RYCLX vs. RYGBX

Last updated Jul 17, 2026

RYCLX (Rydex Inverse Mid-Cap Strategy Fund) and RYGBX (Rydex Government Long Bond 1.2x Strategy Fund) are both mutual funds - RYCLX is a Inverse Equities fund managed by Rydex Funds, while RYGBX is a Leveraged Bonds fund managed by Rydex Funds. Over the past 10 years, RYCLX returned -10.90%/yr vs -5.32%/yr for RYGBX. At a 0.24 correlation, their price movements are largely independent. RYCLX charges 2.39%/yr vs 0.99%/yr for RYGBX.

Performance

RYCLX vs. RYGBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rydex Inverse Mid-Cap Strategy Fund (RYCLX) and Rydex Government Long Bond 1.2x Strategy Fund (RYGBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYCLX achieves a -11.81% return, which is significantly lower than RYGBX's -3.14% return. Over the past 10 years, RYCLX has underperformed RYGBX with an annualized return of -10.90%, while RYGBX has yielded a comparatively higher -5.32% annualized return.

RYCLX

• 1D: 0.00%
• 1M: 1.36%
• 6M: -5.89%
• YTD: -11.81%
• 1Y: -12.91%
• 3Y*: -6.67%
• 5Y*: -6.09%
• 10Y*: -10.90%

RYGBX

• 1D: 0.20%
• 1M: -2.46%
• 6M: -3.79%
• YTD: -3.14%
• 1Y: 1.84%
• 3Y*: -5.53%
• 5Y*: -12.54%
• 10Y*: -5.32%

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

RYCLX vs. RYGBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYCLX Rydex Inverse Mid-Cap Strategy Fund	-11.81%	-1.04%	-5.59%	-8.75%	8.93%	-24.21%	-25.53%	-21.03%	11.39%	-14.94%
RYGBX Rydex Government Long Bond 1.2x Strategy Fund	-3.14%	2.19%	-12.81%	-1.05%	-40.90%	-7.28%	21.93%	17.50%	-5.20%	9.93%

Correlation

The correlation between RYCLX and RYGBX is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.21
Correlation (5Y) Calculated over the trailing 5-year period	-0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jan 3, 2005	0.24

The correlation between RYCLX and RYGBX shifts across timeframes, from -0.27 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RYCLX vs. RYGBX — Risk / Return Rank

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

RYCLX

RYCLX Risk / Return Rank: 1
RYCLX Sharpe Ratio Rank: 1
RYCLX Sortino Ratio Rank: 1
RYCLX Omega Ratio Rank: 1
RYCLX Calmar Ratio Rank: 1
RYCLX Martin Ratio Rank: 0

RYGBX

RYGBX Risk / Return Rank: 4
RYGBX Sharpe Ratio Rank: 4
RYGBX Sortino Ratio Rank: 4
RYGBX Omega Ratio Rank: 4
RYGBX Calmar Ratio Rank: 4
RYGBX 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.

RYCLX vs. RYGBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rydex Inverse Mid-Cap Strategy Fund (RYCLX) and Rydex Government Long Bond 1.2x Strategy Fund (RYGBX). 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.

	RYCLX	RYGBX	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	0.18	-1.03
Sortino ratio: Return per unit of downside risk	-1.10	0.34	-1.44
Omega ratio: Gain probability vs. loss probability	0.87	1.04	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.72	0.20	-0.92
Martin ratio: Return relative to average drawdown	-1.37	0.45	-1.81

RYCLX vs. RYGBX - Sharpe Ratio Comparison

The current RYCLX Sharpe Ratio is -0.85, which is lower than the RYGBX Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of RYCLX and RYGBX, 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

RYCLX vs. RYGBX - Drawdown Comparison

The maximum RYCLX drawdown since its inception was -95.66%, which is greater than RYGBX's maximum drawdown of -62.42%. Use the drawdown chart below to compare losses from any high point for RYCLX and RYGBX.

Drawdown Indicators

	RYCLX	RYGBX	Difference
Max Drawdown Largest peak-to-trough decline	-95.66%	-62.42%	-33.24%
Max Drawdown (1Y) Largest decline over 1 year	-18.50%	-9.88%	-8.62%
Max Drawdown (3Y) Largest decline over 3 years	-32.43%	-22.92%	-9.51%
Max Drawdown (5Y) Largest decline over 5 years	-34.96%	-55.36%	+20.40%
Max Drawdown (10Y) Largest decline over 10 years	-71.12%	-62.42%	-8.70%
Current Drawdown Current decline from peak	-95.54%	-59.70%	-35.84%
Average Drawdown Average peak-to-trough decline	-70.31%	-19.65%	-50.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.76%	4.40%	+5.36%

Volatility

RYCLX vs. RYGBX - Volatility Comparison

Rydex Inverse Mid-Cap Strategy Fund (RYCLX) has a higher volatility of 3.73% compared to Rydex Government Long Bond 1.2x Strategy Fund (RYGBX) at 2.92%. This indicates that RYCLX's price experiences larger fluctuations and is considered to be riskier than RYGBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYCLX	RYGBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	2.92%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	11.75%	7.88%	+3.87%
Volatility (1Y) Calculated over the trailing 1-year period	15.86%	10.92%	+4.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.55%	19.60%	+0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.41%	19.19%	+2.22%

RYCLX vs. RYGBX - Expense Ratio Comparison

RYCLX has a 2.39% expense ratio, which is higher than RYGBX's 0.99% expense ratio.

Dividends

RYCLX vs. RYGBX - Dividend Comparison

RYCLX's dividend yield for the trailing twelve months is around 37.43%, more than RYGBX's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYCLX Rydex Inverse Mid-Cap Strategy Fund	37.43%	33.01%	25.75%	9.12%	0.00%	0.00%	0.76%	0.89%	0.00%	0.00%	0.00%	0.00%
RYGBX Rydex Government Long Bond 1.2x Strategy Fund	3.97%	3.59%	2.89%	2.70%	1.69%	0.71%	46.47%	5.00%	1.51%	1.45%	5.62%	2.07%

Frequently Asked Questions

Can I hold both RYCLX and RYGBX in my portfolio?

RYCLX and RYGBX have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYCLX or RYGBX?

RYCLX has higher volatility (3.73%) compared to RYGBX (2.92%). In terms of maximum drawdown, RYCLX dropped -95.66% vs RYGBX's -62.42%.

Which has better risk-adjusted returns?

RYGBX currently has the higher Sharpe Ratio (0.18 vs -0.85), 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.