IRONX vs. SHIIX

Last updated Jun 23, 2026

IRONX (Ironclad Managed Risk Fund) and SHIIX (Catalyst Buffered Shield Fund) are both Options Trading funds. Over the past 10 years, IRONX returned 26.68%/yr vs 7.48%/yr for SHIIX. A 0.79 correlation means they provide meaningful diversification when combined. IRONX charges 1.25%/yr vs 1.23%/yr for SHIIX.

Performance

IRONX vs. SHIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ironclad Managed Risk Fund (IRONX) and Catalyst Buffered Shield Fund (SHIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IRONX achieves a 4.23% return, which is significantly lower than SHIIX's 4.78% return. Over the past 10 years, IRONX has outperformed SHIIX with an annualized return of 26.68%, while SHIIX has yielded a comparatively lower 7.48% annualized return.

IRONX

• 1D: 0.36%
• 1M: -0.64%
• YTD: 4.23%
• 6M: 3.77%
• 1Y: 13.48%
• 3Y*: 11.13%
• 5Y*: 9.66%
• 10Y*: 26.68%

SHIIX

• 1D: 0.53%
• 1M: 0.62%
• YTD: 4.78%
• 6M: 4.78%
• 1Y: 13.71%
• 3Y*: 12.06%
• 5Y*: 5.71%
• 10Y*: 7.48%

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

IRONX vs. SHIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IRONX Ironclad Managed Risk Fund	4.23%	10.57%	14.78%	10.61%	0.26%	13.24%	5.91%	458.33%	1.99%	3.33%
SHIIX Catalyst Buffered Shield Fund	4.78%	10.88%	13.57%	14.03%	-18.44%	14.15%	7.18%	20.24%	-5.58%	14.17%

Correlation

The correlation between IRONX and SHIIX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.79

The correlation between IRONX and SHIIX shifts across timeframes, from 0.78 (10 years) to 0.90 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IRONX vs. SHIIX — Risk / Return Rank

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

IRONX

IRONX Risk / Return Rank: 36
IRONX Sharpe Ratio Rank: 36
IRONX Sortino Ratio Rank: 33
IRONX Omega Ratio Rank: 34
IRONX Calmar Ratio Rank: 38
IRONX Martin Ratio Rank: 40

SHIIX

SHIIX Risk / Return Rank: 85
SHIIX Sharpe Ratio Rank: 85
SHIIX Sortino Ratio Rank: 86
SHIIX Omega Ratio Rank: 86
SHIIX Calmar Ratio Rank: 75
SHIIX 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.

IRONX vs. SHIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ironclad Managed Risk Fund (IRONX) and Catalyst Buffered Shield Fund (SHIIX). 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.

	IRONX	SHIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.56	-0.96
Sortino ratio: Return per unit of downside risk	2.22	3.83	-1.61
Omega ratio: Gain probability vs. loss probability	1.28	1.55	-0.27
Calmar ratio: Return relative to maximum drawdown	2.21	3.22	-1.01
Martin ratio: Return relative to average drawdown	8.18	17.95	-9.77

IRONX vs. SHIIX - Sharpe Ratio Comparison

The current IRONX Sharpe Ratio is 1.61, which is lower than the SHIIX Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of IRONX and SHIIX, 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

IRONX vs. SHIIX - Drawdown Comparison

The maximum IRONX drawdown since its inception was -13.71%, smaller than the maximum SHIIX drawdown of -20.20%. Use the drawdown chart below to compare losses from any high point for IRONX and SHIIX.

Drawdown Indicators

	IRONX	SHIIX	Difference
Max Drawdown Largest peak-to-trough decline	-13.71%	-20.20%	+6.49%
Max Drawdown (1Y) Largest decline over 1 year	-5.99%	-4.27%	-1.72%
Max Drawdown (3Y) Largest decline over 3 years	-11.68%	-11.36%	-0.32%
Max Drawdown (5Y) Largest decline over 5 years	-11.68%	-20.20%	+8.52%
Max Drawdown (10Y) Largest decline over 10 years	-13.71%	-20.20%	+6.49%
Current Drawdown Current decline from peak	-1.20%	0.00%	-1.20%
Average Drawdown Average peak-to-trough decline	-1.78%	-4.10%	+2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	0.77%	+0.85%

Volatility

IRONX vs. SHIIX - Volatility Comparison

Ironclad Managed Risk Fund (IRONX) has a higher volatility of 2.15% compared to Catalyst Buffered Shield Fund (SHIIX) at 1.63%. This indicates that IRONX's price experiences larger fluctuations and is considered to be riskier than SHIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IRONX	SHIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.15%	1.63%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	6.08%	4.46%	+1.62%
Volatility (1Y) Calculated over the trailing 1-year period	8.26%	5.38%	+2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.47%	8.58%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.74%	8.56%	+32.18%

IRONX vs. SHIIX - Expense Ratio Comparison

IRONX has a 1.25% expense ratio, which is higher than SHIIX's 1.23% expense ratio.

Dividends

IRONX vs. SHIIX - Dividend Comparison

IRONX's dividend yield for the trailing twelve months is around 0.06%, less than SHIIX's 2.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IRONX Ironclad Managed Risk Fund	0.06%	0.06%	0.19%	5.17%	2.97%	13.84%	4.16%	121.75%	8.85%	9.93%	1.42%	0.38%
SHIIX Catalyst Buffered Shield Fund	2.88%	3.02%	2.94%	2.52%	0.68%	16.99%	2.01%	6.13%	10.13%	14.66%	0.79%	0.00%

Frequently Asked Questions

Can I hold both IRONX and SHIIX in my portfolio?

IRONX and SHIIX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IRONX or SHIIX?

IRONX has higher volatility (2.15%) compared to SHIIX (1.63%). In terms of maximum drawdown, IRONX dropped -13.71% vs SHIIX's -20.20%.

Which has better risk-adjusted returns?

SHIIX currently has the higher Sharpe Ratio (2.56 vs 1.60), 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.