MAIPX vs. SDRIX

Last updated Jun 23, 2026

MAIPX (MAI Managed Volatility Fund) and SDRIX (Swan Defined Risk Fund) are both Options Trading funds. Over the past 10 years, MAIPX returned 7.24%/yr vs 5.68%/yr for SDRIX. Their correlation of 0.86 suggests significant overlap in exposure. MAIPX charges 0.99%/yr vs 1.18%/yr for SDRIX.

Performance

MAIPX vs. SDRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAI Managed Volatility Fund (MAIPX) and Swan Defined Risk Fund (SDRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAIPX achieves a 5.09% return, which is significantly lower than SDRIX's 5.69% return. Over the past 10 years, MAIPX has outperformed SDRIX with an annualized return of 7.24%, while SDRIX has yielded a comparatively lower 5.68% 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%

SDRIX

• 1D: 0.77%
• 1M: 0.77%
• YTD: 5.69%
• 6M: 5.43%
• 1Y: 15.83%
• 3Y*: 8.89%
• 5Y*: 5.80%
• 10Y*: 5.68%

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

MAIPX vs. SDRIX - 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%
SDRIX Swan Defined Risk Fund	5.69%	10.72%	4.91%	12.37%	-12.84%	17.41%	5.25%	12.75%	-8.85%	10.25%

Correlation

The correlation between MAIPX and SDRIX 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	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.86

The correlation between MAIPX and SDRIX has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

Return for Risk

MAIPX vs. SDRIX — Risk / Return Rank

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

MAIPX

MAIPX Risk / Return Rank: 89
MAIPX Sharpe Ratio Rank: 85
MAIPX Sortino Ratio Rank: 88
MAIPX Omega Ratio Rank: 88
MAIPX Calmar Ratio Rank: 86
MAIPX Martin Ratio Rank: 96

SDRIX

SDRIX Risk / Return Rank: 60
SDRIX Sharpe Ratio Rank: 55
SDRIX Sortino Ratio Rank: 51
SDRIX Omega Ratio Rank: 54
SDRIX Calmar Ratio Rank: 66
SDRIX Martin Ratio Rank: 72

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.

MAIPX vs. SDRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAI Managed Volatility Fund (MAIPX) and Swan Defined Risk Fund (SDRIX). 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	SDRIX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.01	+0.55
Sortino ratio: Return per unit of downside risk	3.91	2.75	+1.16
Omega ratio: Gain probability vs. loss probability	1.57	1.37	+0.20
Calmar ratio: Return relative to maximum drawdown	3.97	2.99	+0.98
Martin ratio: Return relative to average drawdown	21.83	12.95	+8.89

MAIPX vs. SDRIX - Sharpe Ratio Comparison

The current MAIPX Sharpe Ratio is 2.56, which is comparable to the SDRIX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of MAIPX and SDRIX, 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

MAIPX vs. SDRIX - Drawdown Comparison

The maximum MAIPX drawdown since its inception was -25.69%, which is greater than SDRIX's maximum drawdown of -20.69%. Use the drawdown chart below to compare losses from any high point for MAIPX and SDRIX.

Drawdown Indicators

	MAIPX	SDRIX	Difference
Max Drawdown Largest peak-to-trough decline	-25.69%	-20.69%	-5.00%
Max Drawdown (1Y) Largest decline over 1 year	-3.10%	-5.29%	+2.19%
Max Drawdown (3Y) Largest decline over 3 years	-11.77%	-14.16%	+2.39%
Max Drawdown (5Y) Largest decline over 5 years	-11.77%	-17.67%	+5.90%
Max Drawdown (10Y) Largest decline over 10 years	-25.69%	-20.69%	-5.00%
Current Drawdown Current decline from peak	-0.92%	-1.01%	+0.09%
Average Drawdown Average peak-to-trough decline	-1.42%	-3.54%	+2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	1.22%	-0.66%

Volatility

MAIPX vs. SDRIX - Volatility Comparison

The current volatility for MAI Managed Volatility Fund (MAIPX) is 1.32%, while Swan Defined Risk Fund (SDRIX) has a volatility of 3.43%. This indicates that MAIPX experiences smaller price fluctuations and is considered to be less risky than SDRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAIPX	SDRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	3.43%	-2.11%
Volatility (6M) Calculated over the trailing 6-month period	4.09%	6.24%	-2.15%
Volatility (1Y) Calculated over the trailing 1-year period	4.80%	7.86%	-3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.86%	9.66%	-0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	9.74%	+1.23%

MAIPX vs. SDRIX - Expense Ratio Comparison

MAIPX has a 0.99% expense ratio, which is lower than SDRIX's 1.18% expense ratio.

Dividends

MAIPX vs. SDRIX - Dividend Comparison

MAIPX's dividend yield for the trailing twelve months is around 1.14%, less than SDRIX's 9.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SDRIX Swan Defined Risk Fund	9.98%	10.55%	0.00%	12.37%	0.00%	0.00%	0.34%	1.21%	1.00%	0.76%	1.42%	0.78%

Frequently Asked Questions

Can I hold both MAIPX and SDRIX in my portfolio?

MAIPX and SDRIX 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, MAIPX or SDRIX?

SDRIX has higher volatility (3.43%) compared to MAIPX (1.32%). In terms of maximum drawdown, MAIPX dropped -25.69% vs SDRIX's -20.69%.

Which has better risk-adjusted returns?

MAIPX currently has the higher Sharpe Ratio (2.56 vs 2.01), 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.