OTRFX vs. GPAIX

Last updated Jun 3, 2026

OTRFX (OnTrack Core Fund) and GPAIX (Grant Park Multi Alternative Strategies Fund) are both Macro Trading funds. Over the past 10 years, OTRFX returned 5.28%/yr vs 4.87%/yr for GPAIX. At a 0.42 correlation, their price movements are largely independent. OTRFX charges 2.58%/yr vs 1.43%/yr for GPAIX.

Performance

OTRFX vs. GPAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in OnTrack Core Fund (OTRFX) and Grant Park Multi Alternative Strategies Fund (GPAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OTRFX achieves a 4.68% return, which is significantly lower than GPAIX's 5.44% return. Over the past 10 years, OTRFX has outperformed GPAIX with an annualized return of 5.28%, while GPAIX has yielded a comparatively lower 4.87% annualized return.

OTRFX

• 1D: 0.22%
• 1M: 0.71%
• YTD: 4.68%
• 6M: 5.71%
• 1Y: 12.03%
• 3Y*: 6.11%
• 5Y*: 1.93%
• 10Y*: 5.28%

GPAIX

• 1D: 0.42%
• 1M: 0.50%
• YTD: 5.44%
• 6M: 6.95%
• 1Y: 16.35%
• 3Y*: 7.68%
• 5Y*: 4.10%
• 10Y*: 4.87%

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

OTRFX vs. GPAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OTRFX OnTrack Core Fund	4.68%	6.12%	-0.12%	5.37%	-5.82%	3.94%	29.03%	6.86%	-4.70%	6.49%
GPAIX Grant Park Multi Alternative Strategies Fund	5.44%	12.24%	1.33%	4.02%	-1.88%	5.70%	9.09%	14.33%	-5.96%	12.36%

Correlation

The correlation between OTRFX and GPAIX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.42

The correlation between OTRFX and GPAIX has been stable across timeframes, ranging from 0.42 to 0.51 - a consistent structural relationship.

Return for Risk

OTRFX vs. GPAIX — Risk / Return Rank

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

OTRFX

OTRFX Risk / Return Rank: 78
OTRFX Sharpe Ratio Rank: 89
OTRFX Sortino Ratio Rank: 83
OTRFX Omega Ratio Rank: 94
OTRFX Calmar Ratio Rank: 84
OTRFX Martin Ratio Rank: 41

GPAIX

GPAIX Risk / Return Rank: 47
GPAIX Sharpe Ratio Rank: 52
GPAIX Sortino Ratio Rank: 48
GPAIX Omega Ratio Rank: 53
GPAIX Calmar Ratio Rank: 51
GPAIX Martin Ratio Rank: 34

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.

OTRFX vs. GPAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for OnTrack Core Fund (OTRFX) and Grant Park Multi Alternative Strategies Fund (GPAIX). 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.

	OTRFX	GPAIX	Difference
Sharpe ratio Return per unit of total volatility	2.90	2.13	+0.78
Sortino ratio Return per unit of downside risk	3.94	2.90	+1.04
Omega ratio Gain probability vs. loss probability	1.75	1.40	+0.35
Calmar ratio Return relative to maximum drawdown	3.96	2.74	+1.22
Martin ratio Return relative to average drawdown	8.84	7.81	+1.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OTRFX vs. GPAIX - Sharpe Ratio Comparison

The current OTRFX Sharpe Ratio is 2.90, which is higher than the GPAIX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of OTRFX and GPAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OTRFX	GPAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.90	2.13	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.64	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.47	0.68	+0.78
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	0.72	+0.54

Drawdowns

OTRFX vs. GPAIX - Drawdown Comparison

The maximum OTRFX drawdown since its inception was -9.73%, smaller than the maximum GPAIX drawdown of -17.16%. Use the drawdown chart below to compare losses from any high point for OTRFX and GPAIX.

Drawdown Indicators

	OTRFX	GPAIX	Difference
Max Drawdown Largest peak-to-trough decline	-9.73%	-17.16%	+7.43%
Max Drawdown (1Y) Largest decline over 1 year	-3.02%	-6.01%	+2.99%
Max Drawdown (3Y) Largest decline over 3 years	-5.76%	-6.59%	+0.83%
Max Drawdown (5Y) Largest decline over 5 years	-9.51%	-9.13%	-0.38%
Max Drawdown (10Y) Largest decline over 10 years	-9.51%	-17.16%	+7.65%
Current Drawdown Current decline from peak	-1.44%	-2.36%	+0.92%
Average Drawdown Average peak-to-trough decline	-2.97%	-4.20%	+1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	2.11%	-0.76%

Volatility

OTRFX vs. GPAIX - Volatility Comparison

The current volatility for OnTrack Core Fund (OTRFX) is 0.36%, while Grant Park Multi Alternative Strategies Fund (GPAIX) has a volatility of 1.49%. This indicates that OTRFX experiences smaller price fluctuations and is considered to be less risky than GPAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OTRFX	GPAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	1.49%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	6.13%	-3.25%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	7.84%	-3.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.06%	6.40%	-3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.62%	7.18%	-3.56%

OTRFX vs. GPAIX - Expense Ratio Comparison

OTRFX has a 2.58% expense ratio, which is higher than GPAIX's 1.43% expense ratio.

Dividends

OTRFX vs. GPAIX - Dividend Comparison

OTRFX's dividend yield for the trailing twelve months is around 12.46%, more than GPAIX's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPAIX Grant Park Multi Alternative Strategies Fund	3.26%	3.44%	2.01%	1.98%	2.71%	10.90%	1.78%	13.29%	1.51%	1.68%	1.92%	1.49%
OTRFX OnTrack Core Fund	12.46%	13.04%	8.01%	0.14%	1.39%	7.10%	2.36%	1.38%	7.15%	2.69%	7.05%	6.15%

Frequently Asked Questions

Can I hold both OTRFX and GPAIX in my portfolio?

OTRFX and GPAIX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OTRFX or GPAIX?

GPAIX has higher volatility (1.49%) compared to OTRFX (0.36%). In terms of maximum drawdown, OTRFX dropped -9.73% vs GPAIX's -17.16%.

Which has better risk-adjusted returns?

OTRFX currently has the higher Sharpe Ratio (2.90 vs 2.13), 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.