SDRIX vs. GATEX

Last updated Jun 4, 2026

SDRIX (Swan Defined Risk Fund) and GATEX (Gateway Fund) are both Options Trading funds. Over the past 10 years, SDRIX returned 5.84%/yr vs 6.80%/yr for GATEX. Their correlation of 0.86 suggests significant overlap in exposure. SDRIX charges 1.18%/yr vs 0.93%/yr for GATEX.

Performance

SDRIX vs. GATEX - Performance Comparison

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

Returns By Period

In the year-to-date period, SDRIX achieves a 6.77% return, which is significantly higher than GATEX's 4.80% return. Over the past 10 years, SDRIX has underperformed GATEX with an annualized return of 5.84%, while GATEX has yielded a comparatively higher 6.80% annualized return.

SDRIX

• 1D: 0.25%
• 1M: 4.44%
• YTD: 6.77%
• 6M: 6.64%
• 1Y: 17.18%
• 3Y*: 9.53%
• 5Y*: 5.86%
• 10Y*: 5.84%

GATEX

• 1D: 0.13%
• 1M: 2.39%
• YTD: 4.80%
• 6M: 5.02%
• 1Y: 14.55%
• 3Y*: 11.75%
• 5Y*: 7.12%
• 10Y*: 6.80%

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

SDRIX vs. GATEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDRIX Swan Defined Risk Fund	6.77%	10.72%	4.91%	12.37%	-12.84%	17.41%	5.25%	12.75%	-8.85%	10.25%
GATEX Gateway Fund	4.80%	10.07%	15.55%	14.43%	-12.06%	11.24%	6.92%	10.84%	-4.39%	9.66%

Correlation

The correlation between SDRIX and GATEX 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	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.86

The correlation between SDRIX and GATEX shifts across timeframes, from 0.74 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SDRIX vs. GATEX — Risk / Return Rank

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

SDRIX

SDRIX Risk / Return Rank: 70
SDRIX Sharpe Ratio Rank: 69
SDRIX Sortino Ratio Rank: 64
SDRIX Omega Ratio Rank: 65
SDRIX Calmar Ratio Rank: 72
SDRIX Martin Ratio Rank: 80

GATEX

GATEX Risk / Return Rank: 75
GATEX Sharpe Ratio Rank: 78
GATEX Sortino Ratio Rank: 80
GATEX Omega Ratio Rank: 78
GATEX Calmar Ratio Rank: 62
GATEX Martin Ratio Rank: 75

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.

SDRIX vs. GATEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swan Defined Risk Fund (SDRIX) and Gateway Fund (GATEX). 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.

	SDRIX	GATEX	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.56	-0.13
Sortino ratio: Return per unit of downside risk	3.36	3.79	-0.43
Omega ratio: Gain probability vs. loss probability	1.45	1.51	-0.06
Calmar ratio: Return relative to maximum drawdown	3.32	3.02	+0.31
Martin ratio: Return relative to average drawdown	15.07	14.22	+0.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDRIX vs. GATEX - Sharpe Ratio Comparison

The current SDRIX Sharpe Ratio is 2.43, which is comparable to the GATEX Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of SDRIX and GATEX, 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

	SDRIX	GATEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.56	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.78	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.78	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.53	+0.08

Drawdowns

SDRIX vs. GATEX - Drawdown Comparison

The maximum SDRIX drawdown since its inception was -20.69%, smaller than the maximum GATEX drawdown of -29.74%. Use the drawdown chart below to compare losses from any high point for SDRIX and GATEX.

Drawdown Indicators

	SDRIX	GATEX	Difference
Max Drawdown Largest peak-to-trough decline	-20.69%	-29.74%	+9.05%
Max Drawdown (1Y) Largest decline over 1 year	-5.29%	-6.01%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	-14.16%	-11.52%	-2.64%
Max Drawdown (5Y) Largest decline over 5 years	-17.67%	-16.39%	-1.28%
Max Drawdown (10Y) Largest decline over 10 years	-20.69%	-16.39%	-4.30%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.55%	-3.90%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	1.52%	-0.36%

Volatility

SDRIX vs. GATEX - Volatility Comparison

Swan Defined Risk Fund (SDRIX) has a higher volatility of 2.04% compared to Gateway Fund (GATEX) at 1.05%. This indicates that SDRIX's price experiences larger fluctuations and is considered to be riskier than GATEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDRIX	GATEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	1.05%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	5.48%	5.87%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	7.24%	7.08%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.58%	9.56%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.70%	8.89%	+0.81%

SDRIX vs. GATEX - Expense Ratio Comparison

SDRIX has a 1.18% expense ratio, which is higher than GATEX's 0.93% expense ratio.

Dividends

SDRIX vs. GATEX - Dividend Comparison

SDRIX's dividend yield for the trailing twelve months is around 9.88%, more than GATEX's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GATEX Gateway Fund	0.18%	0.22%	0.42%	0.67%	0.63%	0.43%	0.83%	1.09%	1.15%	1.01%	1.36%	1.84%
SDRIX Swan Defined Risk Fund	9.88%	10.55%	0.00%	12.37%	0.00%	0.00%	0.34%	1.21%	1.00%	0.76%	1.42%	0.78%

Frequently Asked Questions

Can I hold both SDRIX and GATEX in my portfolio?

SDRIX and GATEX 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, SDRIX or GATEX?

SDRIX has higher volatility (2.04%) compared to GATEX (1.05%). In terms of maximum drawdown, SDRIX dropped -20.69% vs GATEX's -29.74%.

Which has better risk-adjusted returns?

GATEX currently has the higher Sharpe Ratio (2.56 vs 2.43), 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.