APSTX vs. APBDX

Last updated Jun 23, 2026

APSTX (Cavanal Hill Limited Duration Fund) and APBDX (Cavanal Hill Bond Fund) are both mutual funds - APSTX is a Short-Term Bond fund managed by Cavanal Hill funds, while APBDX is a Intermediate Core Bond fund managed by Cavanal Hill funds. Over the past 10 years, APSTX returned 1.88%/yr vs 1.12%/yr for APBDX. A 0.77 correlation means they provide meaningful diversification when combined. APSTX charges 0.76%/yr vs 0.72%/yr for APBDX.

Performance

APSTX vs. APBDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cavanal Hill Limited Duration Fund (APSTX) and Cavanal Hill Bond Fund (APBDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APSTX achieves a 0.63% return, which is significantly higher than APBDX's 0.41% return. Over the past 10 years, APSTX has outperformed APBDX with an annualized return of 1.88%, while APBDX has yielded a comparatively lower 1.12% annualized return.

APSTX

• 1D: 0.00%
• 1M: 0.51%
• YTD: 0.63%
• 6M: 1.00%
• 1Y: 3.10%
• 3Y*: 4.79%
• 5Y*: 1.81%
• 10Y*: 1.88%

APBDX

• 1D: 0.12%
• 1M: 1.04%
• YTD: 0.41%
• 6M: 0.85%
• 1Y: 4.27%
• 3Y*: 3.93%
• 5Y*: -0.22%
• 10Y*: 1.12%

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

APSTX vs. APBDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APSTX Cavanal Hill Limited Duration Fund	0.63%	5.21%	4.96%	5.13%	-5.78%	-0.73%	3.83%	4.02%	1.17%	1.06%
APBDX Cavanal Hill Bond Fund	0.41%	6.49%	1.90%	5.47%	-13.46%	-1.57%	6.67%	7.17%	0.02%	2.18%

Correlation

The correlation between APSTX and APBDX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Oct 19, 1994	0.77

The correlation between APSTX and APBDX shifts across timeframes, from 0.77 (all time) to 0.88 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

APSTX vs. APBDX — Risk / Return Rank

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

APSTX

APSTX Risk / Return Rank: 30
APSTX Sharpe Ratio Rank: 26
APSTX Sortino Ratio Rank: 30
APSTX Omega Ratio Rank: 32
APSTX Calmar Ratio Rank: 35
APSTX Martin Ratio Rank: 27

APBDX

APBDX Risk / Return Rank: 20
APBDX Sharpe Ratio Rank: 19
APBDX Sortino Ratio Rank: 21
APBDX Omega Ratio Rank: 18
APBDX Calmar Ratio Rank: 21
APBDX Martin Ratio Rank: 18

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.

APSTX vs. APBDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cavanal Hill Limited Duration Fund (APSTX) and Cavanal Hill Bond Fund (APBDX). 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.

	APSTX	APBDX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.17	+0.19
Sortino ratio: Return per unit of downside risk	2.13	1.80	+0.33
Omega ratio: Gain probability vs. loss probability	1.28	1.21	+0.07
Calmar ratio: Return relative to maximum drawdown	2.11	1.57	+0.55
Martin ratio: Return relative to average drawdown	6.05	4.37	+1.68

APSTX vs. APBDX - Sharpe Ratio Comparison

The current APSTX Sharpe Ratio is 1.36, which is comparable to the APBDX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of APSTX and APBDX, 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

APSTX vs. APBDX - Drawdown Comparison

The maximum APSTX drawdown since its inception was -19.32%, which is greater than APBDX's maximum drawdown of -18.21%. Use the drawdown chart below to compare losses from any high point for APSTX and APBDX.

Drawdown Indicators

	APSTX	APBDX	Difference
Max Drawdown Largest peak-to-trough decline	-19.32%	-18.21%	-1.11%
Max Drawdown (1Y) Largest decline over 1 year	-1.48%	-2.83%	+1.35%
Max Drawdown (3Y) Largest decline over 3 years	-1.48%	-5.81%	+4.33%
Max Drawdown (5Y) Largest decline over 5 years	-8.47%	-18.21%	+9.74%
Max Drawdown (10Y) Largest decline over 10 years	-8.57%	-18.21%	+9.64%
Current Drawdown Current decline from peak	-0.62%	-2.15%	+1.53%
Average Drawdown Average peak-to-trough decline	-1.17%	-2.58%	+1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	1.01%	-0.50%

Volatility

APSTX vs. APBDX - Volatility Comparison

The current volatility for Cavanal Hill Limited Duration Fund (APSTX) is 0.70%, while Cavanal Hill Bond Fund (APBDX) has a volatility of 0.97%. This indicates that APSTX experiences smaller price fluctuations and is considered to be less risky than APBDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APSTX	APBDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	0.97%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	1.64%	2.64%	-1.00%
Volatility (1Y) Calculated over the trailing 1-year period	2.29%	3.79%	-1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.56%	5.73%	-3.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.13%	4.73%	-2.60%

APSTX vs. APBDX - Expense Ratio Comparison

APSTX has a 0.76% expense ratio, which is higher than APBDX's 0.72% expense ratio.

Dividends

APSTX vs. APBDX - Dividend Comparison

APSTX's dividend yield for the trailing twelve months is around 3.28%, less than APBDX's 3.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APBDX Cavanal Hill Bond Fund	3.73%	3.54%	3.45%	2.65%	2.41%	1.85%	1.79%	2.24%	2.16%	1.62%	1.97%	1.79%
APSTX Cavanal Hill Limited Duration Fund	3.28%	3.23%	2.85%	2.60%	2.02%	1.46%	1.58%	2.24%	2.00%	1.38%	1.24%	21.97%

Frequently Asked Questions

Can I hold both APSTX and APBDX in my portfolio?

APSTX and APBDX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APSTX or APBDX?

APBDX has higher volatility (0.97%) compared to APSTX (0.70%). In terms of maximum drawdown, APSTX dropped -19.32% vs APBDX's -18.21%.

Which has better risk-adjusted returns?

APSTX currently has the higher Sharpe Ratio (1.36 vs 1.17), 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.