MAIPX vs. GCPYX
MAIPX (MAI Managed Volatility Fund) and GCPYX (Gateway Equity Call Premium Fund) are both Options Trading funds. Over the past 10 years, MAIPX returned 7.24%/yr vs 9.53%/yr for GCPYX. Their correlation of 0.87 suggests significant overlap in exposure. MAIPX charges 0.99%/yr vs 0.68%/yr for GCPYX.
Performance
MAIPX vs. GCPYX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MAIPX achieves a 5.09% return, which is significantly lower than GCPYX's 5.47% return. Over the past 10 years, MAIPX has underperformed GCPYX with an annualized return of 7.24%, while GCPYX has yielded a comparatively higher 9.53% annualized return.
MAIPX
- 1D
- 0.17%
- 1M
- -0.52%
- YTD
- 5.09%
- 6M
- 5.39%
- 1Y
- 12.26%
- 3Y*
- 9.76%
- 5Y*
- 7.46%
- 10Y*
- 7.24%
GCPYX
- 1D
- 0.86%
- 1M
- 1.03%
- YTD
- 5.47%
- 6M
- 5.37%
- 1Y
- 19.40%
- 3Y*
- 13.94%
- 5Y*
- 9.83%
- 10Y*
- 9.53%
MAIPX vs. GCPYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MAIPX MAI Managed Volatility Fund | 5.09% | 10.28% | 8.64% | 10.58% | -3.59% | 12.81% | 4.39% | 16.13% | -2.76% | 8.66% |
GCPYX Gateway Equity Call Premium Fund | 5.47% | 12.59% | 18.15% | 17.59% | -11.48% | 19.28% | 8.38% | 16.67% | -5.37% | 12.22% |
Correlation
The correlation between MAIPX and GCPYX is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2014 | 0.87 |
Over the past year, the correlation between MAIPX and GCPYX has dropped to 0.63 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MAIPX vs. GCPYX — Risk / Return Rank
MAIPX
GCPYX
MAIPX vs. GCPYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MAI Managed Volatility Fund (MAIPX) and Gateway Equity Call Premium Fund (GCPYX). 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.
| MAIPX | GCPYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.51 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.97 | 3.34 | +0.63 |
| Martin ratioReturn relative to average drawdown | 21.83 | 17.28 | +4.56 |
Loading charts...
Drawdowns
MAIPX vs. GCPYX - Drawdown Comparison
The maximum MAIPX drawdown since its inception was -25.69%, roughly equal to the maximum GCPYX drawdown of -25.24%. Use the drawdown chart below to compare losses from any high point for MAIPX and GCPYX.
Loading charts...
Drawdown Indicators
| MAIPX | GCPYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.69% | -25.24% | -0.45% |
Max Drawdown (1Y)Largest decline over 1 year | -3.10% | -7.02% | +3.92% |
Max Drawdown (3Y)Largest decline over 3 years | -11.77% | -15.49% | +3.72% |
Max Drawdown (5Y)Largest decline over 5 years | -11.77% | -18.33% | +6.56% |
Max Drawdown (10Y)Largest decline over 10 years | -25.69% | -25.24% | -0.45% |
Current DrawdownCurrent decline from peak | -0.92% | -0.08% | -0.84% |
Average DrawdownAverage peak-to-trough decline | -1.42% | -2.81% | +1.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 1.26% | -0.70% |
Volatility
MAIPX vs. GCPYX - Volatility Comparison
The current volatility for MAI Managed Volatility Fund (MAIPX) is 1.32%, while Gateway Equity Call Premium Fund (GCPYX) has a volatility of 3.08%. This indicates that MAIPX experiences smaller price fluctuations and is considered to be less risky than GCPYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MAIPX | GCPYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 3.08% | -1.76% |
Volatility (6M)Calculated over the trailing 6-month period | 4.09% | 7.59% | -3.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.80% | 9.22% | -4.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.86% | 12.34% | -3.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 12.49% | -1.52% |
MAIPX vs. GCPYX - Expense Ratio Comparison
MAIPX has a 0.99% expense ratio, which is higher than GCPYX's 0.68% expense ratio.
Dividends
MAIPX vs. GCPYX - Dividend Comparison
MAIPX's dividend yield for the trailing twelve months is around 1.14%, more than GCPYX's 0.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GCPYX Gateway Equity Call Premium Fund | 0.41% | 0.44% | 0.73% | 0.92% | 0.96% | 0.47% | 0.82% | 1.07% | 1.12% | 1.03% | 1.15% | 1.47% |
MAIPX MAI Managed Volatility Fund | 1.14% | 1.33% | 2.20% | 4.59% | 2.26% | 0.00% | 0.32% | 1.74% | 2.89% | 2.12% | 0.80% | 4.17% |
Frequently Asked Questions
MAIPX and GCPYX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GCPYX has higher volatility (3.08%) compared to MAIPX (1.32%). In terms of maximum drawdown, MAIPX dropped -25.69% vs GCPYX's -25.24%.
MAIPX currently has the higher Sharpe Ratio (2.56 vs 2.55), 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.
Find the right allocation for MAIPX and GCPYX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer