SDRIX vs. SDAIX

Last updated Jun 4, 2026

SDRIX (Swan Defined Risk Fund) and SDAIX (Swan Defined Risk Growth Fund) are both Options Trading funds from Swan. Over the past 5 years, SDRIX returned 5.86%/yr vs 8.31%/yr for SDAIX. With a 0.97 correlation, they move nearly in lockstep. SDRIX charges 1.18%/yr vs 1.40%/yr for SDAIX.

Performance

SDRIX vs. SDAIX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with SDRIX having a 6.77% return and SDAIX slightly higher at 6.92%.

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%

SDAIX

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

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

SDRIX vs. SDAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SDRIX Swan Defined Risk Fund	6.77%	10.72%	4.91%	12.37%	-12.84%	17.41%	5.25%	12.75%
SDAIX Swan Defined Risk Growth Fund	6.92%	14.14%	13.81%	16.25%	-17.87%	22.93%	11.87%	23.13%

Correlation

The correlation between SDRIX and SDAIX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 3, 2019	0.97

The correlation between SDRIX and SDAIX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

SDRIX vs. SDAIX — 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

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

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. SDAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swan Defined Risk Fund (SDRIX) and Swan Defined Risk Growth Fund (SDAIX). 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	SDAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.16	+0.26
Sortino ratio: Return per unit of downside risk	3.36	2.96	+0.40
Omega ratio: Gain probability vs. loss probability	1.45	1.41	+0.04
Calmar ratio: Return relative to maximum drawdown	3.32	2.47	+0.85
Martin ratio: Return relative to average drawdown	15.07	11.49	+3.58
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. SDAIX - Sharpe Ratio Comparison

The current SDRIX Sharpe Ratio is 2.43, which is comparable to the SDAIX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of SDRIX and SDAIX, 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	SDAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.16	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.67	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.86	-0.25

Drawdowns

SDRIX vs. SDAIX - Drawdown Comparison

The maximum SDRIX drawdown since its inception was -20.69%, smaller than the maximum SDAIX drawdown of -24.26%. Use the drawdown chart below to compare losses from any high point for SDRIX and SDAIX.

Drawdown Indicators

	SDRIX	SDAIX	Difference
Max Drawdown Largest peak-to-trough decline	-20.69%	-24.26%	+3.57%
Max Drawdown (1Y) Largest decline over 1 year	-5.29%	-8.37%	+3.08%
Max Drawdown (3Y) Largest decline over 3 years	-14.16%	-14.25%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-17.67%	-22.89%	+5.22%
Max Drawdown (10Y) Largest decline over 10 years	-20.69%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.55%	-4.99%	+1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	1.80%	-0.64%

Volatility

SDRIX vs. SDAIX - Volatility Comparison

The current volatility for Swan Defined Risk Fund (SDRIX) is 2.04%, while Swan Defined Risk Growth Fund (SDAIX) has a volatility of 2.26%. This indicates that SDRIX experiences smaller price fluctuations and is considered to be less risky than SDAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDRIX	SDAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	2.26%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	5.48%	7.57%	-2.09%
Volatility (1Y) Calculated over the trailing 1-year period	7.24%	9.56%	-2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.58%	12.46%	-2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.70%	13.40%	-3.70%

SDRIX vs. SDAIX - Expense Ratio Comparison

SDRIX has a 1.18% expense ratio, which is lower than SDAIX's 1.40% expense ratio.

Dividends

SDRIX vs. SDAIX - Dividend Comparison

SDRIX's dividend yield for the trailing twelve months is around 9.88%, while SDAIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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 SDAIX in my portfolio?

With a correlation of 0.98, SDRIX and SDAIX 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.

Which is riskier, SDRIX or SDAIX?

SDAIX has higher volatility (2.26%) compared to SDRIX (2.04%). In terms of maximum drawdown, SDRIX dropped -20.69% vs SDAIX's -24.26%.

Which has better risk-adjusted returns?

SDRIX currently has the higher Sharpe Ratio (2.43 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.