ZAP vs. GAIN

Last updated Jun 4, 2026

ZAP (Global X U.S. Electrification ETF) is Utilities Equities fund tracking the Global X U.S. Electrification Index, while GAIN (Gladstone Investment Corporation) is a stock. Over the past year, ZAP returned 28.84% vs 13.60% for GAIN. At a 0.26 correlation, their price movements are largely independent.

Performance

ZAP vs. GAIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X U.S. Electrification ETF (ZAP) and Gladstone Investment Corporation (GAIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ZAP having a 15.14% return and GAIN slightly lower at 14.45%.

ZAP

• 1D: -0.63%
• 1M: -3.98%
• YTD: 15.14%
• 6M: 13.19%
• 1Y: 28.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GAIN

• 1D: -2.81%
• 1M: -7.09%
• YTD: 14.45%
• 6M: 15.36%
• 1Y: 13.60%
• 3Y*: 20.65%
• 5Y*: 13.29%
• 10Y*: 19.44%

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

ZAP vs. GAIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZAP Global X U.S. Electrification ETF	15.14%	21.84%	1.26%
GAIN Gladstone Investment Corporation	14.45%	17.11%	3.19%

Correlation

The correlation between ZAP and GAIN is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	0.26

The correlation between ZAP and GAIN shifts across timeframes, from 0.14 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZAP vs. GAIN — Risk / Return Rank

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

ZAP

ZAP Risk / Return Rank: 60
ZAP Sharpe Ratio Rank: 56
ZAP Sortino Ratio Rank: 54
ZAP Omega Ratio Rank: 52
ZAP Calmar Ratio Rank: 78
ZAP Martin Ratio Rank: 58

GAIN

GAIN Risk / Return Rank: 64
GAIN Sharpe Ratio Rank: 64
GAIN Sortino Ratio Rank: 56
GAIN Omega Ratio Rank: 56
GAIN Calmar Ratio Rank: 70
GAIN Martin Ratio Rank: 75

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.

ZAP vs. GAIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X U.S. Electrification ETF (ZAP) and Gladstone Investment Corporation (GAIN). 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.

	ZAP	GAIN	Difference
Sharpe ratio Return per unit of total volatility	1.92	0.72	+1.19
Sortino ratio Return per unit of downside risk	2.62	1.12	+1.49
Omega ratio Gain probability vs. loss probability	1.33	1.15	+0.18
Calmar ratio Return relative to maximum drawdown	4.01	1.68	+2.32
Martin ratio Return relative to average drawdown	10.25	5.20	+5.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZAP vs. GAIN - Sharpe Ratio Comparison

The current ZAP Sharpe Ratio is 1.92, which is higher than the GAIN Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of ZAP and GAIN, 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

	ZAP	GAIN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	0.72	+1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.60	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.63	0.25	+1.39

Drawdowns

ZAP vs. GAIN - Drawdown Comparison

The maximum ZAP drawdown since its inception was -12.38%, smaller than the maximum GAIN drawdown of -80.87%. Use the drawdown chart below to compare losses from any high point for ZAP and GAIN.

Drawdown Indicators

	ZAP	GAIN	Difference
Max Drawdown Largest peak-to-trough decline	-12.38%	-80.87%	+68.49%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-8.12%	+0.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.26%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-56.28%	—
Current Drawdown Current decline from peak	-4.11%	-8.02%	+3.91%
Average Drawdown Average peak-to-trough decline	-2.57%	-15.92%	+13.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	2.90%	-0.07%

Volatility

ZAP vs. GAIN - Volatility Comparison

The current volatility for Global X U.S. Electrification ETF (ZAP) is 6.28%, while Gladstone Investment Corporation (GAIN) has a volatility of 11.06%. This indicates that ZAP experiences smaller price fluctuations and is considered to be less risky than GAIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZAP	GAIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.28%	11.06%	-4.78%
Volatility (6M) Calculated over the trailing 6-month period	11.74%	16.08%	-4.34%
Volatility (1Y) Calculated over the trailing 1-year period	15.13%	18.90%	-3.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	22.32%	-5.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.91%	25.67%	-8.76%

Dividends

ZAP vs. GAIN - Dividend Comparison

ZAP's dividend yield for the trailing twelve months is around 1.55%, less than GAIN's 9.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAIN Gladstone Investment Corporation	9.64%	10.74%	12.53%	17.24%	9.88%	6.06%	9.22%	7.06%	9.24%	7.94%	8.87%	9.68%
ZAP Global X U.S. Electrification ETF	1.55%	1.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZAP and GAIN in my portfolio?

ZAP and GAIN have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZAP or GAIN?

GAIN has higher volatility (11.06%) compared to ZAP (6.28%). In terms of maximum drawdown, ZAP dropped -12.38% vs GAIN's -80.87%.

Which has better risk-adjusted returns?

ZAP currently has the higher Sharpe Ratio (1.92 vs 0.72), 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.