MADFX vs. FGIPX

Last updated Jun 23, 2026

MADFX (Matrix Advisors Dividend Fund) and FGIPX (Nomura Growth and Income Fund Institutional Class) are both Large Cap Value Equities funds. Over the past 5 years, MADFX returned 11.23%/yr vs 17.59%/yr for FGIPX. Their correlation of 0.89 suggests significant overlap in exposure. MADFX charges 1.23%/yr vs 0.77%/yr for FGIPX.

Performance

MADFX vs. FGIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matrix Advisors Dividend Fund (MADFX) and Nomura Growth and Income Fund Institutional Class (FGIPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MADFX achieves a 10.32% return, which is significantly lower than FGIPX's 18.47% return.

MADFX

• 1D: 0.53%
• 1M: -0.10%
• YTD: 10.32%
• 6M: 9.25%
• 1Y: 21.41%
• 3Y*: 17.21%
• 5Y*: 11.23%
• 10Y*: —

FGIPX

• 1D: -0.20%
• 1M: 2.80%
• YTD: 18.47%
• 6M: 17.70%
• 1Y: 43.42%
• 3Y*: 25.71%
• 5Y*: 17.59%
• 10Y*: 13.23%

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

MADFX vs. FGIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MADFX Matrix Advisors Dividend Fund	10.32%	16.30%	14.30%	8.49%	-4.47%	24.08%	-0.03%	27.35%	-5.36%	11.80%
FGIPX Nomura Growth and Income Fund Institutional Class	18.47%	30.18%	15.44%	12.17%	3.28%	21.73%	-4.59%	25.96%	-9.95%	18.52%

Correlation

The correlation between MADFX and FGIPX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.89

The correlation between MADFX and FGIPX shifts across timeframes, from 0.77 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MADFX vs. FGIPX — Risk / Return Rank

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

MADFX

MADFX Risk / Return Rank: 48
MADFX Sharpe Ratio Rank: 50
MADFX Sortino Ratio Rank: 55
MADFX Omega Ratio Rank: 47
MADFX Calmar Ratio Rank: 46
MADFX Martin Ratio Rank: 44

FGIPX

FGIPX Risk / Return Rank: 96
FGIPX Sharpe Ratio Rank: 98
FGIPX Sortino Ratio Rank: 96
FGIPX Omega Ratio Rank: 93
FGIPX Calmar Ratio Rank: 97
FGIPX Martin Ratio Rank: 97

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.

MADFX vs. FGIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matrix Advisors Dividend Fund (MADFX) and Nomura Growth and Income Fund Institutional Class (FGIPX). 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.

	MADFX	FGIPX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	3.74	-1.81
Sortino ratio: Return per unit of downside risk	2.84	5.13	-2.28
Omega ratio: Gain probability vs. loss probability	1.34	1.67	-0.33
Calmar ratio: Return relative to maximum drawdown	2.46	6.08	-3.62
Martin ratio: Return relative to average drawdown	8.88	23.11	-14.23

MADFX vs. FGIPX - Sharpe Ratio Comparison

The current MADFX Sharpe Ratio is 1.93, which is lower than the FGIPX Sharpe Ratio of 3.74. The chart below compares the historical Sharpe Ratios of MADFX and FGIPX, 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

MADFX vs. FGIPX - Drawdown Comparison

The maximum MADFX drawdown since its inception was -33.17%, smaller than the maximum FGIPX drawdown of -37.32%. Use the drawdown chart below to compare losses from any high point for MADFX and FGIPX.

Drawdown Indicators

	MADFX	FGIPX	Difference
Max Drawdown Largest peak-to-trough decline	-33.17%	-37.32%	+4.15%
Max Drawdown (1Y) Largest decline over 1 year	-8.81%	-7.26%	-1.55%
Max Drawdown (3Y) Largest decline over 3 years	-14.05%	-13.27%	-0.78%
Max Drawdown (5Y) Largest decline over 5 years	-18.74%	-16.19%	-2.55%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.32%	—
Current Drawdown Current decline from peak	-1.01%	-1.34%	+0.33%
Average Drawdown Average peak-to-trough decline	-4.63%	-4.16%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	1.90%	+0.54%

Volatility

MADFX vs. FGIPX - Volatility Comparison

Matrix Advisors Dividend Fund (MADFX) and Nomura Growth and Income Fund Institutional Class (FGIPX) have volatilities of 4.05% and 4.14%, 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

	MADFX	FGIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	4.14%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	8.51%	8.80%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	11.81%	-0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.89%	14.93%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.78%	17.14%	-0.36%

MADFX vs. FGIPX - Expense Ratio Comparison

MADFX has a 1.23% expense ratio, which is higher than FGIPX's 0.77% expense ratio.

Dividends

MADFX vs. FGIPX - Dividend Comparison

MADFX's dividend yield for the trailing twelve months is around 7.59%, less than FGIPX's 9.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGIPX Nomura Growth and Income Fund Institutional Class	9.60%	11.68%	12.69%	7.50%	7.35%	12.20%	2.13%	52.72%	25.63%	5.58%	4.22%	5.88%
MADFX Matrix Advisors Dividend Fund	7.59%	8.26%	2.06%	2.10%	8.23%	2.74%	2.61%	3.25%	2.65%	2.53%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MADFX and FGIPX in my portfolio?

MADFX and FGIPX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MADFX or FGIPX?

FGIPX has higher volatility (4.14%) compared to MADFX (4.05%). In terms of maximum drawdown, MADFX dropped -33.17% vs FGIPX's -37.32%.

Which has better risk-adjusted returns?

FGIPX currently has the higher Sharpe Ratio (3.74 vs 1.93), 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.