AVPEX vs. SMRSX
AVPEX (ALPS/Red Rocks Global Opportunity Portfolio) and SMRSX (ALPS/Smith Short Duration Bond Fund) are both mutual funds - AVPEX is a Global Equities fund managed by ALPS, while SMRSX is a Short-Term Bond fund managed by ALPS. Over the past 5 years, AVPEX returned 1.55%/yr vs 2.21%/yr for SMRSX. Their 0.18 correlation means their historical movements had little consistent relationship. AVPEX charges 1.45%/yr vs 0.93%/yr for SMRSX.
Performance
AVPEX vs. SMRSX - 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 SMRSX's 0.81% 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%
SMRSX
- 1D
- 0.03%
- 1M
- -0.06%
- 6M
- 0.61%
- YTD
- 0.81%
- 1Y
- 2.69%
- 3Y*
- 4.56%
- 5Y*
- 2.21%
- 10Y*
- —
- ALL TIME*
- 2.78%
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. SMRSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AVPEX ALPS/Red Rocks Global Opportunity Portfolio | -6.46% | 1.46% | 18.06% | 28.80% | -28.96% | 24.03% | 9.25% | 43.19% | -11.29% |
SMRSX ALPS/Smith Short Duration Bond Fund | 0.81% | 5.38% | 4.50% | 4.73% | -3.47% | -0.39% | 6.27% | 4.13% | 0.87% |
Correlation
The correlation between AVPEX and SMRSX is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2018 | 0.18 |
Over the past year, AVPEX and SMRSX have become more correlated (0.39) than their long-term average of 0.18, meaning their price movements have been converging.
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Return for Risk
AVPEX vs. SMRSX — Risk / Return Rank
AVPEX
SMRSX
AVPEX vs. SMRSX - 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 Short Duration Bond Fund (SMRSX). 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 | SMRSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.77 | ||
| Sortino ratioReturn per unit of downside risk | -4.08 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.53 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 3.28 | -3.71 |
| Martin ratioReturn relative to average drawdown | -0.89 | 13.30 | -14.19 |
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Drawdowns
AVPEX vs. SMRSX - Drawdown Comparison
The maximum AVPEX drawdown since its inception was -46.42%, which is greater than SMRSX's maximum drawdown of -5.62%. Use the drawdown chart below to compare losses from any high point for AVPEX and SMRSX.
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Drawdown Indicators
| AVPEX | SMRSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.42% | -5.62% | -40.80% |
Max Drawdown (1Y)Largest decline over 1 year | -21.97% | -0.95% | -21.02% |
Max Drawdown (3Y)Largest decline over 3 years | -22.41% | -0.95% | -21.46% |
Max Drawdown (5Y)Largest decline over 5 years | -37.50% | -5.62% | -31.88% |
Max Drawdown (10Y)Largest decline over 10 years | -46.42% | — | — |
Current DrawdownCurrent decline from peak | -11.12% | -0.16% | -10.96% |
Average DrawdownAverage peak-to-trough decline | -8.67% | -0.84% | -7.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.60% | 0.23% | +10.37% |
Volatility
AVPEX vs. SMRSX - Volatility Comparison
ALPS/Red Rocks Global Opportunity Portfolio (AVPEX) has a higher volatility of 4.93% compared to ALPS/Smith Short Duration Bond Fund (SMRSX) at 0.38%. This indicates that AVPEX's price experiences larger fluctuations and is considered to be riskier than SMRSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AVPEX | SMRSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.93% | 0.38% | +4.55% |
Volatility (6M)Calculated over the trailing 6-month period | 15.18% | 1.10% | +14.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.52% | 1.37% | +17.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.02% | 1.71% | +17.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.99% | 1.58% | +17.41% |
AVPEX vs. SMRSX - Expense Ratio Comparison
AVPEX has a 1.45% expense ratio, which is higher than SMRSX's 0.93% expense ratio.
Dividends
AVPEX vs. SMRSX - Dividend Comparison
AVPEX's dividend yield for the trailing twelve months is around 9.09%, more than SMRSX's 3.86% 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% |
SMRSX ALPS/Smith Short Duration Bond Fund | 3.86% | 3.95% | 4.11% | 3.50% | 0.84% | 0.56% | 1.92% | 2.86% | 0.87% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AVPEX and SMRSX have a correlation of 0.39, 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 SMRSX (0.38%). In terms of maximum drawdown, AVPEX dropped -46.42% vs SMRSX's -5.62%.
SMRSX currently has the higher Sharpe Ratio (2.26 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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