RYGBX vs. RYCQX

Last updated Jun 24, 2026

RYGBX (Rydex Government Long Bond 1.2x Strategy Fund) and RYCQX (Rydex Inverse Russell 2000 Strategy Fund) are both mutual funds - RYGBX is a Leveraged Bonds fund managed by Rydex Funds, while RYCQX is a Inverse Equities fund managed by Rydex Funds. Over the past 10 years, RYGBX returned -4.80%/yr vs -13.05%/yr for RYCQX. At a 0.24 correlation, their price movements are largely independent. RYGBX charges 0.99%/yr vs 2.49%/yr for RYCQX.

Performance

RYGBX vs. RYCQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rydex Government Long Bond 1.2x Strategy Fund (RYGBX) and Rydex Inverse Russell 2000 Strategy Fund (RYCQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYGBX achieves a -0.89% return, which is significantly higher than RYCQX's -16.80% return. Over the past 10 years, RYGBX has outperformed RYCQX with an annualized return of -4.80%, while RYCQX has yielded a comparatively lower -13.05% annualized return.

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%

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%

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

RYGBX vs. RYCQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Correlation

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

Return for Risk

RYGBX vs. RYCQX — Risk / Return Rank

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

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

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

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.

RYGBX vs. RYCQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rydex Government Long Bond 1.2x Strategy Fund (RYGBX) and Rydex Inverse Russell 2000 Strategy Fund (RYCQX). 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.

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

RYGBX vs. RYCQX - Sharpe Ratio Comparison

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

RYGBX vs. RYCQX - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

RYGBX vs. RYCQX - Volatility Comparison

The current volatility for Rydex Government Long Bond 1.2x Strategy Fund (RYGBX) is 2.59%, while Rydex Inverse Russell 2000 Strategy Fund (RYCQX) has a volatility of 6.40%. This indicates that RYGBX experiences smaller price fluctuations and is considered to be less risky than RYCQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

RYGBX vs. RYCQX - Expense Ratio Comparison

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

Dividends

RYGBX vs. RYCQX - Dividend Comparison

RYGBX's dividend yield for the trailing twelve months is around 3.86%, less than RYCQX's 9.46% 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 RYGBX and RYCQX in my portfolio?

RYGBX and RYCQX 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, RYGBX or RYCQX?

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

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.