APLIX vs. APENX

Last updated Jun 23, 2026

APLIX (Cavanal Hill Hedged Income Fund) and APENX (Cavanal Hill Strategic Enhanced Yield Fund) are both mutual funds - APLIX is a Options Trading fund managed by Cavanal Hill funds, while APENX is a Multisector Bonds fund managed by Cavanal Hill funds. Over the past 5 years, APLIX returned 7.32%/yr vs 0.66%/yr for APENX. At a 0.14 correlation, their price movements are largely independent. APLIX charges 1.35%/yr vs 1.01%/yr for APENX.

Performance

APLIX vs. APENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cavanal Hill Hedged Income Fund (APLIX) and Cavanal Hill Strategic Enhanced Yield Fund (APENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APLIX achieves a 5.63% return, which is significantly higher than APENX's 0.61% return.

APLIX

• 1D: 0.79%
• 1M: 0.14%
• YTD: 5.63%
• 6M: 5.03%
• 1Y: 20.01%
• 3Y*: 12.15%
• 5Y*: 7.32%
• 10Y*: —

APENX

• 1D: 0.00%
• 1M: 1.07%
• YTD: 0.61%
• 6M: 1.15%
• 1Y: 5.55%
• 3Y*: 5.03%
• 5Y*: 0.66%
• 10Y*: —

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

APLIX vs. APENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
APLIX Cavanal Hill Hedged Income Fund	5.63%	16.87%	10.43%	5.04%	-1.92%	7.28%
APENX Cavanal Hill Strategic Enhanced Yield Fund	0.61%	7.88%	3.28%	4.87%	-12.87%	0.09%

Correlation

The correlation between APLIX and APENX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Jan 5, 2021	0.14

Over the past year, APLIX and APENX have become more correlated (0.34) than their long-term average of 0.14, meaning their price movements have been converging.

Return for Risk

APLIX vs. APENX — Risk / Return Rank

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

APLIX

APLIX Risk / Return Rank: 50
APLIX Sharpe Ratio Rank: 51
APLIX Sortino Ratio Rank: 48
APLIX Omega Ratio Rank: 50
APLIX Calmar Ratio Rank: 47
APLIX Martin Ratio Rank: 53

APENX

APENX Risk / Return Rank: 33
APENX Sharpe Ratio Rank: 32
APENX Sortino Ratio Rank: 35
APENX Omega Ratio Rank: 31
APENX Calmar Ratio Rank: 36
APENX Martin Ratio Rank: 30

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.

APLIX vs. APENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cavanal Hill Hedged Income Fund (APLIX) and Cavanal Hill Strategic Enhanced Yield Fund (APENX). 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	APENX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.52	+0.42
Sortino ratio: Return per unit of downside risk	2.69	2.30	+0.39
Omega ratio: Gain probability vs. loss probability	1.36	1.27	+0.08
Calmar ratio: Return relative to maximum drawdown	2.49	2.15	+0.34
Martin ratio: Return relative to average drawdown	10.18	6.45	+3.73

APLIX vs. APENX - Sharpe Ratio Comparison

The current APLIX Sharpe Ratio is 1.94, which is comparable to the APENX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of APLIX and APENX, 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. APENX - Drawdown Comparison

The maximum APLIX drawdown since its inception was -14.52%, smaller than the maximum APENX drawdown of -16.63%. Use the drawdown chart below to compare losses from any high point for APLIX and APENX.

Drawdown Indicators

	APLIX	APENX	Difference
Max Drawdown Largest peak-to-trough decline	-14.52%	-16.63%	+2.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.93%	-2.65%	-5.28%
Max Drawdown (3Y) Largest decline over 3 years	-14.52%	-5.14%	-9.38%
Max Drawdown (5Y) Largest decline over 5 years	-14.52%	-16.15%	+1.63%
Current Drawdown Current decline from peak	-0.78%	-1.05%	+0.27%
Average Drawdown Average peak-to-trough decline	-2.24%	-4.46%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	0.88%	+1.06%

Volatility

APLIX vs. APENX - Volatility Comparison

Cavanal Hill Hedged Income Fund (APLIX) has a higher volatility of 3.33% compared to Cavanal Hill Strategic Enhanced Yield Fund (APENX) at 1.12%. This indicates that APLIX's price experiences larger fluctuations and is considered to be riskier than APENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLIX	APENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	1.12%	+2.21%
Volatility (6M) Calculated over the trailing 6-month period	8.14%	2.83%	+5.31%
Volatility (1Y) Calculated over the trailing 1-year period	10.21%	3.77%	+6.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.40%	4.79%	+5.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.21%	4.26%	+5.95%

APLIX vs. APENX - Expense Ratio Comparison

APLIX has a 1.35% expense ratio, which is higher than APENX's 1.01% expense ratio.

Dividends

APLIX vs. APENX - Dividend Comparison

APLIX's dividend yield for the trailing twelve months is around 0.32%, less than APENX's 3.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
APENX Cavanal Hill Strategic Enhanced Yield Fund	3.94%	4.03%	4.51%	3.66%	3.72%	2.00%	3.20%	4.02%	2.02%
APLIX Cavanal Hill Hedged Income Fund	0.32%	0.40%	0.84%	2.06%	2.09%	1.48%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APLIX and APENX in my portfolio?

APLIX and APENX have a correlation of 0.34, 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 APENX?

APLIX has higher volatility (3.33%) compared to APENX (1.12%). In terms of maximum drawdown, APLIX dropped -14.52% vs APENX's -16.63%.

Which has better risk-adjusted returns?

APLIX currently has the higher Sharpe Ratio (1.94 vs 1.52), 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.