AVALX vs. MOWIX

Last updated Jun 4, 2026

AVALX (Aegis Value Fund) and MOWIX (Moerus Worldwide Value Fund) are both mutual funds - AVALX is a Small Cap Value Equities fund managed by Aegis, while MOWIX is a Foreign Small & Mid Cap Equities fund managed by MOERUS FUNDS. Over the past 5 years, AVALX returned 21.88%/yr vs 18.30%/yr for MOWIX. A 0.70 correlation means they provide meaningful diversification when combined. AVALX charges 1.50%/yr vs 1.40%/yr for MOWIX.

Performance

AVALX vs. MOWIX - Performance Comparison

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

Returns By Period

In the year-to-date period, AVALX achieves a 21.92% return, which is significantly higher than MOWIX's 10.50% return.

AVALX

• 1D: 1.28%
• 1M: 1.25%
• YTD: 21.92%
• 6M: 24.36%
• 1Y: 58.85%
• 3Y*: 34.33%
• 5Y*: 21.88%
• 10Y*: 20.56%

MOWIX

• 1D: 0.93%
• 1M: 0.97%
• YTD: 10.50%
• 6M: 11.08%
• 1Y: 35.92%
• 3Y*: 28.24%
• 5Y*: 18.30%
• 10Y*: —

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

AVALX vs. MOWIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVALX Aegis Value Fund	21.92%	67.06%	8.29%	13.11%	10.50%	37.67%	18.89%	25.67%	-16.95%	15.24%
MOWIX Moerus Worldwide Value Fund	10.50%	40.23%	15.96%	24.97%	6.40%	18.28%	-10.06%	15.29%	-19.47%	18.59%

Correlation

The correlation between AVALX and MOWIX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.70

The correlation between AVALX and MOWIX has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

Return for Risk

AVALX vs. MOWIX — Risk / Return Rank

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

AVALX

AVALX Risk / Return Rank: 94
AVALX Sharpe Ratio Rank: 97
AVALX Sortino Ratio Rank: 91
AVALX Omega Ratio Rank: 89
AVALX Calmar Ratio Rank: 97
AVALX Martin Ratio Rank: 97

MOWIX

MOWIX Risk / Return Rank: 61
MOWIX Sharpe Ratio Rank: 66
MOWIX Sortino Ratio Rank: 55
MOWIX Omega Ratio Rank: 56
MOWIX Calmar Ratio Rank: 76
MOWIX Martin Ratio Rank: 55

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. MOWIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aegis Value Fund (AVALX) and Moerus Worldwide Value Fund (MOWIX). 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	MOWIX	Difference
Sharpe ratio: Return per unit of total volatility	3.66	2.38	+1.28
Sortino ratio: Return per unit of downside risk	4.43	3.12	+1.31
Omega ratio: Gain probability vs. loss probability	1.62	1.42	+0.21
Calmar ratio: Return relative to maximum drawdown	7.34	3.41	+3.93
Martin ratio: Return relative to average drawdown	25.89	11.04	+14.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVALX vs. MOWIX - Sharpe Ratio Comparison

The current AVALX Sharpe Ratio is 3.66, which is higher than the MOWIX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of AVALX and MOWIX, 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

	AVALX	MOWIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.66	2.38	+1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	1.11	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.68	-0.14

Drawdowns

AVALX vs. MOWIX - Drawdown Comparison

The maximum AVALX drawdown since its inception was -73.72%, which is greater than MOWIX's maximum drawdown of -53.13%. Use the drawdown chart below to compare losses from any high point for AVALX and MOWIX.

Drawdown Indicators

	AVALX	MOWIX	Difference
Max Drawdown Largest peak-to-trough decline	-73.72%	-53.13%	-20.59%
Max Drawdown (1Y) Largest decline over 1 year	-8.32%	-10.71%	+2.39%
Max Drawdown (3Y) Largest decline over 3 years	-13.59%	-14.54%	+0.95%
Max Drawdown (5Y) Largest decline over 5 years	-32.00%	-22.11%	-9.89%
Max Drawdown (10Y) Largest decline over 10 years	-48.34%	—	—
Current Drawdown Current decline from peak	-0.64%	-4.12%	+3.48%
Average Drawdown Average peak-to-trough decline	-10.95%	-10.40%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	3.30%	-0.95%

Volatility

AVALX vs. MOWIX - Volatility Comparison

The current volatility for Aegis Value Fund (AVALX) is 3.09%, while Moerus Worldwide Value Fund (MOWIX) has a volatility of 4.04%. This indicates that AVALX experiences smaller price fluctuations and is considered to be less risky than MOWIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVALX	MOWIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.09%	4.04%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	12.61%	12.37%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	16.77%	15.37%	+1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.22%	16.59%	+5.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.17%	17.17%	+5.00%

AVALX vs. MOWIX - Expense Ratio Comparison

AVALX has a 1.50% expense ratio, which is higher than MOWIX's 1.40% expense ratio.

Dividends

AVALX vs. MOWIX - Dividend Comparison

AVALX's dividend yield for the trailing twelve months is around 1.92%, less than MOWIX's 9.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund	1.92%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
MOWIX Moerus Worldwide Value Fund	9.43%	10.42%	4.65%	4.98%	0.55%	5.32%	0.72%	1.32%	1.93%	0.86%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVALX and MOWIX in my portfolio?

AVALX and MOWIX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVALX or MOWIX?

MOWIX has higher volatility (4.04%) compared to AVALX (3.09%). In terms of maximum drawdown, AVALX dropped -73.72% vs MOWIX's -53.13%.

Which has better risk-adjusted returns?

AVALX currently has the higher Sharpe Ratio (3.66 vs 2.38), 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.