NAEFX vs. GAAEX

Last updated Aug 1, 2026

NAEFX (New Alternatives Fund Investor Class) and GAAEX (Guinness Atkinson Alternative Energy Fund) are both mutual funds - NAEFX is a Alternative Energy Equities fund actively managed by New Alternatives, while GAAEX is a Global Equities fund managed by Guinness Atkinson. Over the past 10 years, NAEFX returned 9.35%/yr vs 9.84%/yr for GAAEX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. NAEFX charges 1.28%/yr vs 1.98%/yr for GAAEX.

Performance

NAEFX vs. GAAEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in New Alternatives Fund Investor Class (NAEFX) 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, NAEFX achieves a 13.25% return, which is significantly higher than GAAEX's 8.50% return. Over the past 10 years, NAEFX has underperformed GAAEX with an annualized return of 9.35%, while GAAEX has yielded a comparatively higher 9.84% annualized return.

NAEFX

• 1D: 2.45%
• 1M: -2.72%
• 6M: 8.22%
• YTD: 13.25%
• 1Y: 21.08%
• 3Y*: 8.93%
• 5Y*: 1.54%
• 10Y*: 9.35%
• ALL TIME*: 10.41%

GAAEX

• 1D: 3.45%
• 1M: -2.82%
• 6M: 2.23%
• YTD: 8.50%
• 1Y: 20.21%
• 3Y*: 2.79%
• 5Y*: 0.89%
• 10Y*: 9.84%
• ALL TIME*: -2.16%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GAAEX Guinness Atkinson Alternative Energy Fund	$0.00	$0.00	$0.00
NAEFX New Alternatives Fund Investor Class	$0.00	$0.00	$0.00

NAEFX vs. GAAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NAEFX New Alternatives Fund Investor Class	13.25%	27.81%	-6.26%	-2.74%	-16.08%	-5.02%	61.33%	36.68%	-7.13%	20.92%
GAAEX Guinness Atkinson Alternative Energy Fund	8.50%	26.64%	-11.85%	-2.39%	-12.67%	8.40%	86.45%	30.20%	-15.49%	20.68%

Correlation

The correlation between NAEFX and GAAEX is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (10Y) Provides a long-term view across more market conditions.	0.73
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.74

The correlation between NAEFX and GAAEX shifts across timeframes, from 0.73 (10 years) to 0.84 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NAEFX vs. GAAEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NAEFX

NAEFX Risk / Return Rank: 48
NAEFX Sharpe Ratio Rank: 40
NAEFX Sortino Ratio Rank: 38
NAEFX Omega Ratio Rank: 36
NAEFX Calmar Ratio Rank: 77
NAEFX Martin Ratio Rank: 51

GAAEX

GAAEX Risk / Return Rank: 23
GAAEX Sharpe Ratio Rank: 22
GAAEX Sortino Ratio Rank: 22
GAAEX Omega Ratio Rank: 21
GAAEX Calmar Ratio Rank: 25
GAAEX Martin Ratio Rank: 23

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NAEFX vs. GAAEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for New Alternatives Fund Investor Class (NAEFX) 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.

	NAEFX	GAAEX	Difference
Sharpe ratio: Return per unit of total volatility	1.25	0.80	+0.45
Sortino ratio: Return per unit of downside risk	1.77	1.23	+0.54
Omega ratio: Gain probability vs. loss probability	1.22	1.15	+0.07
Calmar ratio: Return relative to maximum drawdown	2.57	1.18	+1.38
Martin ratio: Return relative to average drawdown	7.34	3.45	+3.89

NAEFX vs. GAAEX - Sharpe Ratio Comparison

The current NAEFX Sharpe Ratio is 1.25, which is higher than the GAAEX Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of NAEFX 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

NAEFX vs. GAAEX - Drawdown Comparison

The maximum NAEFX drawdown since its inception was -42.74%, smaller than the maximum GAAEX drawdown of -85.83%. Use the drawdown chart below to compare losses from any high point for NAEFX and GAAEX.

Drawdown Indicators

	NAEFX	GAAEX	Difference
Max Drawdown Largest peak-to-trough decline	-42.74%	-85.83%	+43.09%
Max Drawdown (1Y) Largest decline over 1 year	-7.54%	-14.57%	+7.03%
Max Drawdown (3Y) Largest decline over 3 years	-19.10%	-31.00%	+11.90%
Max Drawdown (5Y) Largest decline over 5 years	-38.35%	-40.64%	+2.29%
Max Drawdown (10Y) Largest decline over 10 years	-42.74%	-40.64%	-2.10%
Current Drawdown Current decline from peak	-4.95%	-53.71%	+48.76%
Average Drawdown Average peak-to-trough decline	-13.28%	-63.55%	+50.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	4.99%	-2.35%

Volatility

NAEFX vs. GAAEX - Volatility Comparison

The current volatility for New Alternatives Fund Investor Class (NAEFX) is 4.23%, while Guinness Atkinson Alternative Energy Fund (GAAEX) has a volatility of 6.67%. This indicates that NAEFX 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

	NAEFX	GAAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	6.67%	-2.44%
Volatility (6M) Calculated over the trailing 6-month period	12.85%	17.65%	-4.80%
Volatility (1Y) Calculated over the trailing 1-year period	15.49%	21.55%	-6.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.91%	22.77%	-4.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	22.45%	-4.45%

NAEFX vs. GAAEX - Expense Ratio Comparison

NAEFX has a 1.28% expense ratio, which is lower than GAAEX's 1.98% expense ratio.

Dividends

NAEFX vs. GAAEX - Dividend Comparison

NAEFX's dividend yield for the trailing twelve months is around 0.82%, more than GAAEX's 0.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GAAEX Guinness Atkinson Alternative Energy Fund	0.30%	0.33%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	0.28%	0.00%
NAEFX New Alternatives Fund Investor Class	0.82%	0.93%	1.75%	4.14%	4.37%	4.90%	4.88%	5.35%	6.39%	3.98%	3.48%

Frequently Asked Questions

Can I hold both NAEFX and GAAEX in my portfolio?

NAEFX and GAAEX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NAEFX or GAAEX?

GAAEX has higher volatility (6.67%) compared to NAEFX (4.23%). In terms of maximum drawdown, NAEFX dropped -42.74% vs GAAEX's -85.83%.

Which has better risk-adjusted returns?

NAEFX currently has the higher Sharpe Ratio (1.25 vs 0.80), 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.