SOAEX vs. GAGEX

Last updated Jun 4, 2026

SOAEX (Spirit of America Energy Fund) and GAGEX (Guinness Atkinson Global Energy Fund) are both Energy Equities funds. Over the past 10 years, SOAEX returned 19.61%/yr vs 7.37%/yr for GAGEX. Their correlation of 0.80 suggests significant overlap in exposure. SOAEX charges 1.50%/yr vs 1.46%/yr for GAGEX.

Performance

SOAEX vs. GAGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spirit of America Energy Fund (SOAEX) and Guinness Atkinson Global Energy Fund (GAGEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOAEX achieves a 26.90% return, which is significantly lower than GAGEX's 33.96% return. Over the past 10 years, SOAEX has outperformed GAGEX with an annualized return of 19.61%, while GAGEX has yielded a comparatively lower 7.37% annualized return.

SOAEX

• 1D: 1.65%
• 1M: -2.36%
• YTD: 26.90%
• 6M: 22.69%
• 1Y: 31.91%
• 3Y*: 22.64%
• 5Y*: 18.76%
• 10Y*: 19.61%

GAGEX

• 1D: 1.30%
• 1M: -3.02%
• YTD: 33.96%
• 6M: 30.60%
• 1Y: 53.08%
• 3Y*: 18.99%
• 5Y*: 17.28%
• 10Y*: 7.37%

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

SOAEX vs. GAGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOAEX Spirit of America Energy Fund	26.90%	6.05%	19.30%	13.10%	30.26%	34.19%	-34.52%	11.49%	148.45%	-3.97%
GAGEX Guinness Atkinson Global Energy Fund	33.96%	16.88%	-1.75%	2.66%	34.32%	45.96%	-34.12%	10.45%	-18.96%	-1.04%

Correlation

The correlation between SOAEX and GAGEX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jul 11, 2014	0.80

The correlation between SOAEX and GAGEX has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

Return for Risk

SOAEX vs. GAGEX — Risk / Return Rank

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

SOAEX

SOAEX Risk / Return Rank: 58
SOAEX Sharpe Ratio Rank: 53
SOAEX Sortino Ratio Rank: 46
SOAEX Omega Ratio Rank: 43
SOAEX Calmar Ratio Rank: 86
SOAEX Martin Ratio Rank: 63

GAGEX

GAGEX Risk / Return Rank: 86
GAGEX Sharpe Ratio Rank: 90
GAGEX Sortino Ratio Rank: 78
GAGEX Omega Ratio Rank: 72
GAGEX Calmar Ratio Rank: 96
GAGEX Martin Ratio Rank: 93

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.

SOAEX vs. GAGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spirit of America Energy Fund (SOAEX) and Guinness Atkinson Global Energy Fund (GAGEX). 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.

	SOAEX	GAGEX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.99	-0.85
Sortino ratio: Return per unit of downside risk	2.86	3.73	-0.87
Omega ratio: Gain probability vs. loss probability	1.35	1.48	-0.13
Calmar ratio: Return relative to maximum drawdown	4.19	6.45	-2.26
Martin ratio: Return relative to average drawdown	12.43	19.92	-7.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOAEX vs. GAGEX - Sharpe Ratio Comparison

The current SOAEX Sharpe Ratio is 2.14, which is comparable to the GAGEX Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of SOAEX and GAGEX, 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

	SOAEX	GAGEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.99	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	0.74	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.27	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.24	-0.11

Drawdowns

SOAEX vs. GAGEX - Drawdown Comparison

The maximum SOAEX drawdown since its inception was -68.03%, smaller than the maximum GAGEX drawdown of -78.90%. Use the drawdown chart below to compare losses from any high point for SOAEX and GAGEX.

Drawdown Indicators

	SOAEX	GAGEX	Difference
Max Drawdown Largest peak-to-trough decline	-68.03%	-78.90%	+10.87%
Max Drawdown (1Y) Largest decline over 1 year	-8.03%	-8.53%	+0.50%
Max Drawdown (3Y) Largest decline over 3 years	-19.30%	-23.67%	+4.37%
Max Drawdown (5Y) Largest decline over 5 years	-20.84%	-26.42%	+5.58%
Max Drawdown (10Y) Largest decline over 10 years	-68.03%	-69.98%	+1.95%
Current Drawdown Current decline from peak	-3.25%	-4.80%	+1.55%
Average Drawdown Average peak-to-trough decline	-27.16%	-29.23%	+2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.75%	-0.05%

Volatility

SOAEX vs. GAGEX - Volatility Comparison

The current volatility for Spirit of America Energy Fund (SOAEX) is 6.05%, while Guinness Atkinson Global Energy Fund (GAGEX) has a volatility of 7.20%. This indicates that SOAEX experiences smaller price fluctuations and is considered to be less risky than GAGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOAEX	GAGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	7.20%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	12.35%	14.91%	-2.56%
Volatility (1Y) Calculated over the trailing 1-year period	15.75%	18.43%	-2.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.90%	23.61%	-3.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	100.00%	27.31%	+72.69%

SOAEX vs. GAGEX - Expense Ratio Comparison

SOAEX has a 1.50% expense ratio, which is higher than GAGEX's 1.46% expense ratio.

Dividends

SOAEX vs. GAGEX - Dividend Comparison

SOAEX's dividend yield for the trailing twelve months is around 11.61%, more than GAGEX's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAGEX Guinness Atkinson Global Energy Fund	2.11%	2.82%	7.08%	4.33%	0.15%	2.59%	3.59%	1.91%	1.72%	1.40%	1.13%	1.33%
SOAEX Spirit of America Energy Fund	11.61%	13.91%	26.36%	24.88%	22.14%	23.25%	30.30%	20.73%	15.62%	17.90%	13.40%	14.76%

Frequently Asked Questions

Can I hold both SOAEX and GAGEX in my portfolio?

SOAEX and GAGEX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOAEX or GAGEX?

GAGEX has higher volatility (7.20%) compared to SOAEX (6.05%). In terms of maximum drawdown, SOAEX dropped -68.03% vs GAGEX's -78.90%.

Which has better risk-adjusted returns?

GAGEX currently has the higher Sharpe Ratio (2.99 vs 2.14), 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.