SDAIX vs. GCPYX

Last updated Jun 4, 2026

SDAIX (Swan Defined Risk Growth Fund) and GCPYX (Gateway Equity Call Premium Fund) are both Options Trading funds. Over the past 5 years, SDAIX returned 8.31%/yr vs 9.80%/yr for GCPYX. Their correlation of 0.89 suggests significant overlap in exposure. SDAIX charges 1.40%/yr vs 0.68%/yr for GCPYX.

Performance

SDAIX vs. GCPYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Swan Defined Risk Growth Fund (SDAIX) and Gateway Equity Call Premium Fund (GCPYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDAIX achieves a 6.92% return, which is significantly higher than GCPYX's 5.51% return.

SDAIX

• 1D: 0.18%
• 1M: 4.55%
• YTD: 6.92%
• 6M: 6.58%
• 1Y: 20.23%
• 3Y*: 14.17%
• 5Y*: 8.31%
• 10Y*: —

GCPYX

• 1D: 0.00%
• 1M: 3.07%
• YTD: 5.51%
• 6M: 6.49%
• 1Y: 20.00%
• 3Y*: 14.36%
• 5Y*: 9.80%
• 10Y*: 9.50%

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

SDAIX vs. GCPYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SDAIX Swan Defined Risk Growth Fund	6.92%	14.14%	13.81%	16.25%	-17.87%	22.93%	11.87%	23.13%
GCPYX Gateway Equity Call Premium Fund	5.51%	12.59%	18.15%	17.59%	-11.48%	19.28%	8.38%	16.37%

Correlation

The correlation between SDAIX and GCPYX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 3, 2019	0.89

The correlation between SDAIX and GCPYX shifts across timeframes, from 0.74 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SDAIX vs. GCPYX — Risk / Return Rank

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

SDAIX

SDAIX Risk / Return Rank: 51
SDAIX Sharpe Ratio Rank: 54
SDAIX Sortino Ratio Rank: 49
SDAIX Omega Ratio Rank: 54
SDAIX Calmar Ratio Rank: 42
SDAIX Martin Ratio Rank: 57

GCPYX

GCPYX Risk / Return Rank: 86
GCPYX Sharpe Ratio Rank: 88
GCPYX Sortino Ratio Rank: 87
GCPYX Omega Ratio Rank: 86
GCPYX Calmar Ratio Rank: 79
GCPYX Martin Ratio Rank: 91

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.

SDAIX vs. GCPYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swan Defined Risk Growth Fund (SDAIX) and Gateway Equity Call Premium Fund (GCPYX). 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.

	SDAIX	GCPYX	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.85	-0.69
Sortino ratio: Return per unit of downside risk	2.96	4.15	-1.20
Omega ratio: Gain probability vs. loss probability	1.41	1.59	-0.18
Calmar ratio: Return relative to maximum drawdown	2.47	3.57	-1.10
Martin ratio: Return relative to average drawdown	11.49	18.78	-7.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDAIX vs. GCPYX - Sharpe Ratio Comparison

The current SDAIX Sharpe Ratio is 2.16, which is comparable to the GCPYX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of SDAIX and GCPYX, 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

	SDAIX	GCPYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.85	-0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.83	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.73	+0.13

Drawdowns

SDAIX vs. GCPYX - Drawdown Comparison

The maximum SDAIX drawdown since its inception was -24.26%, roughly equal to the maximum GCPYX drawdown of -25.24%. Use the drawdown chart below to compare losses from any high point for SDAIX and GCPYX.

Drawdown Indicators

	SDAIX	GCPYX	Difference
Max Drawdown Largest peak-to-trough decline	-24.26%	-25.24%	+0.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.37%	-7.02%	-1.35%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-15.49%	+1.24%
Max Drawdown (5Y) Largest decline over 5 years	-22.89%	-18.33%	-4.56%
Max Drawdown (10Y) Largest decline over 10 years	—	-25.24%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.99%	-2.82%	-2.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	2.02%	-0.22%

Volatility

SDAIX vs. GCPYX - Volatility Comparison

Swan Defined Risk Growth Fund (SDAIX) has a higher volatility of 2.26% compared to Gateway Equity Call Premium Fund (GCPYX) at 1.35%. This indicates that SDAIX's price experiences larger fluctuations and is considered to be riskier than GCPYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDAIX	GCPYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	1.35%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	7.57%	7.37%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	9.56%	8.79%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.46%	12.28%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.40%	12.46%	+0.94%

SDAIX vs. GCPYX - Expense Ratio Comparison

SDAIX has a 1.40% expense ratio, which is higher than GCPYX's 0.68% expense ratio.

Dividends

SDAIX vs. GCPYX - Dividend Comparison

SDAIX has not paid dividends to shareholders, while GCPYX's dividend yield for the trailing twelve months is around 0.41%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GCPYX Gateway Equity Call Premium Fund	0.41%	0.44%	0.73%	0.92%	0.96%	0.47%	0.82%	1.07%	1.12%	1.03%	1.15%	1.47%
SDAIX Swan Defined Risk Growth Fund	0.00%	0.00%	0.00%	28.80%	0.00%	0.00%	0.62%	1.62%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SDAIX and GCPYX in my portfolio?

SDAIX and GCPYX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDAIX or GCPYX?

SDAIX has higher volatility (2.26%) compared to GCPYX (1.35%). In terms of maximum drawdown, SDAIX dropped -24.26% vs GCPYX's -25.24%.

Which has better risk-adjusted returns?

GCPYX currently has the higher Sharpe Ratio (2.85 vs 2.16), 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.