AVALX vs. EMEQ
AVALX (Aegis Value Fund) and EMEQ (Nomura Focused Emerging Markets Equity ETF) are both funds - AVALX is a Small Cap Value Equities fund managed by Aegis, while EMEQ is a Emerging Markets Diversified fund actively managed by Nomura. Over the past year, AVALX returned 50.49% vs 137.32% for EMEQ. At a 0.42 correlation, their price movements are largely independent. AVALX charges 1.50%/yr vs 0.86%/yr for EMEQ.
Performance
AVALX vs. EMEQ - Performance Comparison
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Returns By Period
In the year-to-date period, AVALX achieves a 17.29% return, which is significantly lower than EMEQ's 70.13% return.
AVALX
- 1D
- 1.78%
- 1M
- -4.39%
- YTD
- 17.29%
- 6M
- 17.59%
- 1Y
- 50.49%
- 3Y*
- 32.38%
- 5Y*
- 20.79%
- 10Y*
- 20.09%
EMEQ
- 1D
- 0.81%
- 1M
- 4.62%
- YTD
- 70.13%
- 6M
- 81.37%
- 1Y
- 137.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AVALX vs. EMEQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AVALX Aegis Value Fund | 17.29% | 67.06% | 1.35% |
EMEQ Nomura Focused Emerging Markets Equity ETF | 70.13% | 69.78% | -0.73% |
Correlation
The correlation between AVALX and EMEQ is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024 | 0.42 |
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Return for Risk
AVALX vs. EMEQ — Risk / Return Rank
AVALX
EMEQ
AVALX vs. EMEQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Aegis Value Fund (AVALX) and Nomura Focused Emerging Markets Equity ETF (EMEQ). 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.
| AVALX | EMEQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.61 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 6.25 | 7.71 | -1.46 |
| Martin ratioReturn relative to average drawdown | 21.12 | 28.78 | -7.66 |
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Drawdowns
AVALX vs. EMEQ - Drawdown Comparison
The maximum AVALX drawdown since its inception was -73.72%, which is greater than EMEQ's maximum drawdown of -19.99%. Use the drawdown chart below to compare losses from any high point for AVALX and EMEQ.
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Drawdown Indicators
| AVALX | EMEQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.72% | -19.99% | -53.73% |
Max Drawdown (1Y)Largest decline over 1 year | -8.32% | -17.91% | +9.59% |
Max Drawdown (3Y)Largest decline over 3 years | -13.59% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -32.00% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -48.34% | — | — |
Current DrawdownCurrent decline from peak | -4.41% | -5.69% | +1.28% |
Average DrawdownAverage peak-to-trough decline | -10.94% | -4.05% | -6.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.46% | 4.79% | -2.33% |
Volatility
AVALX vs. EMEQ - Volatility Comparison
The current volatility for Aegis Value Fund (AVALX) is 5.33%, while Nomura Focused Emerging Markets Equity ETF (EMEQ) has a volatility of 19.34%. This indicates that AVALX experiences smaller price fluctuations and is considered to be less risky than EMEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AVALX | EMEQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.33% | 19.34% | -14.01% |
Volatility (6M)Calculated over the trailing 6-month period | 13.33% | 32.54% | -19.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.35% | 35.48% | -18.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.31% | 31.87% | -9.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.18% | 31.87% | -9.69% |
AVALX vs. EMEQ - Expense Ratio Comparison
AVALX has a 1.50% expense ratio, which is higher than EMEQ's 0.86% expense ratio.
Dividends
AVALX vs. EMEQ - Dividend Comparison
AVALX's dividend yield for the trailing twelve months is around 1.99%, more than EMEQ's 1.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AVALX Aegis Value Fund | 1.99% | 2.34% | 7.07% | 2.23% | 0.16% | 0.00% | 6.62% | 2.36% | 6.18% | 0.00% | 1.45% | 0.04% |
EMEQ Nomura Focused Emerging Markets Equity ETF | 1.62% | 2.76% | 0.84% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AVALX and EMEQ have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMEQ has higher volatility (19.34%) compared to AVALX (5.33%). In terms of maximum drawdown, AVALX dropped -73.72% vs EMEQ's -19.99%.
EMEQ currently has the higher Sharpe Ratio (3.89 vs 3.00), 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.
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