APWEX vs. TORIX

Last updated Jul 17, 2026

APWEX (Cavanal Hill World Energy Fund) and TORIX (Tortoise MLP & Pipeline Fund) are both Energy Equities funds. Over the past 10 years, APWEX returned 11.37%/yr vs 10.96%/yr for TORIX. Their correlation of 0.81 suggests significant overlap in exposure. APWEX charges 1.15%/yr vs 0.93%/yr for TORIX.

Performance

APWEX vs. TORIX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with APWEX having a 26.01% return and TORIX slightly lower at 25.95%. Both investments have delivered pretty close results over the past 10 years, with APWEX having a 11.37% annualized return and TORIX not far behind at 10.96%.

APWEX

• 1D: -1.17%
• 1M: 0.85%
• 6M: 18.49%
• YTD: 26.01%
• 1Y: 34.02%
• 3Y*: 21.88%
• 5Y*: 22.16%
• 10Y*: 11.37%

TORIX

• 1D: -1.08%
• 1M: 4.90%
• 6M: 24.27%
• YTD: 25.95%
• 1Y: 29.81%
• 3Y*: 26.96%
• 5Y*: 22.86%
• 10Y*: 10.96%

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

APWEX vs. TORIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APWEX Cavanal Hill World Energy Fund	26.01%	21.35%	13.22%	4.57%	32.44%	36.63%	-0.00%	8.29%	-24.50%	-1.94%
TORIX Tortoise MLP & Pipeline Fund	25.95%	4.94%	42.91%	14.18%	22.20%	40.84%	-29.47%	18.33%	-15.14%	-1.04%

Correlation

The correlation between APWEX and TORIX 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	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Feb 6, 2014	0.81

Over the past year, the correlation between APWEX and TORIX has dropped to 0.51 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

APWEX vs. TORIX — Risk / Return Rank

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

APWEX

APWEX Risk / Return Rank: 65
APWEX Sharpe Ratio Rank: 66
APWEX Sortino Ratio Rank: 60
APWEX Omega Ratio Rank: 56
APWEX Calmar Ratio Rank: 84
APWEX Martin Ratio Rank: 61

TORIX

TORIX Risk / Return Rank: 74
TORIX Sharpe Ratio Rank: 75
TORIX Sortino Ratio Rank: 74
TORIX Omega Ratio Rank: 65
TORIX Calmar Ratio Rank: 93
TORIX Martin Ratio Rank: 63

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. TORIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cavanal Hill World Energy Fund (APWEX) and Tortoise MLP & Pipeline Fund (TORIX). 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.

	APWEX	TORIX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.97	-0.14
Sortino ratio: Return per unit of downside risk	2.48	2.75	-0.27
Omega ratio: Gain probability vs. loss probability	1.31	1.33	-0.02
Calmar ratio: Return relative to maximum drawdown	3.20	4.13	-0.93
Martin ratio: Return relative to average drawdown	9.63	9.64	-0.01

APWEX vs. TORIX - Sharpe Ratio Comparison

The current APWEX Sharpe Ratio is 1.83, which is comparable to the TORIX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of APWEX and TORIX, 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

APWEX vs. TORIX - Drawdown Comparison

The maximum APWEX drawdown since its inception was -61.57%, smaller than the maximum TORIX drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for APWEX and TORIX.

Drawdown Indicators

	APWEX	TORIX	Difference
Max Drawdown Largest peak-to-trough decline	-61.57%	-68.58%	+7.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.50%	-7.11%	-3.39%
Max Drawdown (3Y) Largest decline over 3 years	-23.02%	-16.52%	-6.50%
Max Drawdown (5Y) Largest decline over 5 years	-25.75%	-19.75%	-6.00%
Max Drawdown (10Y) Largest decline over 10 years	-57.43%	-63.04%	+5.61%
Current Drawdown Current decline from peak	-7.55%	-1.73%	-5.82%
Average Drawdown Average peak-to-trough decline	-16.97%	-14.73%	-2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	3.04%	+0.44%

Volatility

APWEX vs. TORIX - Volatility Comparison

Cavanal Hill World Energy Fund (APWEX) and Tortoise MLP & Pipeline Fund (TORIX) have volatilities of 5.44% and 5.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APWEX	TORIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.44%	5.52%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	13.65%	11.88%	+1.77%
Volatility (1Y) Calculated over the trailing 1-year period	18.42%	14.96%	+3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.64%	19.60%	+6.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.79%	24.87%	+0.92%

APWEX vs. TORIX - Expense Ratio Comparison

APWEX has a 1.15% expense ratio, which is higher than TORIX's 0.93% expense ratio.

Dividends

APWEX vs. TORIX - Dividend Comparison

APWEX's dividend yield for the trailing twelve months is around 0.72%, less than TORIX's 4.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APWEX Cavanal Hill World Energy Fund	0.72%	0.45%	1.80%	1.54%	1.95%	1.44%	1.54%	2.57%	1.26%	0.43%	0.97%	0.67%
TORIX Tortoise MLP & Pipeline Fund	4.07%	5.03%	4.92%	4.36%	5.28%	4.29%	5.63%	4.39%	4.22%	2.92%	1.87%	5.96%

Frequently Asked Questions

Can I hold both APWEX and TORIX in my portfolio?

APWEX and TORIX 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 TORIX?

TORIX has higher volatility (5.52%) compared to APWEX (5.44%). In terms of maximum drawdown, APWEX dropped -61.57% vs TORIX's -68.58%.

Which has better risk-adjusted returns?

TORIX currently has the higher Sharpe Ratio (1.97 vs 1.83), 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.