SDRIX vs. GTEYX

Last updated Jun 24, 2026

SDRIX (Swan Defined Risk Fund) and GTEYX (Gateway Fund Class Y Shares) are both Options Trading funds. Over the past 10 years, SDRIX returned 5.78%/yr vs 7.12%/yr for GTEYX. Their correlation of 0.86 suggests significant overlap in exposure. SDRIX charges 1.18%/yr vs 0.70%/yr for GTEYX.

Performance

SDRIX vs. GTEYX - Performance Comparison

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

Returns By Period

In the year-to-date period, SDRIX achieves a 5.55% return, which is significantly higher than GTEYX's 4.50% return. Over the past 10 years, SDRIX has underperformed GTEYX with an annualized return of 5.78%, while GTEYX has yielded a comparatively higher 7.12% annualized return.

SDRIX

• 1D: -0.13%
• 1M: 0.65%
• YTD: 5.55%
• 6M: 5.03%
• 1Y: 15.07%
• 3Y*: 8.87%
• 5Y*: 5.47%
• 10Y*: 5.78%

GTEYX

• 1D: 0.00%
• 1M: 0.49%
• YTD: 4.50%
• 6M: 3.95%
• 1Y: 13.54%
• 3Y*: 11.53%
• 5Y*: 7.10%
• 10Y*: 7.12%

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

SDRIX vs. GTEYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDRIX Swan Defined Risk Fund	5.55%	10.72%	4.91%	12.37%	-12.84%	17.41%	5.25%	12.75%	-8.85%	10.25%
GTEYX Gateway Fund Class Y Shares	4.50%	10.28%	15.82%	14.70%	-11.84%	11.49%	7.19%	11.12%	-4.17%	9.93%

Correlation

The correlation between SDRIX and GTEYX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.86

The correlation between SDRIX and GTEYX shifts across timeframes, from 0.75 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SDRIX vs. GTEYX — Risk / Return Rank

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

SDRIX

SDRIX Risk / Return Rank: 59
SDRIX Sharpe Ratio Rank: 54
SDRIX Sortino Ratio Rank: 50
SDRIX Omega Ratio Rank: 53
SDRIX Calmar Ratio Rank: 66
SDRIX Martin Ratio Rank: 72

GTEYX

GTEYX Risk / Return Rank: 70
GTEYX Sharpe Ratio Rank: 70
GTEYX Sortino Ratio Rank: 73
GTEYX Omega Ratio Rank: 74
GTEYX Calmar Ratio Rank: 58
GTEYX Martin Ratio Rank: 74

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. GTEYX - Risk-Adjusted Trends Comparison

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

	SDRIX	GTEYX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.25	-0.24
Sortino ratio: Return per unit of downside risk	2.74	3.24	-0.50
Omega ratio: Gain probability vs. loss probability	1.37	1.44	-0.07
Calmar ratio: Return relative to maximum drawdown	2.98	2.81	+0.17
Martin ratio: Return relative to average drawdown	12.86	13.13	-0.27

SDRIX vs. GTEYX - Sharpe Ratio Comparison

The current SDRIX Sharpe Ratio is 2.00, which is comparable to the GTEYX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of SDRIX and GTEYX, 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

SDRIX vs. GTEYX - Drawdown Comparison

The maximum SDRIX drawdown since its inception was -20.69%, which is greater than GTEYX's maximum drawdown of -16.58%. Use the drawdown chart below to compare losses from any high point for SDRIX and GTEYX.

Drawdown Indicators

	SDRIX	GTEYX	Difference
Max Drawdown Largest peak-to-trough decline	-20.69%	-16.58%	-4.11%
Max Drawdown (1Y) Largest decline over 1 year	-5.29%	-5.98%	+0.69%
Max Drawdown (3Y) Largest decline over 3 years	-14.16%	-11.48%	-2.68%
Max Drawdown (5Y) Largest decline over 5 years	-17.67%	-16.25%	-1.42%
Max Drawdown (10Y) Largest decline over 10 years	-20.69%	-16.25%	-4.44%
Current Drawdown Current decline from peak	-1.14%	-0.43%	-0.71%
Average Drawdown Average peak-to-trough decline	-3.54%	-2.06%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	1.18%	+0.04%

Volatility

SDRIX vs. GTEYX - Volatility Comparison

Swan Defined Risk Fund (SDRIX) has a higher volatility of 3.36% compared to Gateway Fund Class Y Shares (GTEYX) at 2.51%. This indicates that SDRIX's price experiences larger fluctuations and is considered to be riskier than GTEYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDRIX	GTEYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	2.51%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	6.20%	5.98%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	7.87%	7.49%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.65%	9.61%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.75%	8.92%	+0.83%

SDRIX vs. GTEYX - Expense Ratio Comparison

SDRIX has a 1.18% expense ratio, which is higher than GTEYX's 0.70% expense ratio.

Dividends

SDRIX vs. GTEYX - Dividend Comparison

SDRIX's dividend yield for the trailing twelve months is around 9.99%, more than GTEYX's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTEYX Gateway Fund Class Y Shares	0.35%	0.39%	0.65%	0.90%	0.89%	0.66%	1.06%	1.32%	1.41%	1.24%	1.60%	2.09%
SDRIX Swan Defined Risk Fund	9.99%	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 GTEYX in my portfolio?

SDRIX and GTEYX have a correlation of 0.75, 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 GTEYX?

SDRIX has higher volatility (3.36%) compared to GTEYX (2.51%). In terms of maximum drawdown, SDRIX dropped -20.69% vs GTEYX's -16.58%.

Which has better risk-adjusted returns?

GTEYX currently has the higher Sharpe Ratio (2.25 vs 2.00), 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.