RYWCX vs. RYAIX

Last updated Jul 11, 2026

RYWCX (Rydex S&P SmallCap 600 Pure Growth Fund) and RYAIX (Rydex Inverse NASDAQ-100 Strategy Fund) are both mutual funds - RYWCX is a Small Cap Growth Equities fund managed by Rydex Funds, while RYAIX is a Inverse Equities fund managed by Rydex Funds. Over the past 10 years, RYWCX returned 7.90%/yr vs -18.95%/yr for RYAIX. At a correlation of -0.76, they often move in opposite directions. RYWCX charges 2.26%/yr vs 1.55%/yr for RYAIX.

Performance

RYWCX vs. RYAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rydex S&P SmallCap 600 Pure Growth Fund (RYWCX) and Rydex Inverse NASDAQ-100 Strategy Fund (RYAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYWCX achieves a 30.16% return, which is significantly higher than RYAIX's -15.23% return. Over the past 10 years, RYWCX has outperformed RYAIX with an annualized return of 7.90%, while RYAIX has yielded a comparatively lower -18.95% annualized return.

RYWCX

• 1D: 1.67%
• 1M: 5.46%
• 6M: 24.53%
• YTD: 30.16%
• 1Y: 35.96%
• 3Y*: 17.57%
• 5Y*: 4.21%
• 10Y*: 7.90%

RYAIX

• 1D: -1.60%
• 1M: -0.41%
• 6M: -13.62%
• YTD: -15.23%
• 1Y: -21.86%
• 3Y*: -17.78%
• 5Y*: -12.99%
• 10Y*: -18.95%

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

RYWCX vs. RYAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYWCX Rydex S&P SmallCap 600 Pure Growth Fund	30.16%	7.76%	7.20%	17.03%	-30.33%	16.37%	15.23%	11.58%	-9.55%	15.23%
RYAIX Rydex Inverse NASDAQ-100 Strategy Fund	-15.23%	-15.63%	-15.64%	-31.71%	35.92%	-24.88%	-40.98%	-27.65%	-2.63%	-24.47%

Correlation

The correlation between RYWCX and RYAIX is -0.63, 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	-0.63
Correlation (3Y) Calculated over the trailing 3-year period	-0.64
Correlation (5Y) Calculated over the trailing 5-year period	-0.71
Correlation (10Y) Calculated over the trailing 10-year period	-0.69
Correlation (All Time) Calculated using the full available price history since Jan 3, 2005	-0.76

The correlation between RYWCX and RYAIX shifts across timeframes, from -0.76 (all time) to -0.63 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

RYWCX vs. RYAIX — Risk / Return Rank

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

RYWCX

RYWCX Risk / Return Rank: 79
RYWCX Sharpe Ratio Rank: 73
RYWCX Sortino Ratio Rank: 76
RYWCX Omega Ratio Rank: 62
RYWCX Calmar Ratio Rank: 93
RYWCX Martin Ratio Rank: 90

RYAIX

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

RYWCX vs. RYAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rydex S&P SmallCap 600 Pure Growth Fund (RYWCX) and Rydex Inverse NASDAQ-100 Strategy Fund (RYAIX). 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.

	RYWCX	RYAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	-1.16	+3.07
Sortino ratio: Return per unit of downside risk	2.84	-1.69	+4.53
Omega ratio: Gain probability vs. loss probability	1.32	0.82	+0.51
Calmar ratio: Return relative to maximum drawdown	4.21	-0.85	+5.06
Martin ratio: Return relative to average drawdown	13.84	-1.79	+15.63

RYWCX vs. RYAIX - Sharpe Ratio Comparison

The current RYWCX Sharpe Ratio is 1.91, which is higher than the RYAIX Sharpe Ratio of -1.16. The chart below compares the historical Sharpe Ratios of RYWCX and RYAIX, 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

RYWCX vs. RYAIX - Drawdown Comparison

The maximum RYWCX drawdown since its inception was -60.64%, smaller than the maximum RYAIX drawdown of -98.93%. Use the drawdown chart below to compare losses from any high point for RYWCX and RYAIX.

Drawdown Indicators

	RYWCX	RYAIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.64%	-98.93%	+38.29%
Max Drawdown (1Y) Largest decline over 1 year	-8.49%	-25.47%	+16.98%
Max Drawdown (3Y) Largest decline over 3 years	-26.39%	-50.13%	+23.74%
Max Drawdown (5Y) Largest decline over 5 years	-40.28%	-61.15%	+20.87%
Max Drawdown (10Y) Largest decline over 10 years	-54.65%	-88.00%	+33.35%
Current Drawdown Current decline from peak	-1.67%	-98.90%	+97.23%
Average Drawdown Average peak-to-trough decline	-13.39%	-73.38%	+59.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	12.03%	-9.45%

Volatility

RYWCX vs. RYAIX - Volatility Comparison

The current volatility for Rydex S&P SmallCap 600 Pure Growth Fund (RYWCX) is 5.51%, while Rydex Inverse NASDAQ-100 Strategy Fund (RYAIX) has a volatility of 8.59%. This indicates that RYWCX experiences smaller price fluctuations and is considered to be less risky than RYAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYWCX	RYAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	8.59%	-3.08%
Volatility (6M) Calculated over the trailing 6-month period	13.99%	15.27%	-1.28%
Volatility (1Y) Calculated over the trailing 1-year period	18.75%	18.54%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.93%	23.22%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.68%	22.78%	+1.90%

RYWCX vs. RYAIX - Expense Ratio Comparison

RYWCX has a 2.26% expense ratio, which is higher than RYAIX's 1.55% expense ratio.

Dividends

RYWCX vs. RYAIX - Dividend Comparison

RYWCX has not paid dividends to shareholders, while RYAIX's dividend yield for the trailing twelve months is around 2.63%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYAIX Rydex Inverse NASDAQ-100 Strategy Fund	2.63%	2.23%	5.67%	4.81%	0.00%	0.00%	0.09%	0.72%	0.00%	0.00%
RYWCX Rydex S&P SmallCap 600 Pure Growth Fund	0.00%	0.00%	14.52%	0.00%	0.00%	59.93%	0.00%	0.00%	9.26%	3.92%

Frequently Asked Questions

Can I hold both RYWCX and RYAIX in my portfolio?

RYWCX and RYAIX have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYWCX or RYAIX?

RYAIX has higher volatility (8.59%) compared to RYWCX (5.51%). In terms of maximum drawdown, RYWCX dropped -60.64% vs RYAIX's -98.93%.

Which has better risk-adjusted returns?

RYWCX currently has the higher Sharpe Ratio (1.91 vs -1.16), 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.