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Rydex Inverse High Yield Strategy C Overview

Rydex Inverse High Yield Strategy C (RYIYX) is an actively managed Miscellaneous Trading--Inverse Debt fund. Rydex Funds launched the fund in 2007.

The investment seeks to provide investment results that inversely correlate, before fees and expenses, to the performance of the high yield bond market. Under normal circumstances, the fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in financial instruments that in combination should provide inverse exposure to the U.S. and Canadian high yield bond markets. It will primarily invest in credit default swaps, swaps on ETFs, and bond futures to gain inverse exposure to the high yield bond market. The fund is non-diversified.

About Rydex Inverse High Yield Strategy C (RYIYX)

There are 4 members of the management team with an average tenure of 7.88 years: Brendan Cain (2022), Spencer Crane (2022), Scott Miller (2022), Michael Byrum (2007). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Corporate High Yield TR USD index with a weighting of -100%. Rydex Inverse High Yield Strategy C has 11 securities in its portfolio. The top 10 holdings constitute 16.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Rydex Inverse High Yield Strategy C is part of the Other global asset class and is within the Miscellaneous fund group. Rydex Inverse High Yield Strategy C has 2.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.8%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 12.8% (10.1% domestic bond, 2.7% foreign bond and 0.0% convertible bond). Rydex Inverse High Yield Strategy C has 86.5% of the portfolio in cash.

Assets Under Management

The fund has $1 million in total assets, which is below the $1 million average for the Trading--Inverse Debt category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

RYIYX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Rydex Inverse High Yield Strategy C expense ratio is high compared to funds in the Trading--Inverse Debt category. Rydex Inverse High Yield Strategy C has an expense ratio of 2.29%, which is 24% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Rydex Inverse High Yield Strategy C has a portfolio turnover rate of 344%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 697% for the Trading--Inverse Debt category.

Recently, in the month of July 2026, Rydex Inverse High Yield Strategy C returned 1.1%, which earned it a grade of F, as the Trading--Inverse Debt category had an average return of 3.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Rydex Inverse High Yield Strategy C has a trailing yield of 0.00%, which is below the 2.78% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Rydex Inverse High Yield Strategy C Grades

Year to date, the fund has returned 2.4%, 2.1 percentage points worse than the category, which translates into a grade of F. The fund has returned 0.0% over the past year (grade of F), -2.2% over the past three years (grade of F) and -0.4% per year over the past five years (grade of F) and -3.3% per year over the past 10 years (grade of F).

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