio Comparison

IPSAX has a 1.50% expense ratio, which is higher than JDIEX's 1.26% expense ratio.

Dividends

IPSAX vs. JDIEX - Dividend Comparison

IPSAX's dividend yield for the trailing twelve months is around 14.26%, while JDIEX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IPSAX IPS Strategic Capital Absolute Return Fund	14.26%	14.81%	13.88%	0.00%	12.04%	5.18%	0.46%	9.23%	0.00%	9.16%	0.69%
JDIEX Easterly Hedged Equity Fund	0.00%	0.00%	0.09%	0.23%	2.45%	10.68%	8.01%	1.99%	10.75%	2.57%	0.11%

Frequently Asked Questions

Can I hold both IPSAX and JDIEX in my portfolio?

IPSAX and JDIEX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPSAX or JDIEX?

IPSAX has higher volatility (2.65%) compared to JDIEX (1.29%). In terms of maximum drawdown, IPSAX dropped -81.31% vs JDIEX's -17.63%.

Which has better risk-adjusted returns?

JDIEX currently has the higher Sharpe Ratio (3.03 vs 1.16), 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.