ZGFIX vs. RTXAX

Last updated Jun 4, 2026

ZGFIX (Ninety One Global Franchise Fund) and RTXAX (Russell Investment Tax-Managed Real Assets Fund) are both Global Equities funds. Over the past 5 years, ZGFIX returned 5.60%/yr vs 6.43%/yr for RTXAX. A 0.67 correlation means they provide meaningful diversification when combined. ZGFIX charges 0.85%/yr vs 1.33%/yr for RTXAX.

Performance

ZGFIX vs. RTXAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ninety One Global Franchise Fund (ZGFIX) and Russell Investment Tax-Managed Real Assets Fund (RTXAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZGFIX achieves a -3.73% return, which is significantly lower than RTXAX's 16.52% return.

ZGFIX

• 1D: -1.06%
• 1M: 1.81%
• YTD: -3.73%
• 6M: -2.34%
• 1Y: 2.81%
• 3Y*: 10.51%
• 5Y*: 5.60%
• 10Y*: —

RTXAX

• 1D: 1.04%
• 1M: -0.39%
• YTD: 16.52%
• 6M: 16.24%
• 1Y: 27.87%
• 3Y*: 12.66%
• 5Y*: 6.43%
• 10Y*: —

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

ZGFIX vs. RTXAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZGFIX Ninety One Global Franchise Fund	-3.73%	18.56%	7.83%	19.38%	-18.04%	18.58%	16.72%	9.10%
RTXAX Russell Investment Tax-Managed Real Assets Fund	16.52%	13.56%	1.50%	7.40%	-11.66%	26.57%	3.73%	6.17%

Correlation

The correlation between ZGFIX and RTXAX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jun 19, 2019	0.67

Over the past year, the correlation between ZGFIX and RTXAX has dropped to 0.37 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

Return for Risk

ZGFIX vs. RTXAX — Risk / Return Rank

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

ZGFIX

ZGFIX Risk / Return Rank: 4
ZGFIX Sharpe Ratio Rank: 4
ZGFIX Sortino Ratio Rank: 4
ZGFIX Omega Ratio Rank: 4
ZGFIX Calmar Ratio Rank: 4
ZGFIX Martin Ratio Rank: 4

RTXAX

RTXAX Risk / Return Rank: 81
RTXAX Sharpe Ratio Rank: 79
RTXAX Sortino Ratio Rank: 72
RTXAX Omega Ratio Rank: 66
RTXAX Calmar Ratio Rank: 93
RTXAX Martin Ratio Rank: 94

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.

ZGFIX vs. RTXAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ninety One Global Franchise Fund (ZGFIX) and Russell Investment Tax-Managed Real Assets Fund (RTXAX). 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.

	ZGFIX	RTXAX	Difference
Sharpe ratio: Return per unit of total volatility	0.24	2.59	-2.35
Sortino ratio: Return per unit of downside risk	0.41	3.52	-3.12
Omega ratio: Gain probability vs. loss probability	1.05	1.45	-0.41
Calmar ratio: Return relative to maximum drawdown	0.21	5.36	-5.15
Martin ratio: Return relative to average drawdown	0.58	20.98	-20.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZGFIX vs. RTXAX - Sharpe Ratio Comparison

The current ZGFIX Sharpe Ratio is 0.24, which is lower than the RTXAX Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of ZGFIX and RTXAX, 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

	ZGFIX	RTXAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.24	2.59	-2.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.41	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.43	+0.12

Drawdowns

ZGFIX vs. RTXAX - Drawdown Comparison

The maximum ZGFIX drawdown since its inception was -28.51%, smaller than the maximum RTXAX drawdown of -40.68%. Use the drawdown chart below to compare losses from any high point for ZGFIX and RTXAX.

Drawdown Indicators

	ZGFIX	RTXAX	Difference
Max Drawdown Largest peak-to-trough decline	-28.51%	-40.68%	+12.17%
Max Drawdown (1Y) Largest decline over 1 year	-13.14%	-5.21%	-7.93%
Max Drawdown (3Y) Largest decline over 3 years	-13.14%	-17.13%	+3.99%
Max Drawdown (5Y) Largest decline over 5 years	-27.19%	-24.63%	-2.56%
Current Drawdown Current decline from peak	-6.02%	-1.27%	-4.75%
Average Drawdown Average peak-to-trough decline	-5.21%	-7.78%	+2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.65%	1.33%	+3.32%

Volatility

ZGFIX vs. RTXAX - Volatility Comparison

Ninety One Global Franchise Fund (ZGFIX) and Russell Investment Tax-Managed Real Assets Fund (RTXAX) have volatilities of 2.97% and 3.03%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGFIX	RTXAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	3.03%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	9.05%	8.05%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	11.39%	10.79%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.20%	15.83%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.58%	20.07%	-3.49%

ZGFIX vs. RTXAX - Expense Ratio Comparison

ZGFIX has a 0.85% expense ratio, which is lower than RTXAX's 1.33% expense ratio.

Dividends

ZGFIX vs. RTXAX - Dividend Comparison

ZGFIX's dividend yield for the trailing twelve months is around 8.31%, more than RTXAX's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
RTXAX Russell Investment Tax-Managed Real Assets Fund	2.46%	2.86%	2.05%	1.98%	3.11%	1.74%	1.71%	0.84%	0.00%
ZGFIX Ninety One Global Franchise Fund	8.31%	8.00%	0.23%	0.33%	0.37%	0.13%	0.38%	0.89%	0.81%

Frequently Asked Questions

Can I hold both ZGFIX and RTXAX in my portfolio?

ZGFIX and RTXAX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZGFIX or RTXAX?

RTXAX has higher volatility (3.03%) compared to ZGFIX (2.97%). In terms of maximum drawdown, ZGFIX dropped -28.51% vs RTXAX's -40.68%.

Which has better risk-adjusted returns?

RTXAX currently has the higher Sharpe Ratio (2.59 vs 0.24), 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.