AVALX vs. HFMF

Last updated Apr 1, 2026

Compare and contrast key facts about Aegis Value Fund (AVALX) and Unlimited HFMF Managed Futures ETF (HFMF).

AVALX is managed by Aegis. It was launched on May 15, 1998. HFMF is an actively managed fund by Unlimited. It was launched on Jul 14, 2025.

Performance

AVALX vs. HFMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aegis Value Fund (AVALX) and Unlimited HFMF Managed Futures ETF (HFMF). The values are adjusted to include any dividend payments, if applicable.

AVALX vs. HFMF - Yearly Performance Comparison

	2026 (YTD)	2025
AVALX Aegis Value Fund	13.53%	29.14%
HFMF Unlimited HFMF Managed Futures ETF	11.75%	6.34%

Returns By Period

In the year-to-date period, AVALX achieves a 13.53% return, which is significantly higher than HFMF's 11.75% return.

AVALX

• 1D: -0.54%
• 1M: -4.89%
• YTD: 13.53%
• 6M: 24.20%
• 1Y: 69.86%
• 3Y*: 28.86%
• 5Y*: 25.16%
• 10Y*: 21.54%

HFMF

• 1D: 1.40%
• 1M: -1.69%
• YTD: 11.75%
• 6M: 12.93%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AVALX vs. HFMF - Expense Ratio Comparison

AVALX has a 1.50% expense ratio, which is higher than HFMF's 0.97% expense ratio.

AVALX

Aegis Value Fund

HFMF

Unlimited HFMF Managed Futures ETF

Return for Risk

AVALX vs. HFMF — Risk / Return Rank

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

AVALX

AVALX Risk / Return Rank: 98
AVALX Sharpe Ratio Rank: 99
AVALX Sortino Ratio Rank: 97
AVALX Omega Ratio Rank: 96
AVALX Calmar Ratio Rank: 98
AVALX Martin Ratio Rank: 99

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.

AVALX vs. HFMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aegis Value Fund (AVALX) and Unlimited HFMF Managed Futures ETF (HFMF). 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.

	AVALX	HFMF	Difference
Sharpe ratio Return per unit of total volatility	3.30	—	—
Sortino ratio Return per unit of downside risk	3.95	—	—
Omega ratio Gain probability vs. loss probability	1.59	—	—
Calmar ratio Return relative to maximum drawdown	5.11	—	—
Martin ratio Return relative to average drawdown	24.92	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	AVALX	HFMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.30	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.12	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.97	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	1.56	-1.04

Correlation

The correlation between AVALX and HFMF is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

AVALX vs. HFMF - Dividend Comparison

AVALX's dividend yield for the trailing twelve months is around 2.06%, less than HFMF's 2.66% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund	2.06%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
HFMF Unlimited HFMF Managed Futures ETF	2.66%	2.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

AVALX vs. HFMF - Drawdown Comparison

The maximum AVALX drawdown since its inception was -73.72%, which is greater than HFMF's maximum drawdown of -7.77%. Use the drawdown chart below to compare losses from any high point for AVALX and HFMF.

Drawdown Indicators

	AVALX	HFMF	Difference
Max Drawdown Largest peak-to-trough decline	-73.72%	-7.77%	-65.95%
Max Drawdown (1Y) Largest decline over 1 year	-13.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.00%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.34%	—	—
Current Drawdown Current decline from peak	-6.09%	-6.48%	+0.39%
Average Drawdown Average peak-to-trough decline	-11.01%	-1.70%	-9.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	—	—

Volatility

Volatility by Period

	AVALX	HFMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.20%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.15%	17.66%	+3.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.62%	17.66%	+4.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.32%	17.66%	+4.66%