SDRIX vs. IRONX
SDRIX (Swan Defined Risk Fund) and IRONX (Ironclad Managed Risk Fund) are both Options Trading funds. Over the past 10 years, SDRIX returned 5.53%/yr vs 26.60%/yr for IRONX. Their correlation of 0.81 means they have usually moved in the same direction. SDRIX charges 1.18%/yr vs 1.25%/yr for IRONX.
Performance
SDRIX vs. IRONX - Performance Comparison
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Returns By Period
In the year-to-date period, SDRIX achieves a 4.87% return, which is significantly higher than IRONX's 4.60% return. Over the past 10 years, SDRIX has underperformed IRONX with an annualized return of 5.53%, while IRONX has yielded a comparatively higher 26.60% annualized return.
SDRIX
- 1D
- 0.39%
- 1M
- -0.45%
- 6M
- 3.75%
- YTD
- 4.87%
- 1Y
- 12.90%
- 3Y*
- 8.09%
- 5Y*
- 4.72%
- 10Y*
- 5.53%
- ALL TIME*
- 5.47%
IRONX
- 1D
- 0.50%
- 1M
- 0.21%
- 6M
- 3.15%
- YTD
- 4.60%
- 1Y
- 11.19%
- 3Y*
- 10.55%
- 5Y*
- 9.13%
- 10Y*
- 26.60%
- ALL TIME*
- 18.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
SDRIX vs. IRONX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDRIX Swan Defined Risk Fund | 4.87% | 10.72% | 4.91% | 12.37% | -12.84% | 17.41% | 5.25% | 12.75% | -8.85% | 10.25% |
IRONX Ironclad Managed Risk Fund | 4.60% | 10.57% | 14.78% | 10.61% | 0.26% | 13.24% | 5.91% | 458.33% | 1.99% | 3.33% |
Correlation
The correlation between SDRIX and IRONX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013 | 0.81 |
The correlation between SDRIX and IRONX shifts across timeframes, from 0.81 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SDRIX vs. IRONX — Risk / Return Rank
SDRIX
IRONX
SDRIX vs. IRONX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Swan Defined Risk Fund (SDRIX) and Ironclad Managed Risk Fund (IRONX). 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 | IRONX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.21 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 1.66 | +0.58 |
| Martin ratioReturn relative to average drawdown | 8.79 | 5.92 | +2.87 |
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Drawdowns
SDRIX vs. IRONX - Drawdown Comparison
The maximum SDRIX drawdown since its inception was -20.69%, which is greater than IRONX's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for SDRIX and IRONX.
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Drawdown Indicators
| SDRIX | IRONX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.69% | -13.71% | -6.98% |
Max Drawdown (1Y)Largest decline over 1 year | -5.29% | -5.99% | +0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -14.16% | -11.68% | -2.48% |
Max Drawdown (5Y)Largest decline over 5 years | -17.67% | -11.68% | -5.99% |
Max Drawdown (10Y)Largest decline over 10 years | -20.69% | -13.71% | -6.98% |
Current DrawdownCurrent decline from peak | -1.78% | -0.84% | -0.94% |
Average DrawdownAverage peak-to-trough decline | -3.53% | -1.77% | -1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.35% | 1.68% | -0.33% |
Volatility
SDRIX vs. IRONX - Volatility Comparison
Swan Defined Risk Fund (SDRIX) has a higher volatility of 2.48% compared to Ironclad Managed Risk Fund (IRONX) at 2.02%. This indicates that SDRIX's price experiences larger fluctuations and is considered to be riskier than IRONX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDRIX | IRONX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 2.02% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 6.72% | 5.86% | +0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.35% | 8.42% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 9.49% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.76% | 40.76% | -31.00% |
SDRIX vs. IRONX - Expense Ratio Comparison
SDRIX has a 1.18% expense ratio, which is lower than IRONX's 1.25% expense ratio.
Dividends
SDRIX vs. IRONX - Dividend Comparison
SDRIX's dividend yield for the trailing twelve months is around 10.06%, more than IRONX's 0.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IRONX Ironclad Managed Risk Fund | 0.06% | 0.06% | 0.19% | 5.17% | 2.97% | 13.84% | 4.16% | 121.75% | 8.85% | 9.93% | 1.42% | 0.38% |
SDRIX Swan Defined Risk Fund | 10.06% | 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
With a correlation of 0.96, SDRIX and IRONX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SDRIX has higher volatility (2.48%) compared to IRONX (2.02%). In terms of maximum drawdown, SDRIX dropped -20.69% vs IRONX's -13.71%.
SDRIX currently has the higher Sharpe Ratio (1.42 vs 1.18), 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.
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