AIV vs. NASDX

Last updated Jun 4, 2026

AIV (Apartment Investment and Management Company) is a stock, while NASDX (Shelton Capital Management Nasdaq-100 Index Fund Direct Shares) is Large Cap Growth Equities fund tracking the NASDAQ-100 Index. Over the past 10 years, AIV returned 10.43%/yr vs 22.58%/yr for NASDX. At a 0.37 correlation, their price movements are largely independent.

Performance

AIV vs. NASDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Apartment Investment and Management Company (AIV) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIV achieves a 38.70% return, which is significantly higher than NASDX's 21.38% return. Over the past 10 years, AIV has underperformed NASDX with an annualized return of 10.43%, while NASDX has yielded a comparatively higher 22.58% annualized return.

AIV

• 1D: -0.23%
• 1M: 45.39%
• YTD: 38.70%
• 6M: 47.65%
• 1Y: 42.07%
• 3Y*: 12.50%
• 5Y*: 11.56%
• 10Y*: 10.43%

NASDX

• 1D: 0.47%
• 1M: 10.94%
• YTD: 21.38%
• 6M: 19.90%
• 1Y: 42.08%
• 3Y*: 32.65%
• 5Y*: 20.44%
• 10Y*: 22.58%

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

AIV vs. NASDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIV Apartment Investment and Management Company	38.70%	-2.20%	16.09%	9.97%	-7.57%	46.21%	-18.86%	21.58%	4.14%	-0.66%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	21.38%	21.00%	36.91%	54.69%	-32.57%	27.32%	48.59%	38.22%	-1.21%	31.27%

Correlation

The correlation between AIV and NASDX is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jan 19, 2000	0.37

Over the past year, the correlation between AIV and NASDX has dropped to 0.05 - well below their long-term average of 0.37, suggesting their price drivers have been diverging.

Return for Risk

AIV vs. NASDX — Risk / Return Rank

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

AIV

AIV Risk / Return Rank: 79
AIV Sharpe Ratio Rank: 68
AIV Sortino Ratio Rank: 90
AIV Omega Ratio Rank: 86
AIV Calmar Ratio Rank: 79
AIV Martin Ratio Rank: 72

NASDX

NASDX Risk / Return Rank: 75
NASDX Sharpe Ratio Rank: 84
NASDX Sortino Ratio Rank: 71
NASDX Omega Ratio Rank: 67
NASDX Calmar Ratio Rank: 80
NASDX Martin Ratio Rank: 75

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.

AIV vs. NASDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Apartment Investment and Management Company (AIV) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). 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.

	AIV	NASDX	Difference
Sharpe ratio: Return per unit of total volatility	0.88	2.70	-1.81
Sortino ratio: Return per unit of downside risk	3.21	3.51	-0.30
Omega ratio: Gain probability vs. loss probability	1.37	1.46	-0.09
Calmar ratio: Return relative to maximum drawdown	2.56	3.65	-1.08
Martin ratio: Return relative to average drawdown	4.40	14.16	-9.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AIV vs. NASDX - Sharpe Ratio Comparison

The current AIV Sharpe Ratio is 0.88, which is lower than the NASDX Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of AIV and NASDX, 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

	AIV	NASDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	2.70	-1.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.89	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	1.00	-0.69
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.33	-0.01

Drawdowns

AIV vs. NASDX - Drawdown Comparison

The maximum AIV drawdown since its inception was -87.51%, which is greater than NASDX's maximum drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for AIV and NASDX.

Drawdown Indicators

	AIV	NASDX	Difference
Max Drawdown Largest peak-to-trough decline	-87.51%	-83.16%	-4.35%
Max Drawdown (1Y) Largest decline over 1 year	-16.50%	-11.90%	-4.60%
Max Drawdown (3Y) Largest decline over 3 years	-36.11%	-22.71%	-13.40%
Max Drawdown (5Y) Largest decline over 5 years	-40.70%	-35.33%	-5.37%
Max Drawdown (10Y) Largest decline over 10 years	-54.42%	-35.33%	-19.09%
Current Drawdown Current decline from peak	-0.23%	0.00%	-0.23%
Average Drawdown Average peak-to-trough decline	-15.87%	-34.37%	+18.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.58%	3.06%	+6.52%

Volatility

AIV vs. NASDX - Volatility Comparison

Apartment Investment and Management Company (AIV) has a higher volatility of 35.94% compared to Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX) at 4.51%. This indicates that AIV's price experiences larger fluctuations and is considered to be riskier than NASDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIV	NASDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.94%	4.51%	+31.43%
Volatility (6M) Calculated over the trailing 6-month period	37.77%	12.19%	+25.58%
Volatility (1Y) Calculated over the trailing 1-year period	47.90%	16.10%	+31.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.72%	23.06%	+11.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.98%	22.68%	+11.30%

Dividends

AIV vs. NASDX - Dividend Comparison

AIV's dividend yield for the trailing twelve months is around 116.36%, more than NASDX's 2.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIV Apartment Investment and Management Company	116.36%	47.64%	0.00%	0.00%	0.28%	0.00%	5.18%	6.00%	3.46%	3.29%	2.90%	2.95%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	2.98%	3.76%	16.95%	7.61%	3.75%	2.59%	1.28%	7.09%	2.47%	1.65%	0.75%	0.85%

Frequently Asked Questions

Can I hold both AIV and NASDX in my portfolio?

AIV and NASDX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIV or NASDX?

AIV has higher volatility (35.94%) compared to NASDX (4.51%). In terms of maximum drawdown, AIV dropped -87.51% vs NASDX's -83.16%.

Which has better risk-adjusted returns?

NASDX currently has the higher Sharpe Ratio (2.70 vs 0.88), 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.