RAAX vs. GPZ

Last updated Jun 25, 2026

RAAX (VanEck Inflation Allocation ETF) and GPZ (VanEck Alternative Asset Manager ETF) are both exchange-traded funds - RAAX is a Diversified Portfolio fund actively managed by VanEck, while GPZ is a Financials Equities fund tracking the MarketVector Alternative Asset Managers Index. RAAX is actively managed, while GPZ is passively managed. Over the past year, RAAX returned 27.20% vs -17.43% for GPZ. At a 0.22 correlation, their price movements are largely independent. RAAX charges 0.78%/yr vs 0.40%/yr for GPZ.

Performance

RAAX vs. GPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Inflation Allocation ETF (RAAX) and VanEck Alternative Asset Manager ETF (GPZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RAAX achieves a 11.48% return, which is significantly higher than GPZ's -21.88% return.

RAAX

• 1D: -2.01%
• 1M: -6.51%
• YTD: 11.48%
• 6M: 9.39%
• 1Y: 27.20%
• 3Y*: 19.77%
• 5Y*: 12.45%
• 10Y*: —

GPZ

• 1D: -3.19%
• 1M: -8.10%
• YTD: -21.88%
• 6M: -23.28%
• 1Y: -17.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RAAX vs. GPZ - Yearly Performance Comparison

	2026 (YTD)	2025
RAAX VanEck Inflation Allocation ETF	11.48%	15.16%
GPZ VanEck Alternative Asset Manager ETF	-21.88%	9.24%

Correlation

The correlation between RAAX and GPZ is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.22

Return for Risk

RAAX vs. GPZ — Risk / Return Rank

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

RAAX

RAAX Risk / Return Rank: 66
RAAX Sharpe Ratio Rank: 64
RAAX Sortino Ratio Rank: 60
RAAX Omega Ratio Rank: 64
RAAX Calmar Ratio Rank: 69
RAAX Martin Ratio Rank: 72

GPZ

GPZ Risk / Return Rank: 4
GPZ Sharpe Ratio Rank: 4
GPZ Sortino Ratio Rank: 4
GPZ Omega Ratio Rank: 4
GPZ Calmar Ratio Rank: 5
GPZ Martin Ratio Rank: 4

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.

RAAX vs. GPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Inflation Allocation ETF (RAAX) and VanEck Alternative Asset Manager ETF (GPZ). 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.

	RAAX	GPZ	Difference
Sharpe ratio: Return per unit of total volatility	1.89	-0.63	+2.52
Sortino ratio: Return per unit of downside risk	2.51	-0.73	+3.25
Omega ratio: Gain probability vs. loss probability	1.34	0.91	+0.43
Calmar ratio: Return relative to maximum drawdown	3.10	-0.55	+3.65
Martin ratio: Return relative to average drawdown	12.20	-1.10	+13.30

RAAX vs. GPZ - Sharpe Ratio Comparison

The current RAAX Sharpe Ratio is 1.89, which is higher than the GPZ Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of RAAX and GPZ, 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

RAAX vs. GPZ - Drawdown Comparison

The maximum RAAX drawdown since its inception was -33.91%, which is greater than GPZ's maximum drawdown of -31.72%. Use the drawdown chart below to compare losses from any high point for RAAX and GPZ.

Drawdown Indicators

	RAAX	GPZ	Difference
Max Drawdown Largest peak-to-trough decline	-33.91%	-31.72%	-2.19%
Max Drawdown (1Y) Largest decline over 1 year	-8.81%	-31.72%	+22.91%
Max Drawdown (3Y) Largest decline over 3 years	-11.59%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.55%	—	—
Current Drawdown Current decline from peak	-8.81%	-28.23%	+19.42%
Average Drawdown Average peak-to-trough decline	-6.77%	-12.33%	+5.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	15.90%	-13.66%

Volatility

RAAX vs. GPZ - Volatility Comparison

The current volatility for VanEck Inflation Allocation ETF (RAAX) is 5.13%, while VanEck Alternative Asset Manager ETF (GPZ) has a volatility of 9.72%. This indicates that RAAX experiences smaller price fluctuations and is considered to be less risky than GPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RAAX	GPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	9.72%	-4.59%
Volatility (6M) Calculated over the trailing 6-month period	12.53%	22.53%	-10.00%
Volatility (1Y) Calculated over the trailing 1-year period	14.46%	28.02%	-13.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.69%	27.72%	-12.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.80%	27.72%	-11.92%

RAAX vs. GPZ - Expense Ratio Comparison

RAAX has a 0.78% expense ratio, which is higher than GPZ's 0.40% expense ratio.

Dividends

RAAX vs. GPZ - Dividend Comparison

RAAX's dividend yield for the trailing twelve months is around 2.10%, more than GPZ's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GPZ VanEck Alternative Asset Manager ETF	1.06%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RAAX VanEck Inflation Allocation ETF	2.10%	2.34%	1.91%	3.66%	1.53%	8.72%	6.27%	2.37%	0.56%

Frequently Asked Questions

Can I hold both RAAX and GPZ in my portfolio?

RAAX and GPZ have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RAAX or GPZ?

GPZ has higher volatility (9.72%) compared to RAAX (5.13%). In terms of maximum drawdown, RAAX dropped -33.91% vs GPZ's -31.72%.

Which ETF is better, RAAX or GPZ?

On 1-year performance, RAAX leads with 27.20% vs -17.43% for GPZ. On fees, GPZ is cheaper at 0.40% per year. On volatility, RAAX has been the lower-risk option at 5.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RAAX or GPZ?

Over the 1-year period, RAAX has performed better with a 27.20% return vs -17.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RAAX or GPZ?

GPZ is cheaper with a 0.40% expense ratio, compared with 0.78% for RAAX.

Which ETF pays a higher dividend yield, RAAX or GPZ?

RAAX has the higher dividend yield at 2.10%, compared with 1.06% for GPZ.

What is the main difference between RAAX and GPZ?

RAAX is categorized as Diversified Portfolio, while GPZ is Financials Equities. Their fees differ too: 0.78% for RAAX and 0.40% for GPZ.

Which has better risk-adjusted returns?

RAAX currently has the higher Sharpe Ratio (1.89 vs -0.63), 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.