APUSX vs. APLIX

Last updated Jul 15, 2026

APUSX (Cavanal Hill Ultra Short Tax-Free Income Fund) and APLIX (Cavanal Hill Hedged Income Fund) are both mutual funds - APUSX is a Municipal Bonds fund managed by Cavanal Hill funds, while APLIX is a Options Trading fund managed by Cavanal Hill funds. Over the past 5 years, APUSX returned 2.12%/yr vs 6.94%/yr for APLIX. At a 0.02 correlation, their price movements are largely independent. APUSX charges 0.60%/yr vs 1.35%/yr for APLIX.

Performance

APUSX vs. APLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) and Cavanal Hill Hedged Income Fund (APLIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APUSX achieves a 1.00% return, which is significantly lower than APLIX's 6.08% return.

APUSX

• 1D: 0.00%
• 1M: 0.18%
• 6M: 1.00%
• YTD: 1.00%
• 1Y: 2.33%
• 3Y*: 3.31%
• 5Y*: 2.12%
• 10Y*: —

APLIX

• 1D: -0.56%
• 1M: 0.72%
• 6M: 4.90%
• YTD: 6.08%
• 1Y: 14.67%
• 3Y*: 11.99%
• 5Y*: 6.94%
• 10Y*: —

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

APUSX vs. APLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	1.00%	3.88%	3.65%	2.63%	-0.18%	-0.40%
APLIX Cavanal Hill Hedged Income Fund	6.08%	16.87%	10.43%	5.04%	-1.92%	7.28%

Correlation

The correlation between APUSX and APLIX is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Jan 5, 2021	0.02

Return for Risk

APUSX vs. APLIX — Risk / Return Rank

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

APUSX

APUSX Risk / Return Rank: 19
APUSX Sharpe Ratio Rank: 5
APUSX Sortino Ratio Rank: 5
APUSX Omega Ratio Rank: 62
APUSX Calmar Ratio Rank: 5
APUSX Martin Ratio Rank: 20

APLIX

APLIX Risk / Return Rank: 43
APLIX Sharpe Ratio Rank: 44
APLIX Sortino Ratio Rank: 42
APLIX Omega Ratio Rank: 44
APLIX Calmar Ratio Rank: 40
APLIX Martin Ratio Rank: 46

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.

APUSX vs. APLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) and Cavanal Hill Hedged Income Fund (APLIX). 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.

	APUSX	APLIX	Difference
Sharpe ratio: Return per unit of total volatility	0.15	1.48	-1.33
Sortino ratio: Return per unit of downside risk	0.34	2.07	-1.73
Omega ratio: Gain probability vs. loss probability	1.32	1.27	+0.05
Calmar ratio: Return relative to maximum drawdown	0.23	1.90	-1.67
Martin ratio: Return relative to average drawdown	3.58	7.61	-4.03

APUSX vs. APLIX - Sharpe Ratio Comparison

The current APUSX Sharpe Ratio is 0.15, which is lower than the APLIX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of APUSX and APLIX, 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

APUSX vs. APLIX - Drawdown Comparison

The maximum APUSX drawdown since its inception was -10.36%, smaller than the maximum APLIX drawdown of -14.52%. Use the drawdown chart below to compare losses from any high point for APUSX and APLIX.

Drawdown Indicators

	APUSX	APLIX	Difference
Max Drawdown Largest peak-to-trough decline	-10.36%	-14.52%	+4.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.36%	-7.93%	-2.43%
Max Drawdown (3Y) Largest decline over 3 years	-10.36%	-14.52%	+4.16%
Max Drawdown (5Y) Largest decline over 5 years	-10.36%	-14.52%	+4.16%
Current Drawdown Current decline from peak	0.00%	-0.56%	+0.56%
Average Drawdown Average peak-to-trough decline	-0.29%	-2.23%	+1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	1.97%	-1.32%

Volatility

APUSX vs. APLIX - Volatility Comparison

Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) has a higher volatility of 15.98% compared to Cavanal Hill Hedged Income Fund (APLIX) at 3.02%. This indicates that APUSX's price experiences larger fluctuations and is considered to be riskier than APLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APUSX	APLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.98%	3.02%	+12.96%
Volatility (6M) Calculated over the trailing 6-month period	15.66%	8.19%	+7.47%
Volatility (1Y) Calculated over the trailing 1-year period	15.78%	10.24%	+5.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.14%	10.41%	-3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.25%	10.19%	-3.94%

APUSX vs. APLIX - Expense Ratio Comparison

APUSX has a 0.60% expense ratio, which is lower than APLIX's 1.35% expense ratio.

Dividends

APUSX vs. APLIX - Dividend Comparison

APUSX's dividend yield for the trailing twelve months is around 2.40%, more than APLIX's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
APLIX Cavanal Hill Hedged Income Fund	0.39%	0.40%	0.84%	2.06%	2.09%	1.48%	0.00%
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	2.40%	3.69%	3.68%	1.69%	0.33%	0.00%	0.25%

Frequently Asked Questions

Can I hold both APUSX and APLIX in my portfolio?

APUSX and APLIX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APUSX or APLIX?

APUSX has higher volatility (15.98%) compared to APLIX (3.02%). In terms of maximum drawdown, APUSX dropped -10.36% vs APLIX's -14.52%.

Which has better risk-adjusted returns?

APLIX currently has the higher Sharpe Ratio (1.48 vs 0.15), 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.