AVPEX vs. GAOAX

Last updated Jun 4, 2026

AVPEX (ALPS/Red Rocks Global Opportunity Portfolio) and GAOAX (JPMorgan Global Allocation Fund A) are both Global Equities funds. Over the past 10 years, AVPEX returned 8.47%/yr vs 6.50%/yr for GAOAX. Their correlation of 0.82 suggests significant overlap in exposure. AVPEX charges 1.45%/yr vs 1.04%/yr for GAOAX.

Performance

AVPEX vs. GAOAX - Performance Comparison

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

Returns By Period

In the year-to-date period, AVPEX achieves a -7.84% return, which is significantly lower than GAOAX's 5.47% return. Over the past 10 years, AVPEX has outperformed GAOAX with an annualized return of 8.47%, while GAOAX has yielded a comparatively lower 6.50% annualized return.

AVPEX

• 1D: -0.09%
• 1M: 2.15%
• YTD: -7.84%
• 6M: -5.39%
• 1Y: -6.49%
• 3Y*: 9.17%
• 5Y*: 2.39%
• 10Y*: 8.47%

GAOAX

• 1D: 0.37%
• 1M: 3.44%
• YTD: 5.47%
• 6M: 6.01%
• 1Y: 15.60%
• 3Y*: 11.82%
• 5Y*: 3.10%
• 10Y*: 6.50%

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

AVPEX vs. GAOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVPEX ALPS/Red Rocks Global Opportunity Portfolio	-7.84%	1.46%	18.06%	28.80%	-28.96%	24.03%	9.25%	43.19%	-12.61%	24.96%
GAOAX JPMorgan Global Allocation Fund A	5.47%	14.68%	7.91%	12.69%	-18.74%	3.60%	15.29%	15.95%	-6.07%	16.82%

Correlation

The correlation between AVPEX and GAOAX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 28, 2014	0.82

The correlation between AVPEX and GAOAX has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

Return for Risk

AVPEX vs. GAOAX — 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: 1
AVPEX Calmar Ratio Rank: 2
AVPEX Martin Ratio Rank: 1

GAOAX

GAOAX Risk / Return Rank: 29
GAOAX Sharpe Ratio Rank: 32
GAOAX Sortino Ratio Rank: 30
GAOAX Omega Ratio Rank: 32
GAOAX Calmar Ratio Rank: 23
GAOAX Martin Ratio Rank: 30

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. GAOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS/Red Rocks Global Opportunity Portfolio (AVPEX) and JPMorgan Global Allocation Fund A (GAOAX). 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.

	AVPEX	GAOAX	Difference
Sharpe ratio Return per unit of total volatility	-0.38	1.62	-2.00
Sortino ratio Return per unit of downside risk	-0.42	2.28	-2.69
Omega ratio Gain probability vs. loss probability	0.95	1.30	-0.35
Calmar ratio Return relative to maximum drawdown	-0.30	1.75	-2.05
Martin ratio Return relative to average drawdown	-0.70	6.98	-7.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVPEX vs. GAOAX - Sharpe Ratio Comparison

The current AVPEX Sharpe Ratio is -0.38, which is lower than the GAOAX Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of AVPEX and GAOAX, 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

	AVPEX	GAOAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	1.62	-2.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.28	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.60	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.61	-0.18

Drawdowns

AVPEX vs. GAOAX - Drawdown Comparison

The maximum AVPEX drawdown since its inception was -46.42%, which is greater than GAOAX's maximum drawdown of -29.02%. Use the drawdown chart below to compare losses from any high point for AVPEX and GAOAX.

Drawdown Indicators

	AVPEX	GAOAX	Difference
Max Drawdown Largest peak-to-trough decline	-46.42%	-29.02%	-17.40%
Max Drawdown (1Y) Largest decline over 1 year	-22.41%	-8.95%	-13.46%
Max Drawdown (3Y) Largest decline over 3 years	-22.41%	-10.87%	-11.54%
Max Drawdown (5Y) Largest decline over 5 years	-37.50%	-29.02%	-8.48%
Max Drawdown (10Y) Largest decline over 10 years	-46.42%	-29.02%	-17.40%
Current Drawdown Current decline from peak	-12.43%	0.00%	-12.43%
Average Drawdown Average peak-to-trough decline	-8.61%	-5.96%	-2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.59%	2.24%	+7.35%

Volatility

AVPEX vs. GAOAX - Volatility Comparison

ALPS/Red Rocks Global Opportunity Portfolio (AVPEX) has a higher volatility of 4.07% compared to JPMorgan Global Allocation Fund A (GAOAX) at 2.81%. This indicates that AVPEX's price experiences larger fluctuations and is considered to be riskier than GAOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVPEX	GAOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	2.81%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	14.26%	7.96%	+6.30%
Volatility (1Y) Calculated over the trailing 1-year period	17.68%	9.70%	+7.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.81%	11.10%	+7.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.07%	10.88%	+8.19%

AVPEX vs. GAOAX - Expense Ratio Comparison

AVPEX has a 1.45% expense ratio, which is higher than GAOAX's 1.04% expense ratio.

Dividends

AVPEX vs. GAOAX - Dividend Comparison

AVPEX's dividend yield for the trailing twelve months is around 9.22%, which matches GAOAX's 9.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVPEX ALPS/Red Rocks Global Opportunity Portfolio	9.22%	8.50%	8.83%	0.00%	31.03%	4.24%	13.52%	3.02%	6.79%	2.33%	0.75%	0.11%
GAOAX JPMorgan Global Allocation Fund A	9.15%	10.15%	2.34%	0.00%	4.62%	4.61%	1.54%	2.43%	2.52%	2.95%	2.59%	0.96%

Frequently Asked Questions

Can I hold both AVPEX and GAOAX in my portfolio?

AVPEX and GAOAX have a correlation of 0.79, 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 GAOAX?

AVPEX has higher volatility (4.07%) compared to GAOAX (2.81%). In terms of maximum drawdown, AVPEX dropped -46.42% vs GAOAX's -29.02%.

Which has better risk-adjusted returns?

GAOAX currently has the higher Sharpe Ratio (1.62 vs -0.38), 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.