APLIX vs. SDAIX

Last updated Jun 4, 2026

APLIX (Cavanal Hill Hedged Income Fund) and SDAIX (Swan Defined Risk Growth Fund) are both Options Trading funds. Over the past 5 years, APLIX returned 6.96%/yr vs 8.31%/yr for SDAIX. A 0.77 correlation means they provide meaningful diversification when combined. APLIX charges 1.35%/yr vs 1.40%/yr for SDAIX.

Performance

APLIX vs. SDAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cavanal Hill Hedged Income Fund (APLIX) and Swan Defined Risk Growth Fund (SDAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APLIX achieves a 6.46% return, which is significantly lower than SDAIX's 6.92% return.

APLIX

• 1D: 0.71%
• 1M: 3.66%
• YTD: 6.46%
• 6M: 5.30%
• 1Y: 21.36%
• 3Y*: 13.15%
• 5Y*: 6.96%
• 10Y*: —

SDAIX

• 1D: 0.18%
• 1M: 4.55%
• YTD: 6.92%
• 6M: 6.58%
• 1Y: 20.23%
• 3Y*: 14.17%
• 5Y*: 8.31%
• 10Y*: —

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

APLIX vs. SDAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
APLIX Cavanal Hill Hedged Income Fund	6.46%	16.87%	10.43%	5.04%	-1.92%	7.28%
SDAIX Swan Defined Risk Growth Fund	6.92%	14.14%	13.81%	16.25%	-17.87%	23.58%

Correlation

The correlation between APLIX and SDAIX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jan 6, 2021	0.77

The correlation between APLIX and SDAIX shifts across timeframes, from 0.77 (all time) to 0.92 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

APLIX vs. SDAIX — Risk / Return Rank

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

APLIX

APLIX Risk / Return Rank: 55
APLIX Sharpe Ratio Rank: 57
APLIX Sortino Ratio Rank: 53
APLIX Omega Ratio Rank: 55
APLIX Calmar Ratio Rank: 53
APLIX Martin Ratio Rank: 57

SDAIX

SDAIX Risk / Return Rank: 51
SDAIX Sharpe Ratio Rank: 54
SDAIX Sortino Ratio Rank: 49
SDAIX Omega Ratio Rank: 54
SDAIX Calmar Ratio Rank: 42
SDAIX Martin Ratio Rank: 57

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. SDAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cavanal Hill Hedged Income Fund (APLIX) and Swan Defined Risk Growth Fund (SDAIX). 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	SDAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.16	+0.07
Sortino ratio: Return per unit of downside risk	3.07	2.96	+0.12
Omega ratio: Gain probability vs. loss probability	1.41	1.41	0.00
Calmar ratio: Return relative to maximum drawdown	2.78	2.47	+0.32
Martin ratio: Return relative to average drawdown	11.48	11.49	-0.01
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. SDAIX - Sharpe Ratio Comparison

The current APLIX Sharpe Ratio is 2.23, which is comparable to the SDAIX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of APLIX and SDAIX, 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	SDAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.16	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.67	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.86	-0.07

Drawdowns

APLIX vs. SDAIX - Drawdown Comparison

The maximum APLIX drawdown since its inception was -14.52%, smaller than the maximum SDAIX drawdown of -24.26%. Use the drawdown chart below to compare losses from any high point for APLIX and SDAIX.

Drawdown Indicators

	APLIX	SDAIX	Difference
Max Drawdown Largest peak-to-trough decline	-14.52%	-24.26%	+9.74%
Max Drawdown (1Y) Largest decline over 1 year	-7.93%	-8.37%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	-14.52%	-14.25%	-0.27%
Max Drawdown (5Y) Largest decline over 5 years	-14.52%	-22.89%	+8.37%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.26%	-4.99%	+2.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.80%	+0.12%

Volatility

APLIX vs. SDAIX - Volatility Comparison

Cavanal Hill Hedged Income Fund (APLIX) has a higher volatility of 2.90% compared to Swan Defined Risk Growth Fund (SDAIX) at 2.26%. This indicates that APLIX's price experiences larger fluctuations and is considered to be riskier than SDAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLIX	SDAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	2.26%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	7.82%	7.57%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	9.90%	9.56%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.35%	12.46%	-2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.18%	13.40%	-3.22%

APLIX vs. SDAIX - Expense Ratio Comparison

APLIX has a 1.35% expense ratio, which is lower than SDAIX's 1.40% expense ratio.

Dividends

APLIX vs. SDAIX - Dividend Comparison

APLIX's dividend yield for the trailing twelve months is around 0.32%, while SDAIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
APLIX Cavanal Hill Hedged Income Fund	0.32%	0.40%	0.84%	2.06%	2.09%	1.48%	0.00%	0.00%
SDAIX Swan Defined Risk Growth Fund	0.00%	0.00%	0.00%	28.80%	0.00%	0.00%	0.62%	1.62%

Frequently Asked Questions

Can I hold both APLIX and SDAIX in my portfolio?

With a correlation of 0.92, APLIX and SDAIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, APLIX or SDAIX?

APLIX has higher volatility (2.90%) compared to SDAIX (2.26%). In terms of maximum drawdown, APLIX dropped -14.52% vs SDAIX's -24.26%.

Which has better risk-adjusted returns?

APLIX currently has the higher Sharpe Ratio (2.23 vs 2.16), 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.