APWEX vs. IEYYX

Last updated Jun 4, 2026

APWEX (Cavanal Hill World Energy Fund) and IEYYX (Delaware Ivy Energy Fund) are both Energy Equities funds. Over the past 10 years, APWEX returned 12.21%/yr vs 1.87%/yr for IEYYX. Their correlation of 0.86 suggests significant overlap in exposure. APWEX charges 1.15%/yr vs 1.28%/yr for IEYYX.

Performance

APWEX vs. IEYYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cavanal Hill World Energy Fund (APWEX) and Delaware Ivy Energy Fund (IEYYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APWEX achieves a 32.00% return, which is significantly higher than IEYYX's 22.14% return. Over the past 10 years, APWEX has outperformed IEYYX with an annualized return of 12.21%, while IEYYX has yielded a comparatively lower 1.87% annualized return.

APWEX

• 1D: 2.04%
• 1M: -3.16%
• YTD: 32.00%
• 6M: 26.88%
• 1Y: 47.25%
• 3Y*: 26.32%
• 5Y*: 20.10%
• 10Y*: 12.21%

IEYYX

• 1D: 1.51%
• 1M: 2.36%
• YTD: 22.14%
• 6M: 23.44%
• 1Y: 47.91%
• 3Y*: 13.50%
• 5Y*: 14.65%
• 10Y*: 1.87%

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

APWEX vs. IEYYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APWEX Cavanal Hill World Energy Fund	32.00%	21.35%	13.22%	4.57%	32.44%	36.63%	-0.00%	8.29%	-24.50%	-1.94%
IEYYX Delaware Ivy Energy Fund	22.14%	22.56%	-3.60%	-4.08%	41.14%	43.34%	-38.68%	4.25%	-34.47%	-12.98%

Correlation

The correlation between APWEX and IEYYX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 7, 2014	0.86

Over the past year, the correlation between APWEX and IEYYX has dropped to 0.51 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

Return for Risk

APWEX vs. IEYYX — Risk / Return Rank

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

APWEX

APWEX Risk / Return Rank: 86
APWEX Sharpe Ratio Rank: 87
APWEX Sortino Ratio Rank: 77
APWEX Omega Ratio Rank: 71
APWEX Calmar Ratio Rank: 98
APWEX Martin Ratio Rank: 95

IEYYX

IEYYX Risk / Return Rank: 96
IEYYX Sharpe Ratio Rank: 98
IEYYX Sortino Ratio Rank: 95
IEYYX Omega Ratio Rank: 91
IEYYX Calmar Ratio Rank: 99
IEYYX Martin Ratio Rank: 98

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.

APWEX vs. IEYYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cavanal Hill World Energy Fund (APWEX) and Delaware Ivy Energy Fund (IEYYX). 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.

	APWEX	IEYYX	Difference
Sharpe ratio: Return per unit of total volatility	2.83	3.79	-0.96
Sortino ratio: Return per unit of downside risk	3.68	5.03	-1.36
Omega ratio: Gain probability vs. loss probability	1.47	1.67	-0.19
Calmar ratio: Return relative to maximum drawdown	7.83	10.77	-2.94
Martin ratio: Return relative to average drawdown	22.68	36.59	-13.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APWEX vs. IEYYX - Sharpe Ratio Comparison

The current APWEX Sharpe Ratio is 2.83, which is comparable to the IEYYX Sharpe Ratio of 3.79. The chart below compares the historical Sharpe Ratios of APWEX and IEYYX, 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

	APWEX	IEYYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	3.79	-0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.68	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.06	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.06	+0.28

Drawdowns

APWEX vs. IEYYX - Drawdown Comparison

The maximum APWEX drawdown since its inception was -61.57%, smaller than the maximum IEYYX drawdown of -85.16%. Use the drawdown chart below to compare losses from any high point for APWEX and IEYYX.

Drawdown Indicators

	APWEX	IEYYX	Difference
Max Drawdown Largest peak-to-trough decline	-61.57%	-85.16%	+23.59%
Max Drawdown (1Y) Largest decline over 1 year	-6.46%	-4.55%	-1.91%
Max Drawdown (3Y) Largest decline over 3 years	-23.02%	-22.71%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-25.75%	-30.43%	+4.68%
Max Drawdown (10Y) Largest decline over 10 years	-57.43%	-81.45%	+24.02%
Current Drawdown Current decline from peak	-3.16%	-21.07%	+17.91%
Average Drawdown Average peak-to-trough decline	-17.06%	-35.17%	+18.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	1.33%	+0.89%

Volatility

APWEX vs. IEYYX - Volatility Comparison

Cavanal Hill World Energy Fund (APWEX) has a higher volatility of 5.82% compared to Delaware Ivy Energy Fund (IEYYX) at 4.37%. This indicates that APWEX's price experiences larger fluctuations and is considered to be riskier than IEYYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APWEX	IEYYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.82%	4.37%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	13.15%	9.70%	+3.45%
Volatility (1Y) Calculated over the trailing 1-year period	17.91%	12.93%	+4.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.82%	21.73%	+4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.85%	30.87%	-5.02%

APWEX vs. IEYYX - Expense Ratio Comparison

APWEX has a 1.15% expense ratio, which is lower than IEYYX's 1.28% expense ratio.

Dividends

APWEX vs. IEYYX - Dividend Comparison

APWEX's dividend yield for the trailing twelve months is around 0.57%, less than IEYYX's 0.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APWEX Cavanal Hill World Energy Fund	0.57%	0.45%	1.80%	1.54%	1.95%	1.44%	1.54%	2.57%	1.26%	0.43%	0.97%	0.67%
IEYYX Delaware Ivy Energy Fund	0.71%	0.87%	0.91%	2.37%	1.33%	1.49%	2.17%	0.00%	0.00%	0.36%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APWEX and IEYYX in my portfolio?

APWEX and IEYYX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APWEX or IEYYX?

APWEX has higher volatility (5.82%) compared to IEYYX (4.37%). In terms of maximum drawdown, APWEX dropped -61.57% vs IEYYX's -85.16%.

Which has better risk-adjusted returns?

IEYYX currently has the higher Sharpe Ratio (3.79 vs 2.83), 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.