APLIX vs. AIWEX

Last updated Aug 4, 2026

APLIX (Cavanal Hill Hedged Income Fund) and AIWEX (Cavanal Hill World Energy Fund Institutional Class) are both mutual funds - APLIX is a Options Trading fund managed by Cavanal Hill, while AIWEX is a Energy Equities fund actively managed by Cavanal Hill. Over the past 5 years, APLIX returned 6.93%/yr vs 22.25%/yr for AIWEX. Their 0.55 correlation means they have sometimes moved together and sometimes differently. APLIX charges 1.35%/yr vs 0.91%/yr for AIWEX.

Performance

APLIX vs. AIWEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cavanal Hill Hedged Income Fund (APLIX) and Cavanal Hill World Energy Fund Institutional Class (AIWEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APLIX achieves a 6.31% return, which is significantly lower than AIWEX's 26.43% return.

APLIX

• 1D: 0.64%
• 1M: 0.86%
• 6M: 4.20%
• YTD: 6.31%
• 1Y: 15.00%
• 3Y*: 11.49%
• 5Y*: 6.93%
• 10Y*: —
• ALL TIME*: 7.77%

AIWEX

• 1D: 1.38%
• 1M: 3.58%
• 6M: 13.17%
• YTD: 26.43%
• 1Y: 35.22%
• 3Y*: 20.04%
• 5Y*: 22.25%
• 10Y*: 12.17%
• ALL TIME*: 9.19%

*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)
AIWEX Cavanal Hill World Energy Fund Institutional Class	$0.00	$0.00	$0.00
APLIX Cavanal Hill Hedged Income Fund	$0.00	$0.00	$0.00

APLIX vs. AIWEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
APLIX Cavanal Hill Hedged Income Fund	6.31%	16.87%	10.43%	5.04%	-1.92%	7.28%
AIWEX Cavanal Hill World Energy Fund Institutional Class	26.43%	21.74%	13.42%	4.93%	32.76%	36.52%

Correlation

The correlation between APLIX and AIWEX is 0.35, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.35
Correlation (3Y) Balances recent behavior with more history.	0.49
Correlation (5Y) Shows whether the relationship held over a longer period.	0.55
Correlation (All Time) Calculated using the full available price history since Jan 5, 2021	0.55

The correlation between APLIX and AIWEX shifts across timeframes, from 0.35 (1 year) to 0.55 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APLIX vs. AIWEX — Risk / Return Rank

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

APLIX

APLIX Risk / Return Rank: 41
APLIX Sharpe Ratio Rank: 41
APLIX Sortino Ratio Rank: 39
APLIX Omega Ratio Rank: 39
APLIX Calmar Ratio Rank: 39
APLIX Martin Ratio Rank: 45

AIWEX

AIWEX Risk / Return Rank: 67
AIWEX Sharpe Ratio Rank: 69
AIWEX Sortino Ratio Rank: 64
AIWEX Omega Ratio Rank: 58
AIWEX Calmar Ratio Rank: 83
AIWEX Martin Ratio Rank: 61

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.

APLIX vs. AIWEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cavanal Hill Hedged Income Fund (APLIX) and Cavanal Hill World Energy Fund Institutional Class (AIWEX). 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.

	APLIX	AIWEX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.72	-0.40
Sortino ratio: Return per unit of downside risk	1.86	2.37	-0.52
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.06
Calmar ratio: Return relative to maximum drawdown	1.74	2.92	-1.17
Martin ratio: Return relative to average drawdown	6.92	8.45	-1.53

APLIX vs. AIWEX - Sharpe Ratio Comparison

The current APLIX Sharpe Ratio is 1.32, which is comparable to the AIWEX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of APLIX and AIWEX, 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

APLIX vs. AIWEX - Drawdown Comparison

The maximum APLIX drawdown since its inception was -14.52%, smaller than the maximum AIWEX drawdown of -57.44%. Use the drawdown chart below to compare losses from any high point for APLIX and AIWEX.

Drawdown Indicators

	APLIX	AIWEX	Difference
Max Drawdown Largest peak-to-trough decline	-14.52%	-57.44%	+42.92%
Max Drawdown (1Y) Largest decline over 1 year	-7.93%	-10.96%	+3.03%
Max Drawdown (3Y) Largest decline over 3 years	-14.52%	-23.00%	+8.48%
Max Drawdown (5Y) Largest decline over 5 years	-14.52%	-25.68%	+11.16%
Max Drawdown (10Y) Largest decline over 10 years	—	-57.44%	—
Current Drawdown Current decline from peak	-0.77%	-7.29%	+6.52%
Average Drawdown Average peak-to-trough decline	-2.22%	-12.72%	+10.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	3.85%	-1.85%

Volatility

APLIX vs. AIWEX - Volatility Comparison

The current volatility for Cavanal Hill Hedged Income Fund (APLIX) is 3.08%, while Cavanal Hill World Energy Fund Institutional Class (AIWEX) has a volatility of 5.52%. This indicates that APLIX experiences smaller price fluctuations and is considered to be less risky than AIWEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLIX	AIWEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	5.52%	-2.44%
Volatility (6M) Calculated over the trailing 6-month period	8.19%	14.03%	-5.84%
Volatility (1Y) Calculated over the trailing 1-year period	10.52%	18.59%	-8.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.44%	25.56%	-15.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.21%	25.85%	-15.64%

APLIX vs. AIWEX - Expense Ratio Comparison

APLIX has a 1.35% expense ratio, which is higher than AIWEX's 0.91% expense ratio.

Dividends

APLIX vs. AIWEX - Dividend Comparison

APLIX's dividend yield for the trailing twelve months is around 0.39%, less than AIWEX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIWEX Cavanal Hill World Energy Fund Institutional Class	0.93%	0.81%	1.97%	1.80%	2.18%	1.63%	1.81%	2.27%	1.65%	0.67%	1.22%	1.00%
APLIX Cavanal Hill Hedged Income Fund	0.39%	0.40%	0.84%	2.06%	2.09%	1.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APLIX and AIWEX in my portfolio?

APLIX and AIWEX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APLIX or AIWEX?

AIWEX has higher volatility (5.52%) compared to APLIX (3.08%). In terms of maximum drawdown, APLIX dropped -14.52% vs AIWEX's -57.44%.

Which has better risk-adjusted returns?

AIWEX currently has the higher Sharpe Ratio (1.72 vs 1.32), 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.