RYCQX vs. RYGBX

Last updated Jun 24, 2026

RYCQX (Rydex Inverse Russell 2000 Strategy Fund) and RYGBX (Rydex Government Long Bond 1.2x Strategy Fund) are both mutual funds - RYCQX 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, RYCQX returned -13.05%/yr vs -4.80%/yr for RYGBX. At a 0.24 correlation, their price movements are largely independent. RYCQX charges 2.49%/yr vs 0.99%/yr for RYGBX.

Performance

RYCQX vs. RYGBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rydex Inverse Russell 2000 Strategy Fund (RYCQX) 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, RYCQX achieves a -16.80% return, which is significantly lower than RYGBX's -0.89% return. Over the past 10 years, RYCQX has underperformed RYGBX with an annualized return of -13.05%, while RYGBX has yielded a comparatively higher -4.80% annualized return.

RYCQX

• 1D: -0.80%
• 1M: -4.69%
• YTD: -16.80%
• 6M: -14.73%
• 1Y: -27.33%
• 3Y*: -13.46%
• 5Y*: -6.18%
• 10Y*: -13.05%

RYGBX

• 1D: -0.88%
• 1M: 2.63%
• YTD: -0.89%
• 6M: -0.61%
• 1Y: 2.04%
• 3Y*: -5.49%
• 5Y*: -11.31%
• 10Y*: -4.80%

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

RYCQX vs. RYGBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYCQX Rydex Inverse Russell 2000 Strategy Fund	-16.80%	-9.40%	-6.15%	-10.73%	16.50%	-18.59%	-31.59%	-20.84%	10.41%	-14.20%
RYGBX Rydex Government Long Bond 1.2x Strategy Fund	-0.89%	2.19%	-12.81%	-1.05%	-40.90%	-7.28%	21.93%	17.50%	-5.20%	9.93%

Correlation

The correlation between RYCQX and RYGBX is -0.24, 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	-0.24
Correlation (3Y) Calculated over the trailing 3-year period	-0.20
Correlation (5Y) Calculated over the trailing 5-year period	-0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jan 3, 2005	0.24

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

Return for Risk

RYCQX vs. RYGBX — Risk / Return Rank

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

RYCQX

RYCQX Risk / Return Rank: 0
RYCQX Sharpe Ratio Rank: 0
RYCQX Sortino Ratio Rank: 0
RYCQX Omega Ratio Rank: 0
RYCQX Calmar Ratio Rank: 0
RYCQX 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.

RYCQX vs. RYGBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rydex Inverse Russell 2000 Strategy Fund (RYCQX) 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.

	RYCQX	RYGBX	Difference
Sharpe ratio: Return per unit of total volatility	-1.44	0.22	-1.65
Sortino ratio: Return per unit of downside risk	-2.08	0.39	-2.47
Omega ratio: Gain probability vs. loss probability	0.78	1.04	-0.27
Calmar ratio: Return relative to maximum drawdown	-1.03	0.25	-1.28
Martin ratio: Return relative to average drawdown	-1.84	0.58	-2.42

RYCQX vs. RYGBX - Sharpe Ratio Comparison

The current RYCQX Sharpe Ratio is -1.44, which is lower than the RYGBX Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of RYCQX 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

RYCQX vs. RYGBX - Drawdown Comparison

The maximum RYCQX drawdown since its inception was -96.14%, which is greater than RYGBX's maximum drawdown of -62.42%. Use the drawdown chart below to compare losses from any high point for RYCQX and RYGBX.

Drawdown Indicators

	RYCQX	RYGBX	Difference
Max Drawdown Largest peak-to-trough decline	-96.14%	-62.42%	-33.72%
Max Drawdown (1Y) Largest decline over 1 year	-27.23%	-9.88%	-17.35%
Max Drawdown (3Y) Largest decline over 3 years	-42.51%	-23.25%	-19.26%
Max Drawdown (5Y) Largest decline over 5 years	-42.54%	-55.36%	+12.82%
Max Drawdown (10Y) Largest decline over 10 years	-76.08%	-62.42%	-13.66%
Current Drawdown Current decline from peak	-96.14%	-58.76%	-37.38%
Average Drawdown Average peak-to-trough decline	-70.58%	-19.58%	-51.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.09%	4.21%	+11.88%

Volatility

RYCQX vs. RYGBX - Volatility Comparison

Rydex Inverse Russell 2000 Strategy Fund (RYCQX) has a higher volatility of 6.40% compared to Rydex Government Long Bond 1.2x Strategy Fund (RYGBX) at 2.59%. This indicates that RYCQX'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

	RYCQX	RYGBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.40%	2.59%	+3.81%
Volatility (6M) Calculated over the trailing 6-month period	14.26%	7.70%	+6.56%
Volatility (1Y) Calculated over the trailing 1-year period	19.68%	11.14%	+8.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.50%	19.67%	+3.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.90%	19.30%	+4.60%

RYCQX vs. RYGBX - Expense Ratio Comparison

RYCQX has a 2.49% expense ratio, which is higher than RYGBX's 0.99% expense ratio.

Dividends

RYCQX vs. RYGBX - Dividend Comparison

RYCQX's dividend yield for the trailing twelve months is around 9.46%, more than RYGBX's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYCQX Rydex Inverse Russell 2000 Strategy Fund	9.46%	7.87%	7.14%	9.87%	0.00%	0.00%	0.08%	0.86%	0.00%	0.00%	0.00%	0.00%
RYGBX Rydex Government Long Bond 1.2x Strategy Fund	3.86%	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 RYCQX and RYGBX in my portfolio?

RYCQX and RYGBX have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYCQX or RYGBX?

RYCQX has higher volatility (6.40%) compared to RYGBX (2.59%). In terms of maximum drawdown, RYCQX dropped -96.14% vs RYGBX's -62.42%.

Which has better risk-adjusted returns?

RYGBX currently has the higher Sharpe Ratio (0.22 vs -1.44), 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.