IWIRX vs. GAAEX

Last updated Jun 24, 2026

IWIRX (Guinness Atkinson Global Innovators Fund) and GAAEX (Guinness Atkinson Alternative Energy Fund) are both mutual funds - IWIRX is a Large Cap Growth Equities fund managed by Guinness Atkinson, while GAAEX is a Global Equities fund managed by Guinness Atkinson. Over the past 10 years, IWIRX returned 14.05%/yr vs 11.50%/yr for GAAEX. A 0.71 correlation means they provide meaningful diversification when combined. IWIRX charges 1.24%/yr vs 1.98%/yr for GAAEX.

Performance

IWIRX vs. GAAEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guinness Atkinson Global Innovators Fund (IWIRX) and Guinness Atkinson Alternative Energy Fund (GAAEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWIRX achieves a 4.87% return, which is significantly lower than GAAEX's 17.64% return. Over the past 10 years, IWIRX has outperformed GAAEX with an annualized return of 14.05%, while GAAEX has yielded a comparatively lower 11.50% annualized return.

IWIRX

• 1D: -0.30%
• 1M: 2.79%
• YTD: 4.87%
• 6M: 4.03%
• 1Y: 18.43%
• 3Y*: 19.24%
• 5Y*: 6.57%
• 10Y*: 14.05%

GAAEX

• 1D: 1.08%
• 1M: 3.18%
• YTD: 17.64%
• 6M: 16.36%
• 1Y: 38.01%
• 3Y*: 6.90%
• 5Y*: 3.29%
• 10Y*: 11.50%

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

IWIRX vs. GAAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWIRX Guinness Atkinson Global Innovators Fund	4.87%	19.93%	19.47%	39.36%	-29.72%	4.85%	36.21%	37.05%	-16.90%	34.77%
GAAEX Guinness Atkinson Alternative Energy Fund	17.64%	26.64%	-11.85%	-2.39%	-12.67%	8.40%	86.45%	30.20%	-15.49%	20.68%

Correlation

The correlation between IWIRX and GAAEX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Mar 31, 2006	0.71

The correlation between IWIRX and GAAEX has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.

Return for Risk

IWIRX vs. GAAEX — Risk / Return Rank

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

IWIRX

IWIRX Risk / Return Rank: 22
IWIRX Sharpe Ratio Rank: 21
IWIRX Sortino Ratio Rank: 19
IWIRX Omega Ratio Rank: 19
IWIRX Calmar Ratio Rank: 22
IWIRX Martin Ratio Rank: 27

GAAEX

GAAEX Risk / Return Rank: 48
GAAEX Sharpe Ratio Rank: 50
GAAEX Sortino Ratio Rank: 45
GAAEX Omega Ratio Rank: 42
GAAEX Calmar Ratio Rank: 54
GAAEX Martin Ratio Rank: 47

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.

IWIRX vs. GAAEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guinness Atkinson Global Innovators Fund (IWIRX) and Guinness Atkinson Alternative Energy Fund (GAAEX). 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.

	IWIRX	GAAEX	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.92	-0.72
Sortino ratio: Return per unit of downside risk	1.70	2.61	-0.92
Omega ratio: Gain probability vs. loss probability	1.21	1.32	-0.11
Calmar ratio: Return relative to maximum drawdown	1.60	2.69	-1.09
Martin ratio: Return relative to average drawdown	6.04	9.28	-3.25

IWIRX vs. GAAEX - Sharpe Ratio Comparison

The current IWIRX Sharpe Ratio is 1.20, which is lower than the GAAEX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of IWIRX and GAAEX, 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

IWIRX vs. GAAEX - Drawdown Comparison

The maximum IWIRX drawdown since its inception was -70.99%, smaller than the maximum GAAEX drawdown of -85.83%. Use the drawdown chart below to compare losses from any high point for IWIRX and GAAEX.

Drawdown Indicators

	IWIRX	GAAEX	Difference
Max Drawdown Largest peak-to-trough decline	-70.99%	-85.83%	+14.84%
Max Drawdown (1Y) Largest decline over 1 year	-12.03%	-14.57%	+2.54%
Max Drawdown (3Y) Largest decline over 3 years	-27.26%	-35.21%	+7.95%
Max Drawdown (5Y) Largest decline over 5 years	-44.99%	-40.64%	-4.35%
Max Drawdown (10Y) Largest decline over 10 years	-44.99%	-40.64%	-4.35%
Current Drawdown Current decline from peak	-0.79%	-49.82%	+49.03%
Average Drawdown Average peak-to-trough decline	-21.27%	-63.60%	+42.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	4.22%	-1.03%

Volatility

IWIRX vs. GAAEX - Volatility Comparison

The current volatility for Guinness Atkinson Global Innovators Fund (IWIRX) is 6.39%, while Guinness Atkinson Alternative Energy Fund (GAAEX) has a volatility of 8.64%. This indicates that IWIRX experiences smaller price fluctuations and is considered to be less risky than GAAEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWIRX	GAAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	8.64%	-2.25%
Volatility (6M) Calculated over the trailing 6-month period	12.93%	16.37%	-3.44%
Volatility (1Y) Calculated over the trailing 1-year period	16.08%	20.43%	-4.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.48%	22.64%	+1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.86%	22.45%	+0.41%

IWIRX vs. GAAEX - Expense Ratio Comparison

IWIRX has a 1.24% expense ratio, which is lower than GAAEX's 1.98% expense ratio.

Dividends

IWIRX vs. GAAEX - Dividend Comparison

IWIRX's dividend yield for the trailing twelve months is around 16.01%, more than GAAEX's 0.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAAEX Guinness Atkinson Alternative Energy Fund	0.28%	0.33%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	0.28%	0.00%	0.00%
IWIRX Guinness Atkinson Global Innovators Fund	16.01%	16.79%	12.54%	3.85%	12.52%	2.58%	2.65%	4.54%	7.63%	2.27%	0.92%	4.77%

Frequently Asked Questions

Can I hold both IWIRX and GAAEX in my portfolio?

IWIRX and GAAEX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWIRX or GAAEX?

GAAEX has higher volatility (8.64%) compared to IWIRX (6.39%). In terms of maximum drawdown, IWIRX dropped -70.99% vs GAAEX's -85.83%.

Which has better risk-adjusted returns?

GAAEX currently has the higher Sharpe Ratio (1.92 vs 1.20), 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.