PGVFX vs. GAAEX

Last updated Jun 5, 2026

PGVFX (Polaris Global Value Fund) and GAAEX (Guinness Atkinson Alternative Energy Fund) are both Global Equities funds. Over the past 10 years, PGVFX returned 10.87%/yr vs 10.98%/yr for GAAEX. A 0.71 correlation means they provide meaningful diversification when combined. PGVFX charges 0.99%/yr vs 1.98%/yr for GAAEX.

Performance

PGVFX vs. GAAEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Polaris Global Value Fund (PGVFX) and Guinness Atkinson Alternative Energy Fund (GAAEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PGVFX having a 19.53% return and GAAEX slightly lower at 19.37%. Both investments have delivered pretty close results over the past 10 years, with PGVFX having a 10.87% annualized return and GAAEX not far ahead at 10.98%.

PGVFX

• 1D: -0.09%
• 1M: 4.38%
• YTD: 19.53%
• 6M: 22.73%
• 1Y: 38.21%
• 3Y*: 21.58%
• 5Y*: 9.45%
• 10Y*: 10.87%

GAAEX

• 1D: -0.52%
• 1M: 5.57%
• YTD: 19.37%
• 6M: 18.26%
• 1Y: 41.34%
• 3Y*: 6.62%
• 5Y*: 3.98%
• 10Y*: 10.98%

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

PGVFX vs. GAAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGVFX Polaris Global Value Fund	19.53%	27.01%	5.33%	14.76%	-12.00%	15.38%	6.65%	22.83%	-12.64%	20.60%
GAAEX Guinness Atkinson Alternative Energy Fund	19.37%	26.64%	-11.85%	-2.39%	-12.67%	8.40%	86.45%	30.20%	-15.49%	20.68%

Correlation

The correlation between PGVFX and GAAEX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Apr 3, 2006	0.71

The correlation between PGVFX and GAAEX has been stable across timeframes, ranging from 0.62 to 0.72 - a consistent structural relationship.

Return for Risk

PGVFX vs. GAAEX — Risk / Return Rank

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

PGVFX

PGVFX Risk / Return Rank: 90
PGVFX Sharpe Ratio Rank: 95
PGVFX Sortino Ratio Rank: 92
PGVFX Omega Ratio Rank: 88
PGVFX Calmar Ratio Rank: 89
PGVFX Martin Ratio Rank: 87

GAAEX

GAAEX Risk / Return Rank: 54
GAAEX Sharpe Ratio Rank: 58
GAAEX Sortino Ratio Rank: 53
GAAEX Omega Ratio Rank: 48
GAAEX Calmar Ratio Rank: 61
GAAEX Martin Ratio Rank: 52

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.

PGVFX vs. GAAEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Polaris Global Value Fund (PGVFX) 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.

	PGVFX	GAAEX	Difference
Sharpe ratio: Return per unit of total volatility	3.32	2.21	+1.11
Sortino ratio: Return per unit of downside risk	4.65	3.00	+1.65
Omega ratio: Gain probability vs. loss probability	1.63	1.37	+0.26
Calmar ratio: Return relative to maximum drawdown	4.45	2.94	+1.51
Martin ratio: Return relative to average drawdown	16.11	10.44	+5.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGVFX vs. GAAEX - Sharpe Ratio Comparison

The current PGVFX Sharpe Ratio is 3.32, which is higher than the GAAEX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of PGVFX 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.

Sharpe Ratios by Period

	PGVFX	GAAEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.32	2.21	+1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.18	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.49	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	-0.06	+0.55

Drawdowns

PGVFX vs. GAAEX - Drawdown Comparison

The maximum PGVFX drawdown since its inception was -68.09%, smaller than the maximum GAAEX drawdown of -85.83%. Use the drawdown chart below to compare losses from any high point for PGVFX and GAAEX.

Drawdown Indicators

	PGVFX	GAAEX	Difference
Max Drawdown Largest peak-to-trough decline	-68.09%	-85.83%	+17.74%
Max Drawdown (1Y) Largest decline over 1 year	-8.76%	-14.57%	+5.81%
Max Drawdown (3Y) Largest decline over 3 years	-12.53%	-35.21%	+22.68%
Max Drawdown (5Y) Largest decline over 5 years	-27.58%	-40.64%	+13.06%
Max Drawdown (10Y) Largest decline over 10 years	-41.26%	-40.64%	-0.62%
Current Drawdown Current decline from peak	-0.09%	-49.08%	+48.99%
Average Drawdown Average peak-to-trough decline	-11.30%	-63.64%	+52.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	4.10%	-1.68%

Volatility

PGVFX vs. GAAEX - Volatility Comparison

The current volatility for Polaris Global Value Fund (PGVFX) is 4.09%, while Guinness Atkinson Alternative Energy Fund (GAAEX) has a volatility of 7.58%. This indicates that PGVFX 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

	PGVFX	GAAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	7.58%	-3.49%
Volatility (6M) Calculated over the trailing 6-month period	9.55%	15.12%	-5.57%
Volatility (1Y) Calculated over the trailing 1-year period	11.76%	19.45%	-7.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.80%	22.46%	-8.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.87%	22.38%	-6.51%

PGVFX vs. GAAEX - Expense Ratio Comparison

PGVFX has a 0.99% expense ratio, which is lower than GAAEX's 1.98% expense ratio.

Dividends

PGVFX vs. GAAEX - Dividend Comparison

PGVFX's dividend yield for the trailing twelve months is around 4.33%, more than GAAEX's 0.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAAEX Guinness Atkinson Alternative Energy Fund	0.27%	0.33%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	0.28%	0.00%	0.00%
PGVFX Polaris Global Value Fund	4.33%	5.17%	5.65%	1.68%	3.55%	4.05%	1.55%	3.69%	3.39%	1.50%	1.32%	1.26%

Frequently Asked Questions

Can I hold both PGVFX and GAAEX in my portfolio?

PGVFX and GAAEX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGVFX or GAAEX?

GAAEX has higher volatility (7.58%) compared to PGVFX (4.09%). In terms of maximum drawdown, PGVFX dropped -68.09% vs GAAEX's -85.83%.

Which has better risk-adjusted returns?

PGVFX currently has the higher Sharpe Ratio (3.32 vs 2.21), 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.