RYCZX vs. RYGBX

Last updated Jun 3, 2026

RYCZX (Rydex Inverse Dow 2x Strategy Fund) and RYGBX (Rydex Government Long Bond 1.2x Strategy Fund) are both mutual funds - RYCZX 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, RYCZX returned -25.87%/yr vs -4.65%/yr for RYGBX. At a 0.26 correlation, their price movements are largely independent. RYCZX charges 2.70%/yr vs 0.99%/yr for RYGBX.

Performance

RYCZX vs. RYGBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rydex Inverse Dow 2x Strategy Fund (RYCZX) 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, RYCZX achieves a -11.83% return, which is significantly lower than RYGBX's -1.58% return. Over the past 10 years, RYCZX has underperformed RYGBX with an annualized return of -25.87%, while RYGBX has yielded a comparatively higher -4.65% annualized return.

RYCZX

• 1D: -0.25%
• 1M: -6.02%
• YTD: -11.83%
• 6M: -13.60%
• 1Y: -30.11%
• 3Y*: -21.96%
• 5Y*: -16.10%
• 10Y*: -25.87%

RYGBX

• 1D: 0.03%
• 1M: 0.03%
• YTD: -1.58%
• 6M: -2.90%
• 1Y: 3.28%
• 3Y*: -5.28%
• 5Y*: -10.64%
• 10Y*: -4.65%

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

RYCZX vs. RYGBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYCZX Rydex Inverse Dow 2x Strategy Fund	-11.83%	-22.14%	-16.97%	-19.05%	5.48%	-36.32%	-45.37%	-36.65%	0.75%	-39.59%
RYGBX Rydex Government Long Bond 1.2x Strategy Fund	-1.58%	2.19%	-12.81%	-1.05%	-40.90%	-7.28%	21.93%	17.50%	-5.20%	9.93%

Correlation

The correlation between RYCZX and RYGBX is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.19
Correlation (5Y) Calculated over the trailing 5-year period	-0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jan 4, 2005	0.26

The correlation between RYCZX and RYGBX shifts across timeframes, from -0.23 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RYCZX vs. RYGBX — Risk / Return Rank

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

RYCZX

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

RYGBX

RYGBX Risk / Return Rank: 3
RYGBX Sharpe Ratio Rank: 3
RYGBX Sortino Ratio Rank: 3
RYGBX Omega Ratio Rank: 3
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.

RYCZX vs. RYGBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rydex Inverse Dow 2x Strategy Fund (RYCZX) 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.

	RYCZX	RYGBX	Difference
Sharpe ratio Return per unit of total volatility	-1.26	0.18	-1.45
Sortino ratio Return per unit of downside risk	-1.81	0.35	-2.16
Omega ratio Gain probability vs. loss probability	0.80	1.04	-0.24
Calmar ratio Return relative to maximum drawdown	-0.99	0.27	-1.26
Martin ratio Return relative to average drawdown	-1.60	0.66	-2.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RYCZX vs. RYGBX - Sharpe Ratio Comparison

The current RYCZX Sharpe Ratio is -1.26, which is lower than the RYGBX Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of RYCZX 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.

Sharpe Ratios by Period

	RYCZX	RYGBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.26	0.18	-1.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.55	-0.54	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.74	-0.24	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	-0.64	0.08	-0.72

Drawdowns

RYCZX vs. RYGBX - Drawdown Comparison

The maximum RYCZX drawdown since its inception was -99.78%, which is greater than RYGBX's maximum drawdown of -62.42%. Use the drawdown chart below to compare losses from any high point for RYCZX and RYGBX.

Drawdown Indicators

	RYCZX	RYGBX	Difference
Max Drawdown Largest peak-to-trough decline	-99.78%	-62.42%	-37.36%
Max Drawdown (1Y) Largest decline over 1 year	-30.62%	-9.88%	-20.74%
Max Drawdown (3Y) Largest decline over 3 years	-57.42%	-23.34%	-34.08%
Max Drawdown (5Y) Largest decline over 5 years	-66.08%	-55.36%	-10.72%
Max Drawdown (10Y) Largest decline over 10 years	-95.33%	-62.42%	-32.91%
Current Drawdown Current decline from peak	-99.78%	-59.05%	-40.73%
Average Drawdown Average peak-to-trough decline	-78.85%	-19.51%	-59.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.05%	3.97%	+15.08%

Volatility

RYCZX vs. RYGBX - Volatility Comparison

Rydex Inverse Dow 2x Strategy Fund (RYCZX) has a higher volatility of 6.05% compared to Rydex Government Long Bond 1.2x Strategy Fund (RYGBX) at 3.37%. This indicates that RYCZX'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

	RYCZX	RYGBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	3.37%	+2.68%
Volatility (6M) Calculated over the trailing 6-month period	18.65%	7.67%	+10.98%
Volatility (1Y) Calculated over the trailing 1-year period	24.10%	11.53%	+12.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.53%	19.75%	+9.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.21%	19.32%	+15.89%

RYCZX vs. RYGBX - Expense Ratio Comparison

RYCZX has a 2.70% expense ratio, which is higher than RYGBX's 0.99% expense ratio.

Dividends

RYCZX vs. RYGBX - Dividend Comparison

RYCZX's dividend yield for the trailing twelve months is around 6.67%, more than RYGBX's 3.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYCZX Rydex Inverse Dow 2x Strategy Fund	6.67%	5.88%	4.32%	1.00%	0.00%	0.00%	0.05%	0.24%	0.00%	0.00%	0.00%	0.00%
RYGBX Rydex Government Long Bond 1.2x Strategy Fund	3.89%	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 RYCZX and RYGBX in my portfolio?

RYCZX and RYGBX have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYCZX or RYGBX?

RYCZX has higher volatility (6.05%) compared to RYGBX (3.37%). In terms of maximum drawdown, RYCZX dropped -99.78% vs RYGBX's -62.42%.

Which has better risk-adjusted returns?

RYGBX currently has the higher Sharpe Ratio (0.18 vs -1.26), 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.