AIO vs. BOGSX

Last updated Jun 24, 2026

AIO (Virtus Artificial Intelligence & Technology Opportunities Fund) and BOGSX (Black Oak Emerging Technology Fund) are both Technology Equities funds. Over the past 5 years, AIO returned 13.23%/yr vs 13.70%/yr for BOGSX. A 0.72 correlation means they provide meaningful diversification when combined. AIO charges 1.41%/yr vs 1.03%/yr for BOGSX.

Performance

AIO vs. BOGSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Artificial Intelligence & Technology Opportunities Fund (AIO) and Black Oak Emerging Technology Fund (BOGSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIO achieves a 32.52% return, which is significantly lower than BOGSX's 47.12% return.

AIO

• 1D: -2.33%
• 1M: 7.33%
• YTD: 32.52%
• 6M: 30.74%
• 1Y: 34.16%
• 3Y*: 27.70%
• 5Y*: 13.23%
• 10Y*: —

BOGSX

• 1D: 1.44%
• 1M: 8.90%
• YTD: 47.12%
• 6M: 43.90%
• 1Y: 63.61%
• 3Y*: 26.04%
• 5Y*: 13.70%
• 10Y*: 18.58%

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

AIO vs. BOGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AIO Virtus Artificial Intelligence & Technology Opportunities Fund	32.52%	0.48%	54.48%	19.27%	-28.06%	13.51%	46.27%	1.05%
BOGSX Black Oak Emerging Technology Fund	47.12%	19.06%	9.25%	17.79%	-27.30%	26.89%	45.16%	13.07%

Correlation

The correlation between AIO and BOGSX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Oct 29, 2019	0.72

The correlation between AIO and BOGSX has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

Return for Risk

AIO vs. BOGSX — Risk / Return Rank

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

AIO

AIO Risk / Return Rank: 48
AIO Sharpe Ratio Rank: 45
AIO Sortino Ratio Rank: 44
AIO Omega Ratio Rank: 41
AIO Calmar Ratio Rank: 67
AIO Martin Ratio Rank: 45

BOGSX

BOGSX Risk / Return Rank: 88
BOGSX Sharpe Ratio Rank: 92
BOGSX Sortino Ratio Rank: 80
BOGSX Omega Ratio Rank: 78
BOGSX Calmar Ratio Rank: 96
BOGSX Martin Ratio Rank: 95

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.

AIO vs. BOGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Artificial Intelligence & Technology Opportunities Fund (AIO) and Black Oak Emerging Technology Fund (BOGSX). 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.

	AIO	BOGSX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.85	-1.04
Sortino ratio: Return per unit of downside risk	2.56	3.47	-0.92
Omega ratio: Gain probability vs. loss probability	1.31	1.46	-0.15
Calmar ratio: Return relative to maximum drawdown	3.00	6.03	-3.02
Martin ratio: Return relative to average drawdown	8.88	19.96	-11.09

AIO vs. BOGSX - Sharpe Ratio Comparison

The current AIO Sharpe Ratio is 1.82, which is lower than the BOGSX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of AIO and BOGSX, 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

AIO vs. BOGSX - Drawdown Comparison

The maximum AIO drawdown since its inception was -44.88%, smaller than the maximum BOGSX drawdown of -92.80%. Use the drawdown chart below to compare losses from any high point for AIO and BOGSX.

Drawdown Indicators

	AIO	BOGSX	Difference
Max Drawdown Largest peak-to-trough decline	-44.88%	-92.80%	+47.92%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-11.04%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-30.23%	-24.78%	-5.45%
Max Drawdown (5Y) Largest decline over 5 years	-37.39%	-33.93%	-3.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.93%	—
Current Drawdown Current decline from peak	-2.33%	0.00%	-2.33%
Average Drawdown Average peak-to-trough decline	-10.88%	-58.84%	+47.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	3.33%	+0.53%

Volatility

AIO vs. BOGSX - Volatility Comparison

The current volatility for Virtus Artificial Intelligence & Technology Opportunities Fund (AIO) is 7.95%, while Black Oak Emerging Technology Fund (BOGSX) has a volatility of 10.90%. This indicates that AIO experiences smaller price fluctuations and is considered to be less risky than BOGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIO	BOGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	10.90%	-2.95%
Volatility (6M) Calculated over the trailing 6-month period	14.91%	18.96%	-4.05%
Volatility (1Y) Calculated over the trailing 1-year period	18.91%	23.35%	-4.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.26%	25.55%	-3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.91%	24.78%	+2.13%

AIO vs. BOGSX - Expense Ratio Comparison

AIO has a 1.41% expense ratio, which is higher than BOGSX's 1.03% expense ratio.

Dividends

AIO vs. BOGSX - Dividend Comparison

AIO's dividend yield for the trailing twelve months is around 10.90%, more than BOGSX's 3.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIO Virtus Artificial Intelligence & Technology Opportunities Fund	10.90%	13.75%	7.30%	10.34%	11.12%	19.97%	9.31%	0.54%	0.00%	0.00%	0.00%	0.00%
BOGSX Black Oak Emerging Technology Fund	3.92%	5.76%	7.96%	3.79%	1.87%	11.31%	6.30%	5.47%	11.71%	7.71%	4.00%	3.09%

Frequently Asked Questions

Can I hold both AIO and BOGSX in my portfolio?

AIO and BOGSX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIO or BOGSX?

BOGSX has higher volatility (10.90%) compared to AIO (7.95%). In terms of maximum drawdown, AIO dropped -44.88% vs BOGSX's -92.80%.

Which has better risk-adjusted returns?

BOGSX currently has the higher Sharpe Ratio (2.85 vs 1.82), 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.