AVPEX vs. ALIBX

Last updated Jun 23, 2026

AVPEX (ALPS/Red Rocks Global Opportunity Portfolio) and ALIBX (ALPS/Smith Balanced Opportunity Fund) are both mutual funds - AVPEX is a Global Equities fund managed by ALPS, while ALIBX is a Diversified Portfolio fund managed by ALPS. Over the past 5 years, AVPEX returned 2.44%/yr vs 7.89%/yr for ALIBX. Their correlation of 0.82 suggests significant overlap in exposure. AVPEX charges 1.45%/yr vs 1.12%/yr for ALIBX.

Performance

AVPEX vs. ALIBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS/Red Rocks Global Opportunity Portfolio (AVPEX) and ALPS/Smith Balanced Opportunity Fund (ALIBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVPEX achieves a -8.56% return, which is significantly lower than ALIBX's 8.47% return.

AVPEX

• 1D: -0.09%
• 1M: 0.89%
• YTD: -8.56%
• 6M: -9.37%
• 1Y: -5.74%
• 3Y*: 7.99%
• 5Y*: 2.44%
• 10Y*: 8.47%

ALIBX

• 1D: 0.66%
• 1M: 1.63%
• YTD: 8.47%
• 6M: 8.35%
• 1Y: 21.86%
• 3Y*: 14.26%
• 5Y*: 7.89%
• 10Y*: —

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

AVPEX vs. ALIBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AVPEX ALPS/Red Rocks Global Opportunity Portfolio	-8.56%	1.46%	18.06%	28.80%	-28.96%	24.03%	16.88%
ALIBX ALPS/Smith Balanced Opportunity Fund	8.47%	12.89%	14.89%	16.01%	-16.24%	15.50%	8.25%

Correlation

The correlation between AVPEX and ALIBX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 6, 2020	0.82

The correlation between AVPEX and ALIBX has been stable across timeframes, ranging from 0.75 to 0.83 - a consistent structural relationship.

Return for Risk

AVPEX vs. ALIBX — Risk / Return Rank

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

AVPEX

AVPEX Risk / Return Rank: 1
AVPEX Sharpe Ratio Rank: 1
AVPEX Sortino Ratio Rank: 1
AVPEX Omega Ratio Rank: 2
AVPEX Calmar Ratio Rank: 2
AVPEX Martin Ratio Rank: 1

ALIBX

ALIBX Risk / Return Rank: 74
ALIBX Sharpe Ratio Rank: 75
ALIBX Sortino Ratio Rank: 75
ALIBX Omega Ratio Rank: 70
ALIBX Calmar Ratio Rank: 69
ALIBX Martin Ratio Rank: 79

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.

AVPEX vs. ALIBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS/Red Rocks Global Opportunity Portfolio (AVPEX) and ALPS/Smith Balanced Opportunity Fund (ALIBX). 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.

	AVPEX	ALIBX	Difference
Sharpe ratio: Return per unit of total volatility	-0.34	2.32	-2.66
Sortino ratio: Return per unit of downside risk	-0.35	3.30	-3.65
Omega ratio: Gain probability vs. loss probability	0.96	1.42	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.28	3.04	-3.31
Martin ratio: Return relative to average drawdown	-0.62	13.71	-14.33

AVPEX vs. ALIBX - Sharpe Ratio Comparison

The current AVPEX Sharpe Ratio is -0.34, which is lower than the ALIBX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of AVPEX and ALIBX, 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

AVPEX vs. ALIBX - Drawdown Comparison

The maximum AVPEX drawdown since its inception was -46.42%, which is greater than ALIBX's maximum drawdown of -20.38%. Use the drawdown chart below to compare losses from any high point for AVPEX and ALIBX.

Drawdown Indicators

	AVPEX	ALIBX	Difference
Max Drawdown Largest peak-to-trough decline	-46.42%	-20.38%	-26.04%
Max Drawdown (1Y) Largest decline over 1 year	-22.41%	-7.13%	-15.28%
Max Drawdown (3Y) Largest decline over 3 years	-22.41%	-12.65%	-9.76%
Max Drawdown (5Y) Largest decline over 5 years	-37.50%	-20.38%	-17.12%
Max Drawdown (10Y) Largest decline over 10 years	-46.42%	—	—
Current Drawdown Current decline from peak	-13.12%	-0.37%	-12.75%
Average Drawdown Average peak-to-trough decline	-8.63%	-4.72%	-3.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.04%	1.57%	+8.47%

Volatility

AVPEX vs. ALIBX - Volatility Comparison

ALPS/Red Rocks Global Opportunity Portfolio (AVPEX) has a higher volatility of 6.09% compared to ALPS/Smith Balanced Opportunity Fund (ALIBX) at 3.53%. This indicates that AVPEX's price experiences larger fluctuations and is considered to be riskier than ALIBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVPEX	ALIBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	3.53%	+2.56%
Volatility (6M) Calculated over the trailing 6-month period	15.04%	7.58%	+7.46%
Volatility (1Y) Calculated over the trailing 1-year period	18.28%	9.32%	+8.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	11.24%	+7.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.11%	11.04%	+8.07%

AVPEX vs. ALIBX - Expense Ratio Comparison

AVPEX has a 1.45% expense ratio, which is higher than ALIBX's 1.12% expense ratio.

Dividends

AVPEX vs. ALIBX - Dividend Comparison

AVPEX's dividend yield for the trailing twelve months is around 9.30%, more than ALIBX's 8.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALIBX ALPS/Smith Balanced Opportunity Fund	8.39%	9.14%	10.61%	1.37%	1.08%	0.56%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%
AVPEX ALPS/Red Rocks Global Opportunity Portfolio	9.30%	8.50%	8.83%	0.00%	31.03%	4.24%	13.52%	3.02%	6.79%	2.33%	0.75%	0.11%

Frequently Asked Questions

Can I hold both AVPEX and ALIBX in my portfolio?

AVPEX and ALIBX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVPEX or ALIBX?

AVPEX has higher volatility (6.09%) compared to ALIBX (3.53%). In terms of maximum drawdown, AVPEX dropped -46.42% vs ALIBX's -20.38%.

Which has better risk-adjusted returns?

ALIBX currently has the higher Sharpe Ratio (2.32 vs -0.34), 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.