AVPEX vs. SMCVX
AVPEX (ALPS/Red Rocks Global Opportunity Portfolio) and SMCVX (ALPS/Smith Credit Opportunities Fund) are both mutual funds - AVPEX is a Global Equities fund managed by ALPS, while SMCVX is a Multisector Bonds fund managed by ALPS. Over the past 5 years, AVPEX returned 1.55%/yr vs 0.80%/yr for SMCVX. Their 0.50 correlation means they have sometimes moved together and sometimes differently. AVPEX charges 1.45%/yr vs 1.17%/yr for SMCVX.
Performance
AVPEX vs. SMCVX - 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 SMCVX's 0.85% 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%
SMCVX
- 1D
- 0.12%
- 1M
- -0.54%
- 6M
- 0.68%
- YTD
- 0.85%
- 1Y
- 3.63%
- 3Y*
- 5.00%
- 5Y*
- 0.80%
- 10Y*
- —
- ALL TIME*
- 1.93%
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. SMCVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
AVPEX ALPS/Red Rocks Global Opportunity Portfolio | -6.46% | 1.46% | 18.06% | 28.80% | -28.96% | 24.03% | 15.35% |
SMCVX ALPS/Smith Credit Opportunities Fund | 0.85% | 5.21% | 4.93% | 7.29% | -12.95% | 2.62% | 4.69% |
Correlation
The correlation between AVPEX and SMCVX is 0.55, 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. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.44 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.51 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2020 | 0.50 |
The correlation between AVPEX and SMCVX shifts across timeframes, from 0.44 (3 years) to 0.55 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AVPEX vs. SMCVX — Risk / Return Rank
AVPEX
SMCVX
AVPEX vs. SMCVX - 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 Credit Opportunities Fund (SMCVX). 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 | SMCVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.87 | ||
| Sortino ratioReturn per unit of downside risk | -2.50 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.27 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 1.43 | -1.86 |
| Martin ratioReturn relative to average drawdown | -0.89 | 6.43 | -7.32 |
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Drawdowns
AVPEX vs. SMCVX - Drawdown Comparison
The maximum AVPEX drawdown since its inception was -46.42%, which is greater than SMCVX's maximum drawdown of -16.11%. Use the drawdown chart below to compare losses from any high point for AVPEX and SMCVX.
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Drawdown Indicators
| AVPEX | SMCVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.42% | -16.11% | -30.31% |
Max Drawdown (1Y)Largest decline over 1 year | -21.97% | -2.71% | -19.26% |
Max Drawdown (3Y)Largest decline over 3 years | -22.41% | -3.71% | -18.70% |
Max Drawdown (5Y)Largest decline over 5 years | -37.50% | -16.11% | -21.39% |
Max Drawdown (10Y)Largest decline over 10 years | -46.42% | — | — |
Current DrawdownCurrent decline from peak | -11.12% | -0.64% | -10.48% |
Average DrawdownAverage peak-to-trough decline | -8.67% | -4.87% | -3.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.60% | 0.60% | +10.00% |
Volatility
AVPEX vs. SMCVX - Volatility Comparison
ALPS/Red Rocks Global Opportunity Portfolio (AVPEX) has a higher volatility of 4.93% compared to ALPS/Smith Credit Opportunities Fund (SMCVX) at 0.62%. This indicates that AVPEX's price experiences larger fluctuations and is considered to be riskier than SMCVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AVPEX | SMCVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.93% | 0.62% | +4.31% |
Volatility (6M)Calculated over the trailing 6-month period | 15.18% | 2.39% | +12.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.52% | 2.85% | +15.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.02% | 4.18% | +14.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.99% | 3.99% | +15.00% |
AVPEX vs. SMCVX - Expense Ratio Comparison
AVPEX has a 1.45% expense ratio, which is higher than SMCVX's 1.17% expense ratio.
Dividends
AVPEX vs. SMCVX - Dividend Comparison
AVPEX's dividend yield for the trailing twelve months is around 9.09%, more than SMCVX's 4.86% 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% |
SMCVX ALPS/Smith Credit Opportunities Fund | 4.86% | 4.74% | 4.60% | 4.15% | 2.21% | 2.40% | 0.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AVPEX and SMCVX have a correlation of 0.55, 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 SMCVX (0.62%). In terms of maximum drawdown, AVPEX dropped -46.42% vs SMCVX's -16.11%.
SMCVX currently has the higher Sharpe Ratio (1.36 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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