Fund Evaluator:
Rydex Nova H (RYNHX)
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Best Performing in Trading--Leveraged Equity Over the Last Year
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Fund Details
Rydex Nova H Overview
Rydex Nova H (RYNHX) is a passively managed Miscellaneous Trading--Leveraged Equity fund. Rydex Funds launched the fund in 2014.
The investment seeks to provide investment results that match, before fees and expenses, 150% of the performance of the S&P 500® Index on a daily basis. The fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index and leveraged derivative instruments. The index is a capitalization-weighted index composed of 500 common stocks, which are chosen by the Standard & Poor’s Corporation on a statistical basis, and which generally represent large-capitalization companies with capitalizations ranging from $6.7 billion to $3. The fund is non-diversified.
About Rydex Nova H (RYNHX)
There are 4 members of the management team with an average tenure of 11.32 years: Brendan Cain (2022), Spencer Crane (2022), Scott Miller (2022), Michael Byrum (1993). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 150%. Rydex Nova H has 524 securities in its portfolio. The top 10 holdings constitute 35.0% 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 Nova H is part of the Other global asset class and is within the Miscellaneous fund group. Rydex Nova H has 1.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 73.8%. There is 0.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 4.9% (4.2% domestic bond, 0.7% foreign bond and 0.0% convertible bond). Rydex Nova H has 19.1% of the portfolio in cash.
Assets Under Management
The fund has $4 million in total assets, which is below the $69 million average for the Trading--Leveraged Equity 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.
RYNHX 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 Nova H expense ratio is high compared to funds in the Trading--Leveraged Equity category. Rydex Nova H has an expense ratio of 1.56%, which is 23% lower than its category average, making the fund expense ratio grade a A. 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 Nova H has a portfolio turnover rate of 583%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 398% for the Trading--Leveraged Equity category.
Recently, in the month of July 2026, Rydex Nova H returned -0.5%, which earned it a grade of C, as the Trading--Leveraged Equity category had an average return of -2.7%. 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 Nova H has a trailing yield of 0.76%, which is below the 1.00% 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 Nova H Grades
Year to date, the fund has returned 12.4%, 4.8 percentage points worse than the category, which translates into a grade of D. The fund has returned 24.6% over the past year (grade of D), 23.7% over the past three years (grade of B) and 13.9% per year over the past five years (grade of B) and 17.9% per year over the past 10 years (grade of B).
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RYNHX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RYNHX Return (NAV) | -0.5% | 5.0% | 24.6% | 23.7% | 13.9% | 17.9% |
| RYNHX Grade | C | C | D | B | B | B |
| +/- Category | 2.2% | 2.1% | -14.8% | 2.6% | 4.2% | 3.9% |
| Trading--Leveraged Equity Avg | -2.7% | 2.9% | 39.4% | 21.1% | 9.8% | 14.0% |
| RYNHX Tax Cost Ratio | na | na | 0.4% | 0.3% | 2.6% | 1.5% |
RYNHX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RYNHX Return (NAV) | 12.4% | 21.1% | 32.8% | 35.0% | -30.2% | 42.3% | 19.3% | 45.2% | -10.4% | 31.0% | 15.0% |
| RYNHX Grade | D | C | B | B | C | B | C | C | B | C | C |
| +/- Category | -4.8% | -10.1% | 14.2% | -1.0% | -1.2% | 15.5% | -4.0% | 1.3% | 7.2% | -6.7% | -4.3% |
| Trading--Leveraged Equity Avg | 17.1% | 31.2% | 18.6% | 36.0% | -28.9% | 26.9% | 23.4% | 44.0% | -17.6% | 37.7% | 19.3% |
| Risk Measures | |
| Standard Deviation: | 19.9% |
| Total Risk Index: | 1.62 - High |
| Category Risk Index: | 0.64 - Low |
| Category Risk Grade: | A (11% Rank) |
| Beta: | 1.52 |
| R-Squared: | 100% |
| Leveraged Fund: | Yes |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 0.8% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $249 Mil |
| Fund Total Assets: | $ 5 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 583% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 33.1 years | |||
| Average Tenure: 11.3 years | |||
| Managers (Year): Byrum Michael (1993), Cain Brendan (2022), Crane Spencer (2022), Miller Scott (2022) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 524 |
| % in Top 10 Holdings: | 35.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 1.1% |
Portfolio Allocation |
|
| Domestic Stock: | 73.8% |
| Foreign Stock: | 0.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 4.2% |
| Foreign Bond: | 0.7% |
| Convertible Bond: | 0.0% |
| Other: | 1.9% |
| Cash: | 19.1% |
Purchase Information
| Fund Family: | Rydex Funds |
| Phone Number: | 800-820-0888 |
| Website: | www.rydex-sgi.com |
| Status: | Open |
| Inception Date: | September 18, 2014 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.56% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.03% |
| Share Class: | Rydex Nova Inv |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
