SEVAX vs. GIOIX

Last updated Jun 4, 2026

SEVAX (Guggenheim SMid Cap Value Fund) and GIOIX (Guggenheim Macro Opportunities Fund) are both mutual funds - SEVAX is a Mid Cap Value Equities fund managed by Guggenheim, while GIOIX is a Nontraditional Bonds fund actively managed by Guggenheim. Over the past 10 years, SEVAX returned 8.59%/yr vs 4.33%/yr for GIOIX. At a 0.36 correlation, their price movements are largely independent. SEVAX charges 1.19%/yr vs 0.96%/yr for GIOIX.

Performance

SEVAX vs. GIOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guggenheim SMid Cap Value Fund (SEVAX) and Guggenheim Macro Opportunities Fund (GIOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEVAX achieves a 9.94% return, which is significantly higher than GIOIX's 1.12% return. Over the past 10 years, SEVAX has outperformed GIOIX with an annualized return of 8.59%, while GIOIX has yielded a comparatively lower 4.33% annualized return.

SEVAX

• 1D: 1.49%
• 1M: 4.73%
• YTD: 9.94%
• 6M: 10.09%
• 1Y: 19.46%
• 3Y*: 8.13%
• 5Y*: 4.31%
• 10Y*: 8.59%

GIOIX

• 1D: 0.00%
• 1M: 0.57%
• YTD: 1.12%
• 6M: 1.66%
• 1Y: 6.11%
• 3Y*: 7.59%
• 5Y*: 3.26%
• 10Y*: 4.33%

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

SEVAX vs. GIOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SEVAX Guggenheim SMid Cap Value Fund	9.94%	7.18%	-1.97%	9.34%	-2.07%	23.63%	3.56%	26.83%	-13.22%	13.38%
GIOIX Guggenheim Macro Opportunities Fund	1.12%	7.64%	7.78%	9.69%	-9.57%	1.71%	11.09%	2.25%	0.46%	5.32%

Correlation

The correlation between SEVAX and GIOIX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012	0.36

Return for Risk

SEVAX vs. GIOIX — Risk / Return Rank

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

SEVAX

SEVAX Risk / Return Rank: 33
SEVAX Sharpe Ratio Rank: 28
SEVAX Sortino Ratio Rank: 30
SEVAX Omega Ratio Rank: 26
SEVAX Calmar Ratio Rank: 40
SEVAX Martin Ratio Rank: 38

GIOIX

GIOIX Risk / Return Rank: 77
GIOIX Sharpe Ratio Rank: 74
GIOIX Sortino Ratio Rank: 93
GIOIX Omega Ratio Rank: 89
GIOIX Calmar Ratio Rank: 58
GIOIX Martin Ratio Rank: 72

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.

SEVAX vs. GIOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guggenheim SMid Cap Value Fund (SEVAX) and Guggenheim Macro Opportunities Fund (GIOIX). 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.

	SEVAX	GIOIX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.49	-0.95
Sortino ratio: Return per unit of downside risk	2.30	4.65	-2.35
Omega ratio: Gain probability vs. loss probability	1.27	1.63	-0.36
Calmar ratio: Return relative to maximum drawdown	2.40	2.90	-0.50
Martin ratio: Return relative to average drawdown	8.29	13.85	-5.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEVAX vs. GIOIX - Sharpe Ratio Comparison

The current SEVAX Sharpe Ratio is 1.54, which is lower than the GIOIX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of SEVAX and GIOIX, 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

	SEVAX	GIOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	2.49	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	1.03	-0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	1.50	-1.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	1.73	-1.18

Drawdowns

SEVAX vs. GIOIX - Drawdown Comparison

The maximum SEVAX drawdown since its inception was -50.99%, which is greater than GIOIX's maximum drawdown of -13.38%. Use the drawdown chart below to compare losses from any high point for SEVAX and GIOIX.

Drawdown Indicators

	SEVAX	GIOIX	Difference
Max Drawdown Largest peak-to-trough decline	-50.99%	-13.38%	-37.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.70%	-2.12%	-6.58%
Max Drawdown (3Y) Largest decline over 3 years	-28.86%	-2.12%	-26.74%
Max Drawdown (5Y) Largest decline over 5 years	-28.86%	-13.38%	-15.48%
Max Drawdown (10Y) Largest decline over 10 years	-43.16%	-13.38%	-29.78%
Current Drawdown Current decline from peak	-1.29%	-0.08%	-1.21%
Average Drawdown Average peak-to-trough decline	-7.54%	-1.42%	-6.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	0.44%	+2.08%

Volatility

SEVAX vs. GIOIX - Volatility Comparison

Guggenheim SMid Cap Value Fund (SEVAX) has a higher volatility of 4.02% compared to Guggenheim Macro Opportunities Fund (GIOIX) at 0.99%. This indicates that SEVAX's price experiences larger fluctuations and is considered to be riskier than GIOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEVAX	GIOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	0.99%	+3.03%
Volatility (6M) Calculated over the trailing 6-month period	9.62%	2.05%	+7.57%
Volatility (1Y) Calculated over the trailing 1-year period	13.57%	2.47%	+11.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.42%	3.18%	+15.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.66%	2.89%	+17.77%

SEVAX vs. GIOIX - Expense Ratio Comparison

SEVAX has a 1.19% expense ratio, which is higher than GIOIX's 0.96% expense ratio.

Dividends

SEVAX vs. GIOIX - Dividend Comparison

SEVAX's dividend yield for the trailing twelve months is around 12.90%, more than GIOIX's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIOIX Guggenheim Macro Opportunities Fund	6.09%	5.86%	5.88%	6.45%	3.78%	3.10%	3.61%	3.29%	3.55%	3.54%	5.38%	5.82%
SEVAX Guggenheim SMid Cap Value Fund	12.90%	14.18%	0.00%	1.58%	5.49%	6.98%	0.00%	4.25%	15.53%	7.55%	3.12%	18.23%

Frequently Asked Questions

Can I hold both SEVAX and GIOIX in my portfolio?

SEVAX and GIOIX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEVAX or GIOIX?

SEVAX has higher volatility (4.02%) compared to GIOIX (0.99%). In terms of maximum drawdown, SEVAX dropped -50.99% vs GIOIX's -13.38%.

Which has better risk-adjusted returns?

GIOIX currently has the higher Sharpe Ratio (2.49 vs 1.54), 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.