AVPEX vs. GMGEX
AVPEX (ALPS/Red Rocks Global Opportunity Portfolio) and GMGEX (GMO Global Equity Allocation Fund) are both Global Equities funds. Over the past 10 years, AVPEX returned 8.65%/yr vs 11.15%/yr for GMGEX. Their correlation of 0.81 means they have usually moved in the same direction. AVPEX charges 1.45%/yr vs 0.01%/yr for GMGEX.
Performance
AVPEX vs. GMGEX - Performance Comparison
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Returns By Period
In the year-to-date period, AVPEX achieves a -6.46% return, which is significantly lower than GMGEX's 19.52% return. Over the past 10 years, AVPEX has underperformed GMGEX with an annualized return of 8.65%, while GMGEX has yielded a comparatively higher 11.15% annualized return.
AVPEX
- 1D
- 1.49%
- 1M
- 3.02%
- 6M
- -5.24%
- YTD
- -6.46%
- 1Y
- -7.13%
- 3Y*
- 7.54%
- 5Y*
- 1.55%
- 10Y*
- 8.65%
- ALL TIME*
- 7.84%
GMGEX
- 1D
- 1.87%
- 1M
- 1.85%
- 6M
- 12.88%
- YTD
- 19.52%
- 1Y
- 37.44%
- 3Y*
- 18.95%
- 5Y*
- 10.66%
- 10Y*
- 11.15%
- ALL TIME*
- 4.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
AVPEX vs. GMGEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AVPEX ALPS/Red Rocks Global Opportunity Portfolio | -6.46% | 1.46% | 18.06% | 28.80% | -28.96% | 24.03% | 9.25% | 43.19% | -12.61% | 24.96% |
GMGEX GMO Global Equity Allocation Fund | 19.52% | 29.14% | 4.12% | 22.27% | -17.07% | 14.99% | 9.55% | 25.45% | -13.04% | 26.39% |
Correlation
The correlation between AVPEX and GMGEX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.81 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.82 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.82 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2014 | 0.81 |
The correlation between AVPEX and GMGEX has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.
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Return for Risk
AVPEX vs. GMGEX — Risk / Return Rank
AVPEX
GMGEX
AVPEX vs. GMGEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ALPS/Red Rocks Global Opportunity Portfolio (AVPEX) and GMO Global Equity Allocation Fund (GMGEX). 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 | GMGEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.17 | ||
| Sortino ratioReturn per unit of downside risk | -4.23 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.49 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 3.87 | -4.30 |
| Martin ratioReturn relative to average drawdown | -0.89 | 14.86 | -15.75 |
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Drawdowns
AVPEX vs. GMGEX - Drawdown Comparison
The maximum AVPEX drawdown since its inception was -46.42%, smaller than the maximum GMGEX drawdown of -58.47%. Use the drawdown chart below to compare losses from any high point for AVPEX and GMGEX.
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Drawdown Indicators
| AVPEX | GMGEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.42% | -58.47% | +12.05% |
Max Drawdown (1Y)Largest decline over 1 year | -21.97% | -9.24% | -12.73% |
Max Drawdown (3Y)Largest decline over 3 years | -22.41% | -17.12% | -5.29% |
Max Drawdown (5Y)Largest decline over 5 years | -37.50% | -28.58% | -8.92% |
Max Drawdown (10Y)Largest decline over 10 years | -46.42% | -34.98% | -11.44% |
Current DrawdownCurrent decline from peak | -11.12% | -0.28% | -10.84% |
Average DrawdownAverage peak-to-trough decline | -8.67% | -16.67% | +8.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.60% | 2.41% | +8.19% |
Volatility
AVPEX vs. GMGEX - Volatility Comparison
ALPS/Red Rocks Global Opportunity Portfolio (AVPEX) has a higher volatility of 4.93% compared to GMO Global Equity Allocation Fund (GMGEX) at 3.63%. This indicates that AVPEX's price experiences larger fluctuations and is considered to be riskier than GMGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AVPEX | GMGEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.93% | 3.63% | +1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 15.18% | 11.04% | +4.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.52% | 13.46% | +5.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.02% | 14.89% | +4.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.99% | 15.97% | +3.02% |
AVPEX vs. GMGEX - Expense Ratio Comparison
AVPEX has a 1.45% expense ratio, which is higher than GMGEX's 0.01% expense ratio.
Dividends
AVPEX vs. GMGEX - Dividend Comparison
AVPEX's dividend yield for the trailing twelve months is around 9.09%, more than GMGEX's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AVPEX ALPS/Red Rocks Global Opportunity Portfolio | 9.09% | 8.50% | 8.83% | 0.00% | 31.03% | 4.24% | 13.52% | 3.02% | 6.79% | 2.33% | 0.75% | 0.11% |
GMGEX GMO Global Equity Allocation Fund | 3.95% | 4.69% | 0.29% | 5.62% | 7.81% | 7.76% | 3.83% | 3.14% | 3.14% | 2.90% | 3.71% | 4.20% |
Frequently Asked Questions
AVPEX and GMGEX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AVPEX has higher volatility (4.93%) compared to GMGEX (3.63%). In terms of maximum drawdown, AVPEX dropped -46.42% vs GMGEX's -58.47%.
GMGEX currently has the higher Sharpe Ratio (2.66 vs -0.51), 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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