LCORX vs. GRZZX

Last updated Jul 17, 2026

LCORX (Leuthold Core Investment Fund) and GRZZX (Grizzly Short Fund) are both mutual funds - LCORX is a Tactical Allocation fund managed by Leuthold, while GRZZX is a Inverse Equities fund managed by Leuthold. Over the past 10 years, LCORX returned 7.81%/yr vs -0.96%/yr for GRZZX. At a correlation of -0.77, they often move in opposite directions. LCORX charges 1.16%/yr vs 1.61%/yr for GRZZX.

Performance

LCORX vs. GRZZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leuthold Core Investment Fund (LCORX) and Grizzly Short Fund (GRZZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LCORX achieves a 5.51% return, which is significantly higher than GRZZX's -8.25% return. Over the past 10 years, LCORX has outperformed GRZZX with an annualized return of 7.81%, while GRZZX has yielded a comparatively lower -0.96% annualized return.

LCORX

• 1D: -0.42%
• 1M: -1.33%
• 6M: 3.04%
• YTD: 5.51%
• 1Y: 13.61%
• 3Y*: 11.01%
• 5Y*: 7.49%
• 10Y*: 7.81%

GRZZX

• 1D: -0.27%
• 1M: -1.73%
• 6M: -4.06%
• YTD: -8.25%
• 1Y: -7.26%
• 3Y*: -6.20%
• 5Y*: -4.02%
• 10Y*: -0.96%

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

LCORX vs. GRZZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LCORX Leuthold Core Investment Fund	5.51%	14.39%	8.01%	11.71%	-6.78%	15.19%	10.08%	11.58%	-6.23%	15.79%
GRZZX Grizzly Short Fund	-8.25%	-2.98%	-6.74%	-18.72%	22.43%	-15.87%	-41.33%	-29.43%	301.98%	-19.84%

Correlation

The correlation between LCORX and GRZZX is -0.61, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.61
Correlation (3Y) Calculated over the trailing 3-year period	-0.72
Correlation (5Y) Calculated over the trailing 5-year period	-0.74
Correlation (10Y) Calculated over the trailing 10-year period	-0.75
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001	-0.77

The correlation between LCORX and GRZZX shifts across timeframes, from -0.77 (all time) to -0.61 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LCORX vs. GRZZX — Risk / Return Rank

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

LCORX

LCORX Risk / Return Rank: 47
LCORX Sharpe Ratio Rank: 49
LCORX Sortino Ratio Rank: 50
LCORX Omega Ratio Rank: 47
LCORX Calmar Ratio Rank: 46
LCORX Martin Ratio Rank: 46

GRZZX

GRZZX Risk / Return Rank: 1
GRZZX Sharpe Ratio Rank: 1
GRZZX Sortino Ratio Rank: 1
GRZZX Omega Ratio Rank: 1
GRZZX Calmar Ratio Rank: 1
GRZZX Martin Ratio Rank: 1

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.

LCORX vs. GRZZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leuthold Core Investment Fund (LCORX) and Grizzly Short Fund (GRZZX). 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.

	LCORX	GRZZX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	-0.57	+2.16
Sortino ratio: Return per unit of downside risk	2.29	-0.72	+3.01
Omega ratio: Gain probability vs. loss probability	1.29	0.92	+0.37
Calmar ratio: Return relative to maximum drawdown	2.13	-0.49	+2.62
Martin ratio: Return relative to average drawdown	7.89	-1.11	+9.00

LCORX vs. GRZZX - Sharpe Ratio Comparison

The current LCORX Sharpe Ratio is 1.59, which is higher than the GRZZX Sharpe Ratio of -0.57. The chart below compares the historical Sharpe Ratios of LCORX and GRZZX, 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

LCORX vs. GRZZX - Drawdown Comparison

The maximum LCORX drawdown since its inception was -41.31%, smaller than the maximum GRZZX drawdown of -91.80%. Use the drawdown chart below to compare losses from any high point for LCORX and GRZZX.

Drawdown Indicators

	LCORX	GRZZX	Difference
Max Drawdown Largest peak-to-trough decline	-41.31%	-91.80%	+50.49%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-15.84%	+9.29%
Max Drawdown (3Y) Largest decline over 3 years	-9.98%	-31.08%	+21.10%
Max Drawdown (5Y) Largest decline over 5 years	-13.88%	-39.06%	+25.18%
Max Drawdown (10Y) Largest decline over 10 years	-19.38%	-73.07%	+53.69%
Current Drawdown Current decline from peak	-2.15%	-89.77%	+87.62%
Average Drawdown Average peak-to-trough decline	-4.99%	-69.44%	+64.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	7.03%	-5.27%

Volatility

LCORX vs. GRZZX - Volatility Comparison

The current volatility for Leuthold Core Investment Fund (LCORX) is 1.93%, while Grizzly Short Fund (GRZZX) has a volatility of 3.66%. This indicates that LCORX experiences smaller price fluctuations and is considered to be less risky than GRZZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LCORX	GRZZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.93%	3.66%	-1.73%
Volatility (6M) Calculated over the trailing 6-month period	7.15%	10.51%	-3.36%
Volatility (1Y) Calculated over the trailing 1-year period	8.77%	13.89%	-5.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.20%	19.61%	-10.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.62%	96.63%	-87.01%

LCORX vs. GRZZX - Expense Ratio Comparison

LCORX has a 1.16% expense ratio, which is lower than GRZZX's 1.61% expense ratio.

Dividends

LCORX vs. GRZZX - Dividend Comparison

LCORX's dividend yield for the trailing twelve months is around 7.57%, more than GRZZX's 4.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRZZX Grizzly Short Fund	4.98%	6.00%	10.30%	6.61%	0.00%	0.00%	0.00%	1.14%	0.00%	0.00%	0.00%	0.00%
LCORX Leuthold Core Investment Fund	7.57%	7.93%	7.03%	5.57%	7.20%	5.00%	0.24%	1.89%	10.74%	3.22%	0.45%	3.94%

Frequently Asked Questions

Can I hold both LCORX and GRZZX in my portfolio?

LCORX and GRZZX have a correlation of -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LCORX or GRZZX?

GRZZX has higher volatility (3.66%) compared to LCORX (1.93%). In terms of maximum drawdown, LCORX dropped -41.31% vs GRZZX's -91.80%.

Which has better risk-adjusted returns?

LCORX currently has the higher Sharpe Ratio (1.59 vs -0.57), 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.