ADVGX vs. ORILX

Last updated Aug 1, 2026

ADVGX (North Square Advisory Research Small Cap Value Fund) and ORILX (North Square Multi Strategy Fund) are both mutual funds - ADVGX is a Large Cap Value Equities fund managed by North Square, while ORILX is a Diversified Portfolio fund managed by North Square. Over the past 10 years, ADVGX returned 12.39%/yr vs 10.55%/yr for ORILX. Their correlation of 0.87 means they have usually moved in the same direction. ADVGX charges 0.95%/yr vs 0.79%/yr for ORILX.

Performance

ADVGX vs. ORILX - 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 North Square Multi Strategy Fund (ORILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADVGX achieves a 22.54% return, which is significantly higher than ORILX's 9.12% return. Over the past 10 years, ADVGX has outperformed ORILX with an annualized return of 12.39%, while ORILX has yielded a comparatively lower 10.55% annualized return.

ADVGX

• 1D: -0.98%
• 1M: -0.37%
• 6M: 16.21%
• YTD: 22.54%
• 1Y: 29.59%
• 3Y*: 18.38%
• 5Y*: 11.48%
• 10Y*: 12.39%
• ALL TIME*: 11.52%

ORILX

• 1D: 1.10%
• 1M: -0.26%
• 6M: 6.84%
• YTD: 9.12%
• 1Y: 17.91%
• 3Y*: 12.80%
• 5Y*: 7.51%
• 10Y*: 10.55%
• ALL TIME*: 6.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ADVGX North Square Advisory Research Small Cap Value Fund	$0.00	$0.00	$0.00
ORILX North Square Multi Strategy Fund	$0.00	$0.00	$0.00

ADVGX vs. ORILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADVGX North Square Advisory Research Small Cap Value Fund	22.54%	7.13%	15.52%	20.90%	-12.98%	29.94%	-2.61%	27.64%	-3.27%	19.60%
ORILX North Square Multi Strategy Fund	9.12%	12.28%	12.14%	18.00%	-16.48%	21.16%	16.98%	25.10%	-9.12%	26.36%

Correlation

The correlation between ADVGX and ORILX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Nov 17, 2009	0.87

The correlation between ADVGX and ORILX shifts across timeframes, from 0.78 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ADVGX vs. ORILX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ADVGX

ADVGX Risk / Return Rank: 46
ADVGX Sharpe Ratio Rank: 52
ADVGX Sortino Ratio Rank: 58
ADVGX Omega Ratio Rank: 45
ADVGX Calmar Ratio Rank: 45
ADVGX Martin Ratio Rank: 32

ORILX

ORILX Risk / Return Rank: 67
ORILX Sharpe Ratio Rank: 64
ORILX Sortino Ratio Rank: 66
ORILX Omega Ratio Rank: 62
ORILX Calmar Ratio Rank: 67
ORILX Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ADVGX vs. ORILX - 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 North Square Multi Strategy Fund (ORILX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ADVGX	ORILX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.56	-0.20
Sortino ratio: Return per unit of downside risk	2.09	2.28	-0.19
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.05
Calmar ratio: Return relative to maximum drawdown	1.77	2.24	-0.46
Martin ratio: Return relative to average drawdown	4.68	9.17	-4.49

ADVGX vs. ORILX - Sharpe Ratio Comparison

The current ADVGX Sharpe Ratio is 1.37, which is comparable to the ORILX Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of ADVGX and ORILX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ADVGX vs. ORILX - Drawdown Comparison

The maximum ADVGX drawdown since its inception was -41.34%, smaller than the maximum ORILX drawdown of -50.59%. Use the drawdown chart below to compare losses from any high point for ADVGX and ORILX.

Drawdown Indicators

	ADVGX	ORILX	Difference
Max Drawdown Largest peak-to-trough decline	-41.34%	-50.59%	+9.25%
Max Drawdown (1Y) Largest decline over 1 year	-14.92%	-7.30%	-7.62%
Max Drawdown (3Y) Largest decline over 3 years	-27.69%	-13.73%	-13.96%
Max Drawdown (5Y) Largest decline over 5 years	-27.69%	-22.71%	-4.98%
Max Drawdown (10Y) Largest decline over 10 years	-41.34%	-32.12%	-9.22%
Current Drawdown Current decline from peak	-2.41%	-0.87%	-1.54%
Average Drawdown Average peak-to-trough decline	-5.53%	-10.10%	+4.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.64%	1.78%	+3.86%

Volatility

ADVGX vs. ORILX - Volatility Comparison

North Square Advisory Research Small Cap Value Fund (ADVGX) has a higher volatility of 4.98% compared to North Square Multi Strategy Fund (ORILX) at 2.50%. This indicates that ADVGX's price experiences larger fluctuations and is considered to be riskier than ORILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADVGX	ORILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	2.50%	+2.48%
Volatility (6M) Calculated over the trailing 6-month period	14.20%	8.24%	+5.96%
Volatility (1Y) Calculated over the trailing 1-year period	19.39%	10.45%	+8.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	13.19%	+8.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.09%	15.74%	+5.35%

ADVGX vs. ORILX - Expense Ratio Comparison

ADVGX has a 0.95% expense ratio, which is higher than ORILX's 0.79% expense ratio.

Dividends

ADVGX vs. ORILX - Dividend Comparison

ADVGX's dividend yield for the trailing twelve months is around 4.64%, less than ORILX's 10.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADVGX North Square Advisory Research Small Cap Value Fund	4.64%	5.68%	1.16%	0.85%	6.87%	7.52%	11.47%	11.43%	41.46%	9.66%	7.34%	19.79%
ORILX North Square Multi Strategy Fund	10.53%	11.49%	1.96%	1.15%	47.95%	6.08%	0.00%	6.54%	54.03%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ADVGX and ORILX in my portfolio?

ADVGX and ORILX have a correlation of 0.78, 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 ORILX?

ADVGX has higher volatility (4.98%) compared to ORILX (2.50%). In terms of maximum drawdown, ADVGX dropped -41.34% vs ORILX's -50.59%.

Which has better risk-adjusted returns?

ORILX currently has the higher Sharpe Ratio (1.56 vs 1.37), 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.