ADVGX vs. FAIRX

Last updated Jun 4, 2026

ADVGX (North Square Advisory Research Small Cap Value Fund) and FAIRX (Fairholme Fund) are both Large Cap Value Equities funds. Over the past 10 years, ADVGX returned 11.61%/yr vs 9.36%/yr for FAIRX. A 0.66 correlation means they provide meaningful diversification when combined. ADVGX charges 0.95%/yr vs 1.00%/yr for FAIRX.

Performance

ADVGX vs. FAIRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in North Square Advisory Research Small Cap Value Fund (ADVGX) and Fairholme Fund (FAIRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADVGX achieves a 11.42% return, which is significantly higher than FAIRX's 6.26% return. Over the past 10 years, ADVGX has outperformed FAIRX with an annualized return of 11.61%, while FAIRX has yielded a comparatively lower 9.36% annualized return.

ADVGX

• 1D: -0.20%
• 1M: 7.28%
• YTD: 11.42%
• 6M: 12.87%
• 1Y: 27.39%
• 3Y*: 17.96%
• 5Y*: 9.77%
• 10Y*: 11.61%

FAIRX

• 1D: 1.15%
• 1M: -1.98%
• YTD: 6.26%
• 6M: 3.66%
• 1Y: 35.27%
• 3Y*: 12.79%
• 5Y*: 6.38%
• 10Y*: 9.36%

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

ADVGX vs. FAIRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADVGX North Square Advisory Research Small Cap Value Fund	11.42%	7.13%	15.52%	20.90%	-12.98%	29.94%	-2.61%	27.64%	-3.27%	19.60%
FAIRX Fairholme Fund	6.26%	29.49%	-17.44%	46.72%	-20.49%	6.87%	47.76%	32.06%	-23.18%	-5.94%

Correlation

The correlation between ADVGX and FAIRX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Nov 18, 2009	0.66

The correlation between ADVGX and FAIRX shifts across timeframes, from 0.48 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ADVGX vs. FAIRX — Risk / Return Rank

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

ADVGX

ADVGX Risk / Return Rank: 27
ADVGX Sharpe Ratio Rank: 29
ADVGX Sortino Ratio Rank: 30
ADVGX Omega Ratio Rank: 26
ADVGX Calmar Ratio Rank: 29
ADVGX Martin Ratio Rank: 20

FAIRX

FAIRX Risk / Return Rank: 32
FAIRX Sharpe Ratio Rank: 25
FAIRX Sortino Ratio Rank: 27
FAIRX Omega Ratio Rank: 27
FAIRX Calmar Ratio Rank: 46
FAIRX Martin Ratio Rank: 33

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.

ADVGX vs. FAIRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for North Square Advisory Research Small Cap Value Fund (ADVGX) and Fairholme Fund (FAIRX). 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.

	ADVGX	FAIRX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.44	+0.11
Sortino ratio: Return per unit of downside risk	2.29	2.17	+0.12
Omega ratio: Gain probability vs. loss probability	1.27	1.27	0.00
Calmar ratio: Return relative to maximum drawdown	2.01	2.58	-0.57
Martin ratio: Return relative to average drawdown	5.34	7.54	-2.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ADVGX vs. FAIRX - Sharpe Ratio Comparison

The current ADVGX Sharpe Ratio is 1.55, which is comparable to the FAIRX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of ADVGX and FAIRX, 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

	ADVGX	FAIRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	1.44	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.24	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.39	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.46	+0.11

Drawdowns

ADVGX vs. FAIRX - Drawdown Comparison

The maximum ADVGX drawdown since its inception was -41.34%, smaller than the maximum FAIRX drawdown of -51.28%. Use the drawdown chart below to compare losses from any high point for ADVGX and FAIRX.

Drawdown Indicators

	ADVGX	FAIRX	Difference
Max Drawdown Largest peak-to-trough decline	-41.34%	-51.28%	+9.94%
Max Drawdown (1Y) Largest decline over 1 year	-14.92%	-13.96%	-0.96%
Max Drawdown (3Y) Largest decline over 3 years	-27.69%	-27.95%	+0.26%
Max Drawdown (5Y) Largest decline over 5 years	-27.69%	-41.50%	+13.81%
Max Drawdown (10Y) Largest decline over 10 years	-41.34%	-41.50%	+0.16%
Current Drawdown Current decline from peak	-0.81%	-10.54%	+9.73%
Average Drawdown Average peak-to-trough decline	-5.57%	-11.59%	+6.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.60%	4.77%	+0.83%

Volatility

ADVGX vs. FAIRX - Volatility Comparison

North Square Advisory Research Small Cap Value Fund (ADVGX) and Fairholme Fund (FAIRX) have volatilities of 6.24% and 6.18%, 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

	ADVGX	FAIRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.24%	6.18%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	13.84%	17.71%	-3.87%
Volatility (1Y) Calculated over the trailing 1-year period	19.36%	25.04%	-5.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.45%	26.34%	-4.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	24.06%	-3.00%

ADVGX vs. FAIRX - Expense Ratio Comparison

ADVGX has a 0.95% expense ratio, which is lower than FAIRX's 1.00% expense ratio.

Dividends

ADVGX vs. FAIRX - Dividend Comparison

ADVGX's dividend yield for the trailing twelve months is around 5.10%, more than FAIRX's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADVGX North Square Advisory Research Small Cap Value Fund	5.10%	5.68%	1.16%	0.85%	6.87%	7.52%	11.47%	11.43%	41.46%	9.66%	7.34%	19.79%
FAIRX Fairholme Fund	0.55%	0.58%	0.71%	0.41%	0.00%	0.00%	0.57%	0.83%	2.23%	1.29%	7.29%	69.79%

Frequently Asked Questions

Can I hold both ADVGX and FAIRX in my portfolio?

ADVGX and FAIRX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADVGX or FAIRX?

ADVGX has higher volatility (6.24%) compared to FAIRX (6.18%). In terms of maximum drawdown, ADVGX dropped -41.34% vs FAIRX's -51.28%.

Which has better risk-adjusted returns?

ADVGX currently has the higher Sharpe Ratio (1.55 vs 1.44), 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.