APLIX vs. APWEX

Last updated Jun 3, 2026

APLIX (Cavanal Hill Hedged Income Fund) and APWEX (Cavanal Hill World Energy Fund) are both mutual funds - APLIX is a Options Trading fund managed by Cavanal Hill funds, while APWEX is a Energy Equities fund managed by Cavanal Hill funds. Over the past 5 years, APLIX returned 6.83%/yr vs 19.54%/yr for APWEX. A 0.56 correlation means they provide meaningful diversification when combined. APLIX charges 1.35%/yr vs 1.15%/yr for APWEX.

Performance

APLIX vs. APWEX - 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 (APWEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APLIX achieves a 5.70% return, which is significantly lower than APWEX's 29.37% return.

APLIX

• 1D: -0.43%
• 1M: 2.33%
• YTD: 5.70%
• 6M: 4.94%
• 1Y: 21.02%
• 3Y*: 12.88%
• 5Y*: 6.83%
• 10Y*: —

APWEX

• 1D: 0.98%
• 1M: -4.16%
• YTD: 29.37%
• 6M: 26.01%
• 1Y: 47.11%
• 3Y*: 25.47%
• 5Y*: 19.54%
• 10Y*: 11.98%

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

APLIX vs. APWEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
APLIX Cavanal Hill Hedged Income Fund	5.70%	16.87%	10.43%	5.04%	-1.92%	7.28%
APWEX Cavanal Hill World Energy Fund	29.37%	21.35%	13.22%	4.57%	32.44%	31.20%

Correlation

The correlation between APLIX and APWEX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 6, 2021	0.56

Over the past year, the correlation between APLIX and APWEX has dropped to 0.33 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.

Return for Risk

APLIX vs. APWEX — Risk / Return Rank

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

APLIX

APLIX Risk / Return Rank: 53
APLIX Sharpe Ratio Rank: 54
APLIX Sortino Ratio Rank: 51
APLIX Omega Ratio Rank: 53
APLIX Calmar Ratio Rank: 52
APLIX Martin Ratio Rank: 57

APWEX

APWEX Risk / Return Rank: 84
APWEX Sharpe Ratio Rank: 86
APWEX Sortino Ratio Rank: 75
APWEX Omega Ratio Rank: 69
APWEX Calmar Ratio Rank: 97
APWEX Martin Ratio Rank: 94

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. APWEX - 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 (APWEX). 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.

	APLIX	APWEX	Difference
Sharpe ratio Return per unit of total volatility	2.17	2.77	-0.61
Sortino ratio Return per unit of downside risk	2.99	3.61	-0.62
Omega ratio Gain probability vs. loss probability	1.40	1.46	-0.06
Calmar ratio Return relative to maximum drawdown	2.77	7.35	-4.58
Martin ratio Return relative to average drawdown	11.47	21.45	-9.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APLIX vs. APWEX - Sharpe Ratio Comparison

The current APLIX Sharpe Ratio is 2.17, which is comparable to the APWEX Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of APLIX and APWEX, 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

	APLIX	APWEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	2.77	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.76	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.34	+0.44

Drawdowns

APLIX vs. APWEX - Drawdown Comparison

The maximum APLIX drawdown since its inception was -14.52%, smaller than the maximum APWEX drawdown of -61.57%. Use the drawdown chart below to compare losses from any high point for APLIX and APWEX.

Drawdown Indicators

	APLIX	APWEX	Difference
Max Drawdown Largest peak-to-trough decline	-14.52%	-61.57%	+47.05%
Max Drawdown (1Y) Largest decline over 1 year	-7.93%	-6.46%	-1.47%
Max Drawdown (3Y) Largest decline over 3 years	-14.52%	-23.02%	+8.50%
Max Drawdown (5Y) Largest decline over 5 years	-14.52%	-25.75%	+11.23%
Max Drawdown (10Y) Largest decline over 10 years	—	-57.43%	—
Current Drawdown Current decline from peak	-0.57%	-5.09%	+4.52%
Average Drawdown Average peak-to-trough decline	-2.26%	-17.07%	+14.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	2.21%	-0.29%

Volatility

APLIX vs. APWEX - Volatility Comparison

The current volatility for Cavanal Hill Hedged Income Fund (APLIX) is 2.86%, while Cavanal Hill World Energy Fund (APWEX) has a volatility of 5.41%. This indicates that APLIX experiences smaller price fluctuations and is considered to be less risky than APWEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLIX	APWEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	5.41%	-2.55%
Volatility (6M) Calculated over the trailing 6-month period	7.80%	13.08%	-5.28%
Volatility (1Y) Calculated over the trailing 1-year period	9.90%	17.84%	-7.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.35%	25.81%	-15.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.18%	25.84%	-15.66%

APLIX vs. APWEX - Expense Ratio Comparison

APLIX has a 1.35% expense ratio, which is higher than APWEX's 1.15% expense ratio.

Dividends

APLIX vs. APWEX - Dividend Comparison

APLIX's dividend yield for the trailing twelve months is around 0.32%, less than APWEX's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APLIX Cavanal Hill Hedged Income Fund	0.32%	0.40%	0.84%	2.06%	2.09%	1.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
APWEX Cavanal Hill World Energy Fund	0.58%	0.45%	1.80%	1.54%	1.95%	1.44%	1.54%	2.57%	1.26%	0.43%	0.97%	0.67%

Frequently Asked Questions

Can I hold both APLIX and APWEX in my portfolio?

APLIX and APWEX have a correlation of 0.33, 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 APWEX?

APWEX has higher volatility (5.41%) compared to APLIX (2.86%). In terms of maximum drawdown, APLIX dropped -14.52% vs APWEX's -61.57%.

Which has better risk-adjusted returns?

APWEX currently has the higher Sharpe Ratio (2.77 vs 2.17), 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.