SNOIX vs. GTRFX

Last updated Jun 4, 2026

SNOIX (Easterly Snow Capital Long/Short Opportunity Fund) and GTRFX (Gotham Total Return Fund) are both Long-Short funds. Over the past 10 years, SNOIX returned 10.27%/yr vs 9.21%/yr for GTRFX. A 0.75 correlation means they provide meaningful diversification when combined. SNOIX charges 1.41%/yr vs 0.00%/yr for GTRFX.

Performance

SNOIX vs. GTRFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Easterly Snow Capital Long/Short Opportunity Fund (SNOIX) and Gotham Total Return Fund (GTRFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SNOIX achieves a 9.80% return, which is significantly higher than GTRFX's 7.43% return. Over the past 10 years, SNOIX has outperformed GTRFX with an annualized return of 10.27%, while GTRFX has yielded a comparatively lower 9.21% annualized return.

SNOIX

• 1D: 0.57%
• 1M: 1.25%
• YTD: 9.80%
• 6M: 10.33%
• 1Y: 27.24%
• 3Y*: 15.55%
• 5Y*: 8.69%
• 10Y*: 10.27%

GTRFX

• 1D: -0.42%
• 1M: 2.87%
• YTD: 7.43%
• 6M: 8.61%
• 1Y: 19.62%
• 3Y*: 17.15%
• 5Y*: 10.71%
• 10Y*: 9.21%

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

SNOIX vs. GTRFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SNOIX Easterly Snow Capital Long/Short Opportunity Fund	9.80%	20.66%	5.17%	10.84%	-3.10%	26.26%	1.44%	22.44%	-11.25%	12.80%
GTRFX Gotham Total Return Fund	7.43%	15.31%	15.73%	15.29%	-9.82%	27.83%	-11.41%	12.57%	-1.73%	18.93%

Correlation

The correlation between SNOIX and GTRFX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.75

The correlation between SNOIX and GTRFX has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

Return for Risk

SNOIX vs. GTRFX — Risk / Return Rank

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

SNOIX

SNOIX Risk / Return Rank: 79
SNOIX Sharpe Ratio Rank: 71
SNOIX Sortino Ratio Rank: 74
SNOIX Omega Ratio Rank: 61
SNOIX Calmar Ratio Rank: 96
SNOIX Martin Ratio Rank: 94

GTRFX

GTRFX Risk / Return Rank: 59
GTRFX Sharpe Ratio Rank: 53
GTRFX Sortino Ratio Rank: 56
GTRFX Omega Ratio Rank: 48
GTRFX Calmar Ratio Rank: 70
GTRFX Martin Ratio Rank: 67

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.

SNOIX vs. GTRFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Easterly Snow Capital Long/Short Opportunity Fund (SNOIX) and Gotham Total Return Fund (GTRFX). 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.

	SNOIX	GTRFX	Difference
Sharpe ratio Return per unit of total volatility	2.45	2.15	+0.30
Sortino ratio Return per unit of downside risk	3.61	3.14	+0.47
Omega ratio Gain probability vs. loss probability	1.44	1.38	+0.06
Calmar ratio Return relative to maximum drawdown	6.30	3.23	+3.07
Martin ratio Return relative to average drawdown	20.97	13.02	+7.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SNOIX vs. GTRFX - Sharpe Ratio Comparison

The current SNOIX Sharpe Ratio is 2.45, which is comparable to the GTRFX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of SNOIX and GTRFX, 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

	SNOIX	GTRFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.15	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.80	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.67	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.66	-0.34

Drawdowns

SNOIX vs. GTRFX - Drawdown Comparison

The maximum SNOIX drawdown since its inception was -65.34%, which is greater than GTRFX's maximum drawdown of -29.58%. Use the drawdown chart below to compare losses from any high point for SNOIX and GTRFX.

Drawdown Indicators

	SNOIX	GTRFX	Difference
Max Drawdown Largest peak-to-trough decline	-65.34%	-29.58%	-35.76%
Max Drawdown (1Y) Largest decline over 1 year	-4.50%	-6.47%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	-15.33%	-14.48%	-0.85%
Max Drawdown (5Y) Largest decline over 5 years	-17.66%	-18.51%	+0.85%
Max Drawdown (10Y) Largest decline over 10 years	-34.43%	-29.58%	-4.85%
Current Drawdown Current decline from peak	-0.37%	-0.42%	+0.05%
Average Drawdown Average peak-to-trough decline	-9.78%	-4.29%	-5.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	1.59%	-0.24%

Volatility

SNOIX vs. GTRFX - Volatility Comparison

Easterly Snow Capital Long/Short Opportunity Fund (SNOIX) has a higher volatility of 2.88% compared to Gotham Total Return Fund (GTRFX) at 2.24%. This indicates that SNOIX's price experiences larger fluctuations and is considered to be riskier than GTRFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SNOIX	GTRFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	2.24%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	7.95%	7.09%	+0.86%
Volatility (1Y) Calculated over the trailing 1-year period	11.62%	9.74%	+1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.05%	13.51%	+1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.52%	13.88%	+2.64%

SNOIX vs. GTRFX - Expense Ratio Comparison

SNOIX has a 1.41% expense ratio, which is higher than GTRFX's 0.00% expense ratio.

Dividends

SNOIX vs. GTRFX - Dividend Comparison

SNOIX's dividend yield for the trailing twelve months is around 6.30%, less than GTRFX's 8.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTRFX Gotham Total Return Fund	8.87%	9.53%	11.50%	7.27%	10.25%	4.66%	0.71%	6.06%	1.48%	0.33%	0.05%	0.00%
SNOIX Easterly Snow Capital Long/Short Opportunity Fund	6.30%	6.91%	5.10%	2.29%	7.07%	8.98%	1.86%	1.95%	2.06%	4.80%	0.36%	2.79%

Frequently Asked Questions

Can I hold both SNOIX and GTRFX in my portfolio?

SNOIX and GTRFX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SNOIX or GTRFX?

SNOIX has higher volatility (2.88%) compared to GTRFX (2.24%). In terms of maximum drawdown, SNOIX dropped -65.34% vs GTRFX's -29.58%.

Which has better risk-adjusted returns?

SNOIX currently has the higher Sharpe Ratio (2.45 vs 2.15), 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.