SDAIX vs. MAIPX

Last updated Aug 1, 2026

SDAIX (Swan Defined Risk Growth Fund) and MAIPX (MAI Managed Volatility Fund) are both Options Trading funds. Over the past 5 years, SDAIX returned 6.90%/yr vs 7.46%/yr for MAIPX. Their correlation of 0.88 means they have usually moved in the same direction. SDAIX charges 1.40%/yr vs 0.99%/yr for MAIPX.

Performance

SDAIX vs. MAIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Swan Defined Risk Growth Fund (SDAIX) and MAI Managed Volatility Fund (MAIPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDAIX achieves a 4.78% return, which is significantly lower than MAIPX's 7.11% return.

SDAIX

• 1D: 1.59%
• 1M: -0.60%
• 6M: 3.80%
• YTD: 4.78%
• 1Y: 15.37%
• 3Y*: 12.40%
• 5Y*: 6.90%
• 10Y*: —
• ALL TIME*: 10.98%

MAIPX

• 1D: 0.51%
• 1M: 1.09%
• 6M: 7.38%
• YTD: 7.11%
• 1Y: 12.04%
• 3Y*: 10.10%
• 5Y*: 7.46%
• 10Y*: 7.23%
• ALL TIME*: 6.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MAIPX MAI Managed Volatility Fund	$0.00	$0.00	$0.00
SDAIX Swan Defined Risk Growth Fund	$0.00	$0.00	$0.00

SDAIX vs. MAIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SDAIX Swan Defined Risk Growth Fund	4.78%	14.14%	13.81%	16.25%	-17.87%	22.93%	11.87%	23.13%
MAIPX MAI Managed Volatility Fund	7.11%	10.28%	8.64%	10.58%	-3.59%	12.81%	4.39%	16.13%

Correlation

The correlation between SDAIX and MAIPX is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019	0.88

The correlation between SDAIX and MAIPX shifts across timeframes, from 0.77 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SDAIX vs. MAIPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SDAIX

SDAIX Risk / Return Rank: 40
SDAIX Sharpe Ratio Rank: 39
SDAIX Sortino Ratio Rank: 37
SDAIX Omega Ratio Rank: 39
SDAIX Calmar Ratio Rank: 36
SDAIX Martin Ratio Rank: 47

MAIPX

MAIPX Risk / Return Rank: 93
MAIPX Sharpe Ratio Rank: 92
MAIPX Sortino Ratio Rank: 92
MAIPX Omega Ratio Rank: 92
MAIPX Calmar Ratio Rank: 93
MAIPX Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SDAIX vs. MAIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swan Defined Risk Growth Fund (SDAIX) and MAI Managed Volatility Fund (MAIPX). 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.

	SDAIX	MAIPX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	2.38	-1.16
Sortino ratio: Return per unit of downside risk	1.72	3.62	-1.90
Omega ratio: Gain probability vs. loss probability	1.22	1.51	-0.29
Calmar ratio: Return relative to maximum drawdown	1.58	3.81	-2.23
Martin ratio: Return relative to average drawdown	6.79	19.51	-12.72

SDAIX vs. MAIPX - Sharpe Ratio Comparison

The current SDAIX Sharpe Ratio is 1.22, which is lower than the MAIPX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SDAIX and MAIPX, 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

SDAIX vs. MAIPX - Drawdown Comparison

The maximum SDAIX drawdown since its inception was -24.26%, smaller than the maximum MAIPX drawdown of -25.69%. Use the drawdown chart below to compare losses from any high point for SDAIX and MAIPX.

Drawdown Indicators

	SDAIX	MAIPX	Difference
Max Drawdown Largest peak-to-trough decline	-24.26%	-25.69%	+1.43%
Max Drawdown (1Y) Largest decline over 1 year	-8.37%	-3.10%	-5.27%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-11.77%	-2.48%
Max Drawdown (5Y) Largest decline over 5 years	-22.89%	-11.77%	-11.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-25.69%	—
Current Drawdown Current decline from peak	-2.00%	0.00%	-2.00%
Average Drawdown Average peak-to-trough decline	-4.92%	-1.42%	-3.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	0.60%	+1.35%

Volatility

SDAIX vs. MAIPX - Volatility Comparison

Swan Defined Risk Growth Fund (SDAIX) has a higher volatility of 3.16% compared to MAI Managed Volatility Fund (MAIPX) at 1.33%. This indicates that SDAIX's price experiences larger fluctuations and is considered to be riskier than MAIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDAIX	MAIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	1.33%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	8.90%	4.22%	+4.68%
Volatility (1Y) Calculated over the trailing 1-year period	10.88%	4.97%	+5.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.62%	8.87%	+3.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.41%	10.95%	+2.46%

SDAIX vs. MAIPX - Expense Ratio Comparison

SDAIX has a 1.40% expense ratio, which is higher than MAIPX's 0.99% expense ratio.

Dividends

SDAIX vs. MAIPX - Dividend Comparison

SDAIX has not paid dividends to shareholders, while MAIPX's dividend yield for the trailing twelve months is around 1.07%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAIPX MAI Managed Volatility Fund	1.07%	1.33%	2.20%	4.59%	2.26%	0.00%	0.32%	1.74%	2.89%	2.12%	0.80%	4.17%
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 MAIPX in my portfolio?

SDAIX and MAIPX have a correlation of 0.77, 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 MAIPX?

SDAIX has higher volatility (3.16%) compared to MAIPX (1.33%). In terms of maximum drawdown, SDAIX dropped -24.26% vs MAIPX's -25.69%.

Which has better risk-adjusted returns?

MAIPX currently has the higher Sharpe Ratio (2.38 vs 1.22), 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.