AFVLX vs. AFDVX

Last updated Jun 3, 2026

AFVLX (Applied Finance Select Fund) and AFDVX (Applied Finance Explorer Investor) are both mutual funds - AFVLX is a Large Cap Value Equities fund managed by Applied Finance, while AFDVX is a Small Cap Value Equities fund managed by Applied Finance. Over the past 5 years, AFVLX returned 9.22%/yr vs 9.01%/yr for AFDVX. Their correlation of 0.87 suggests significant overlap in exposure. AFVLX charges 1.48%/yr vs 1.08%/yr for AFDVX.

Performance

AFVLX vs. AFDVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Applied Finance Select Fund (AFVLX) and Applied Finance Explorer Investor (AFDVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with AFVLX having a 10.96% return and AFDVX slightly lower at 10.42%.

AFVLX

• 1D: 0.82%
• 1M: 5.45%
• YTD: 10.96%
• 6M: 11.10%
• 1Y: 25.59%
• 3Y*: 15.38%
• 5Y*: 9.22%
• 10Y*: —

AFDVX

• 1D: 0.24%
• 1M: 0.55%
• YTD: 10.42%
• 6M: 11.25%
• 1Y: 25.68%
• 3Y*: 16.35%
• 5Y*: 9.01%
• 10Y*: 13.19%

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

AFVLX vs. AFDVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AFVLX Applied Finance Select Fund	10.96%	13.12%	7.06%	19.43%	-10.88%	27.73%	15.33%	12.42%
AFDVX Applied Finance Explorer Investor	10.42%	8.96%	9.75%	22.19%	-13.84%	43.58%	19.12%	17.70%

Correlation

The correlation between AFVLX and AFDVX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Sep 4, 2019	0.87

The correlation between AFVLX and AFDVX has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

Return for Risk

AFVLX vs. AFDVX — Risk / Return Rank

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

AFVLX

AFVLX Risk / Return Rank: 51
AFVLX Sharpe Ratio Rank: 49
AFVLX Sortino Ratio Rank: 48
AFVLX Omega Ratio Rank: 44
AFVLX Calmar Ratio Rank: 60
AFVLX Martin Ratio Rank: 56

AFDVX

AFDVX Risk / Return Rank: 40
AFDVX Sharpe Ratio Rank: 32
AFDVX Sortino Ratio Rank: 34
AFDVX Omega Ratio Rank: 30
AFDVX Calmar Ratio Rank: 60
AFDVX Martin Ratio Rank: 47

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.

AFVLX vs. AFDVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Finance Select Fund (AFVLX) and Applied Finance Explorer Investor (AFDVX). 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.

	AFVLX	AFDVX	Difference
Sharpe ratio Return per unit of total volatility	2.07	1.63	+0.44
Sortino ratio Return per unit of downside risk	2.90	2.43	+0.47
Omega ratio Gain probability vs. loss probability	1.36	1.29	+0.07
Calmar ratio Return relative to maximum drawdown	2.99	2.98	+0.01
Martin ratio Return relative to average drawdown	11.28	9.80	+1.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AFVLX vs. AFDVX - Sharpe Ratio Comparison

The current AFVLX Sharpe Ratio is 2.07, which is comparable to the AFDVX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of AFVLX and AFDVX, 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

	AFVLX	AFDVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	1.63	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.44	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.59	+0.09

Drawdowns

AFVLX vs. AFDVX - Drawdown Comparison

The maximum AFVLX drawdown since its inception was -36.29%, smaller than the maximum AFDVX drawdown of -42.97%. Use the drawdown chart below to compare losses from any high point for AFVLX and AFDVX.

Drawdown Indicators

	AFVLX	AFDVX	Difference
Max Drawdown Largest peak-to-trough decline	-36.29%	-42.97%	+6.68%
Max Drawdown (1Y) Largest decline over 1 year	-8.42%	-8.33%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-17.74%	-23.38%	+5.64%
Max Drawdown (5Y) Largest decline over 5 years	-20.12%	-23.38%	+3.26%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.97%	—
Current Drawdown Current decline from peak	0.00%	-1.47%	+1.47%
Average Drawdown Average peak-to-trough decline	-4.75%	-6.76%	+2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	2.53%	-0.30%

Volatility

AFVLX vs. AFDVX - Volatility Comparison

The current volatility for Applied Finance Select Fund (AFVLX) is 3.08%, while Applied Finance Explorer Investor (AFDVX) has a volatility of 4.18%. This indicates that AFVLX experiences smaller price fluctuations and is considered to be less risky than AFDVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFVLX	AFDVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	4.18%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	9.11%	10.47%	-1.36%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	15.68%	-3.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	20.43%	-4.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.27%	22.55%	-2.28%

AFVLX vs. AFDVX - Expense Ratio Comparison

AFVLX has a 1.48% expense ratio, which is higher than AFDVX's 1.08% expense ratio.

Dividends

AFVLX vs. AFDVX - Dividend Comparison

AFVLX's dividend yield for the trailing twelve months is around 3.37%, more than AFDVX's 2.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AFDVX Applied Finance Explorer Investor	2.62%	2.90%	2.49%	0.77%	1.73%	0.67%	0.15%	0.46%	10.44%	1.96%
AFVLX Applied Finance Select Fund	3.37%	3.74%	3.80%	1.18%	1.02%	2.11%	1.09%	0.68%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AFVLX and AFDVX in my portfolio?

AFVLX and AFDVX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFVLX or AFDVX?

AFDVX has higher volatility (4.18%) compared to AFVLX (3.08%). In terms of maximum drawdown, AFVLX dropped -36.29% vs AFDVX's -42.97%.

Which has better risk-adjusted returns?

AFVLX currently has the higher Sharpe Ratio (2.07 vs 1.63), 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.