RYJSX vs. RYGBX

Last updated Jun 4, 2026

RYJSX (Rydex Japan 2x Strategy Fund) and RYGBX (Rydex Government Long Bond 1.2x Strategy Fund) are both mutual funds - RYJSX is a Leveraged Equities fund managed by Rydex Funds, while RYGBX is a Leveraged Bonds fund managed by Rydex Funds. Over the past 10 years, RYJSX returned 15.51%/yr vs -4.63%/yr for RYGBX. At a correlation of -0.15, they often move in opposite directions. RYJSX charges 1.49%/yr vs 0.99%/yr for RYGBX.

Performance

RYJSX vs. RYGBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rydex Japan 2x Strategy Fund (RYJSX) 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, RYJSX achieves a 61.13% return, which is significantly higher than RYGBX's -1.33% return. Over the past 10 years, RYJSX has outperformed RYGBX with an annualized return of 15.51%, while RYGBX has yielded a comparatively lower -4.63% annualized return.

RYJSX

• 1D: 0.41%
• 1M: 23.21%
• YTD: 61.13%
• 6M: 60.11%
• 1Y: 129.24%
• 3Y*: 35.83%
• 5Y*: 11.23%
• 10Y*: 15.51%

RYGBX

• 1D: 0.25%
• 1M: 1.20%
• YTD: -1.33%
• 6M: -2.91%
• 1Y: 3.73%
• 3Y*: -5.20%
• 5Y*: -10.50%
• 10Y*: -4.63%

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

RYJSX vs. RYGBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYJSX Rydex Japan 2x Strategy Fund	61.13%	50.73%	1.56%	34.36%	-42.66%	-14.17%	40.76%	38.61%	-21.92%	50.94%
RYGBX Rydex Government Long Bond 1.2x Strategy Fund	-1.33%	2.19%	-12.81%	-1.05%	-40.90%	-7.28%	21.93%	17.50%	-5.20%	9.93%

Correlation

The correlation between RYJSX and RYGBX 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 (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 5, 2009	-0.15

The correlation between RYJSX and RYGBX shifts across timeframes, from -0.15 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

RYJSX vs. RYGBX — Risk / Return Rank

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

RYJSX

RYJSX Risk / Return Rank: 64
RYJSX Sharpe Ratio Rank: 72
RYJSX Sortino Ratio Rank: 51
RYJSX Omega Ratio Rank: 45
RYJSX Calmar Ratio Rank: 85
RYJSX Martin Ratio Rank: 65

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.

RYJSX vs. RYGBX - Risk-Adjusted Trends Comparison

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

	RYJSX	RYGBX	Difference
Sharpe ratio: Return per unit of total volatility	2.49	0.31	+2.18
Sortino ratio: Return per unit of downside risk	3.04	0.53	+2.51
Omega ratio: Gain probability vs. loss probability	1.37	1.06	+0.31
Calmar ratio: Return relative to maximum drawdown	4.04	0.36	+3.68
Martin ratio: Return relative to average drawdown	12.66	0.89	+11.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RYJSX vs. RYGBX - Sharpe Ratio Comparison

The current RYJSX Sharpe Ratio is 2.49, which is higher than the RYGBX Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of RYJSX 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

	RYJSX	RYGBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	0.31	+2.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	-0.53	+0.81
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	-0.24	+0.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.08	+0.22

Drawdowns

RYJSX vs. RYGBX - Drawdown Comparison

The maximum RYJSX drawdown since its inception was -63.60%, roughly equal to the maximum RYGBX drawdown of -62.42%. Use the drawdown chart below to compare losses from any high point for RYJSX and RYGBX.

Drawdown Indicators

	RYJSX	RYGBX	Difference
Max Drawdown Largest peak-to-trough decline	-63.60%	-62.42%	-1.18%
Max Drawdown (1Y) Largest decline over 1 year	-30.86%	-9.88%	-20.98%
Max Drawdown (3Y) Largest decline over 3 years	-40.80%	-23.34%	-17.46%
Max Drawdown (5Y) Largest decline over 5 years	-61.07%	-55.36%	-5.71%
Max Drawdown (10Y) Largest decline over 10 years	-63.60%	-62.42%	-1.18%
Current Drawdown Current decline from peak	0.00%	-58.95%	+58.95%
Average Drawdown Average peak-to-trough decline	-20.88%	-19.52%	-1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.84%	3.98%	+5.86%

Volatility

RYJSX vs. RYGBX - Volatility Comparison

Rydex Japan 2x Strategy Fund (RYJSX) has a higher volatility of 14.19% compared to Rydex Government Long Bond 1.2x Strategy Fund (RYGBX) at 3.36%. This indicates that RYJSX'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

	RYJSX	RYGBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.19%	3.36%	+10.83%
Volatility (6M) Calculated over the trailing 6-month period	39.70%	7.66%	+32.04%
Volatility (1Y) Calculated over the trailing 1-year period	50.21%	11.51%	+38.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.59%	19.75%	+20.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.71%	19.31%	+18.40%

RYJSX vs. RYGBX - Expense Ratio Comparison

RYJSX has a 1.49% expense ratio, which is higher than RYGBX's 0.99% expense ratio.

Dividends

RYJSX vs. RYGBX - Dividend Comparison

RYJSX's dividend yield for the trailing twelve months is around 0.69%, less than RYGBX's 3.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYGBX Rydex Government Long Bond 1.2x Strategy Fund	3.88%	3.59%	2.89%	2.70%	1.69%	0.71%	46.47%	5.00%	1.51%	1.45%	5.62%	2.07%
RYJSX Rydex Japan 2x Strategy Fund	0.69%	1.11%	4.50%	5.86%	0.00%	0.00%	0.52%	0.85%	0.48%	3.24%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RYJSX and RYGBX in my portfolio?

RYJSX and RYGBX 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, RYJSX or RYGBX?

RYJSX has higher volatility (14.19%) compared to RYGBX (3.36%). In terms of maximum drawdown, RYJSX dropped -63.60% vs RYGBX's -62.42%.

Which has better risk-adjusted returns?

RYJSX currently has the higher Sharpe Ratio (2.49 vs 0.31), 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.