SNOIX vs. SAOAX

Last updated Jun 24, 2026

SNOIX (Easterly Snow Capital Long/Short Opportunity Fund) and SAOAX (Guggenheim Alpha Opportunity Fund) are both Long-Short funds. Over the past 10 years, SNOIX returned 10.81%/yr vs 3.60%/yr for SAOAX. A 0.69 correlation means they provide meaningful diversification when combined. SNOIX charges 1.41%/yr vs 1.76%/yr for SAOAX.

Performance

SNOIX vs. SAOAX - Performance Comparison

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

Returns By Period

In the year-to-date period, SNOIX achieves a 8.03% return, which is significantly lower than SAOAX's 12.77% return. Over the past 10 years, SNOIX has outperformed SAOAX with an annualized return of 10.81%, while SAOAX has yielded a comparatively lower 3.60% annualized return.

SNOIX

• 1D: 0.58%
• 1M: -1.29%
• YTD: 8.03%
• 6M: 7.12%
• 1Y: 24.38%
• 3Y*: 14.62%
• 5Y*: 8.94%
• 10Y*: 10.81%

SAOAX

• 1D: 1.20%
• 1M: -2.34%
• YTD: 12.77%
• 6M: 12.26%
• 1Y: 14.28%
• 3Y*: 8.24%
• 5Y*: 5.84%
• 10Y*: 3.60%

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

SNOIX vs. SAOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SNOIX Easterly Snow Capital Long/Short Opportunity Fund	8.03%	20.66%	5.17%	10.84%	-3.10%	26.26%	1.44%	22.44%	-11.25%	12.80%
SAOAX Guggenheim Alpha Opportunity Fund	12.77%	-2.00%	10.49%	8.81%	-8.66%	14.38%	0.17%	-2.26%	-11.25%	7.48%

Correlation

The correlation between SNOIX and SAOAX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jan 3, 2007	0.69

Over the past year, the correlation between SNOIX and SAOAX has dropped to 0.44 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

Return for Risk

SNOIX vs. SAOAX — Risk / Return Rank

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

SNOIX

SNOIX Risk / Return Rank: 70
SNOIX Sharpe Ratio Rank: 55
SNOIX Sortino Ratio Rank: 61
SNOIX Omega Ratio Rank: 50
SNOIX Calmar Ratio Rank: 95
SNOIX Martin Ratio Rank: 91

SAOAX

SAOAX Risk / Return Rank: 40
SAOAX Sharpe Ratio Rank: 38
SAOAX Sortino Ratio Rank: 38
SAOAX Omega Ratio Rank: 35
SAOAX Calmar Ratio Rank: 50
SAOAX Martin Ratio Rank: 38

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. SAOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Easterly Snow Capital Long/Short Opportunity Fund (SNOIX) and Guggenheim Alpha Opportunity Fund (SAOAX). 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.

	SNOIX	SAOAX	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.66	+0.37
Sortino ratio: Return per unit of downside risk	2.99	2.40	+0.59
Omega ratio: Gain probability vs. loss probability	1.36	1.29	+0.06
Calmar ratio: Return relative to maximum drawdown	5.33	2.59	+2.74
Martin ratio: Return relative to average drawdown	17.28	7.89	+9.39

SNOIX vs. SAOAX - Sharpe Ratio Comparison

The current SNOIX Sharpe Ratio is 2.02, which is comparable to the SAOAX Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of SNOIX and SAOAX, 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

SNOIX vs. SAOAX - Drawdown Comparison

The maximum SNOIX drawdown since its inception was -65.34%, which is greater than SAOAX's maximum drawdown of -52.28%. Use the drawdown chart below to compare losses from any high point for SNOIX and SAOAX.

Drawdown Indicators

	SNOIX	SAOAX	Difference
Max Drawdown Largest peak-to-trough decline	-65.34%	-52.28%	-13.06%
Max Drawdown (1Y) Largest decline over 1 year	-4.50%	-5.90%	+1.40%
Max Drawdown (3Y) Largest decline over 3 years	-15.33%	-35.90%	+20.57%
Max Drawdown (5Y) Largest decline over 5 years	-17.66%	-35.90%	+18.24%
Max Drawdown (10Y) Largest decline over 10 years	-34.43%	-35.90%	+1.47%
Current Drawdown Current decline from peak	-2.22%	-4.77%	+2.55%
Average Drawdown Average peak-to-trough decline	-9.75%	-8.69%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	1.93%	-0.54%

Volatility

SNOIX vs. SAOAX - Volatility Comparison

The current volatility for Easterly Snow Capital Long/Short Opportunity Fund (SNOIX) is 3.18%, while Guggenheim Alpha Opportunity Fund (SAOAX) has a volatility of 3.97%. This indicates that SNOIX experiences smaller price fluctuations and is considered to be less risky than SAOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SNOIX	SAOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	3.97%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	7.92%	7.06%	+0.86%
Volatility (1Y) Calculated over the trailing 1-year period	11.87%	9.25%	+2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.02%	28.74%	-13.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	21.18%	-4.68%

SNOIX vs. SAOAX - Expense Ratio Comparison

SNOIX has a 1.41% expense ratio, which is lower than SAOAX's 1.76% expense ratio.

Dividends

SNOIX vs. SAOAX - Dividend Comparison

SNOIX's dividend yield for the trailing twelve months is around 6.40%, more than SAOAX's 0.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SAOAX Guggenheim Alpha Opportunity Fund	0.63%	0.71%	1.06%	0.62%	0.72%	0.82%	1.22%	0.92%	1.17%	7.07%	0.03%	0.00%
SNOIX Easterly Snow Capital Long/Short Opportunity Fund	6.40%	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 SAOAX in my portfolio?

SNOIX and SAOAX have a correlation of 0.44, 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 SAOAX?

SAOAX has higher volatility (3.97%) compared to SNOIX (3.18%). In terms of maximum drawdown, SNOIX dropped -65.34% vs SAOAX's -52.28%.

Which has better risk-adjusted returns?

SNOIX currently has the higher Sharpe Ratio (2.02 vs 1.66), 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.