AMAPX vs. SHLMX

Last updated Jun 4, 2026

AMAPX (Amana Participation Fund) and SHLMX (Virtus Stone Harbor Local Markets) are both Emerging Markets Bonds funds. Over the past 10 years, AMAPX returned 2.22%/yr vs 2.22%/yr for SHLMX. At a 0.27 correlation, their price movements are largely independent. AMAPX charges 0.78%/yr vs 1.01%/yr for SHLMX.

Performance

AMAPX vs. SHLMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amana Participation Fund (AMAPX) and Virtus Stone Harbor Local Markets (SHLMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMAPX achieves a 0.26% return, which is significantly lower than SHLMX's 1.52% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: AMAPX at 2.22% and SHLMX at 2.22%.

AMAPX

• 1D: 0.00%
• 1M: 0.33%
• YTD: 0.26%
• 6M: 0.60%
• 1Y: 4.14%
• 3Y*: 3.76%
• 5Y*: 1.34%
• 10Y*: 2.22%

SHLMX

• 1D: 0.23%
• 1M: 1.64%
• YTD: 1.52%
• 6M: 2.46%
• 1Y: 10.89%
• 3Y*: 7.05%
• 5Y*: 1.08%
• 10Y*: 2.22%

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

AMAPX vs. SHLMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMAPX Amana Participation Fund	0.26%	5.98%	3.77%	2.09%	-5.27%	0.49%	5.35%	6.61%	0.08%	2.56%
SHLMX Virtus Stone Harbor Local Markets	1.52%	19.32%	-5.84%	12.02%	-11.67%	-8.23%	1.87%	13.08%	-9.29%	15.36%

Correlation

The correlation between AMAPX and SHLMX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Oct 13, 2015	0.27

The correlation between AMAPX and SHLMX shifts across timeframes, from 0.27 (10 years) to 0.47 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AMAPX vs. SHLMX — Risk / Return Rank

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

AMAPX

AMAPX Risk / Return Rank: 45
AMAPX Sharpe Ratio Rank: 42
AMAPX Sortino Ratio Rank: 55
AMAPX Omega Ratio Rank: 87
AMAPX Calmar Ratio Rank: 20
AMAPX Martin Ratio Rank: 20

SHLMX

SHLMX Risk / Return Rank: 29
SHLMX Sharpe Ratio Rank: 32
SHLMX Sortino Ratio Rank: 33
SHLMX Omega Ratio Rank: 38
SHLMX Calmar Ratio Rank: 20
SHLMX Martin Ratio Rank: 21

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.

AMAPX vs. SHLMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amana Participation Fund (AMAPX) and Virtus Stone Harbor Local Markets (SHLMX). 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.

	AMAPX	SHLMX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.65	+0.25
Sortino ratio: Return per unit of downside risk	3.13	2.39	+0.73
Omega ratio: Gain probability vs. loss probability	1.59	1.33	+0.26
Calmar ratio: Return relative to maximum drawdown	1.66	1.62	+0.03
Martin ratio: Return relative to average drawdown	5.37	5.48	-0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMAPX vs. SHLMX - Sharpe Ratio Comparison

The current AMAPX Sharpe Ratio is 1.90, which is comparable to the SHLMX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of AMAPX and SHLMX, 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

	AMAPX	SHLMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	1.65	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.14	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.11	0.25	+0.86
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.02	+1.09

Drawdowns

AMAPX vs. SHLMX - Drawdown Comparison

The maximum AMAPX drawdown since its inception was -7.75%, smaller than the maximum SHLMX drawdown of -37.35%. Use the drawdown chart below to compare losses from any high point for AMAPX and SHLMX.

Drawdown Indicators

	AMAPX	SHLMX	Difference
Max Drawdown Largest peak-to-trough decline	-7.75%	-37.35%	+29.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.51%	-6.65%	+4.14%
Max Drawdown (3Y) Largest decline over 3 years	-2.64%	-9.99%	+7.35%
Max Drawdown (5Y) Largest decline over 5 years	-7.75%	-25.22%	+17.47%
Max Drawdown (10Y) Largest decline over 10 years	-7.75%	-26.60%	+18.85%
Current Drawdown Current decline from peak	-0.60%	-10.46%	+9.86%
Average Drawdown Average peak-to-trough decline	-1.56%	-18.50%	+16.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	1.97%	-1.20%

Volatility

AMAPX vs. SHLMX - Volatility Comparison

The current volatility for Amana Participation Fund (AMAPX) is 1.50%, while Virtus Stone Harbor Local Markets (SHLMX) has a volatility of 2.14%. This indicates that AMAPX experiences smaller price fluctuations and is considered to be less risky than SHLMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMAPX	SHLMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	2.14%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	5.73%	-3.75%
Volatility (1Y) Calculated over the trailing 1-year period	2.19%	6.57%	-4.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.19%	8.01%	-5.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.01%	8.95%	-6.94%

AMAPX vs. SHLMX - Expense Ratio Comparison

AMAPX has a 0.78% expense ratio, which is lower than SHLMX's 1.01% expense ratio.

Dividends

AMAPX vs. SHLMX - Dividend Comparison

AMAPX's dividend yield for the trailing twelve months is around 3.66%, less than SHLMX's 10.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AMAPX Amana Participation Fund	3.66%	3.52%	3.15%	2.25%	1.30%	1.55%	1.95%	2.45%	2.62%	2.14%	2.14%
SHLMX Virtus Stone Harbor Local Markets	10.00%	10.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	1.99%	1.04%	0.00%

Frequently Asked Questions

Can I hold both AMAPX and SHLMX in my portfolio?

AMAPX and SHLMX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMAPX or SHLMX?

SHLMX has higher volatility (2.14%) compared to AMAPX (1.50%). In terms of maximum drawdown, AMAPX dropped -7.75% vs SHLMX's -37.35%.

Which has better risk-adjusted returns?

AMAPX currently has the higher Sharpe Ratio (1.90 vs 1.65), 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.