AXVIX vs. AVALX

Last updated Jun 4, 2026

AXVIX (Acclivity Small Cap Value Fund) and AVALX (Aegis Value Fund) are both Small Cap Value Equities funds. Over the past 5 years, AXVIX returned 8.61%/yr vs 21.44%/yr for AVALX. A 0.58 correlation means they provide meaningful diversification when combined. AXVIX charges 3.64%/yr vs 1.50%/yr for AVALX.

Performance

AXVIX vs. AVALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Acclivity Small Cap Value Fund (AXVIX) and Aegis Value Fund (AVALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AXVIX achieves a 13.18% return, which is significantly lower than AVALX's 20.64% return.

AXVIX

• 1D: 0.72%
• 1M: 1.59%
• YTD: 13.18%
• 6M: 12.70%
• 1Y: 30.30%
• 3Y*: 14.96%
• 5Y*: 8.61%
• 10Y*: —

AVALX

• 1D: -1.05%
• 1M: -0.79%
• YTD: 20.64%
• 6M: 22.87%
• 1Y: 57.79%
• 3Y*: 33.86%
• 5Y*: 21.44%
• 10Y*: 20.43%

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

AXVIX vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AXVIX Acclivity Small Cap Value Fund	13.18%	5.14%	5.67%	22.62%	-4.41%	38.61%	7.52%	10.90%
AVALX Aegis Value Fund	20.64%	67.06%	8.29%	13.11%	10.50%	37.67%	18.89%	14.61%

Correlation

The correlation between AXVIX and AVALX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jan 9, 2019	0.58

The correlation between AXVIX and AVALX shifts across timeframes, from 0.40 (1 year) to 0.58 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

AXVIX vs. AVALX — Risk / Return Rank

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

AXVIX

AXVIX Risk / Return Rank: 54
AXVIX Sharpe Ratio Rank: 44
AXVIX Sortino Ratio Rank: 46
AXVIX Omega Ratio Rank: 42
AXVIX Calmar Ratio Rank: 83
AXVIX Martin Ratio Rank: 56

AVALX

AVALX Risk / Return Rank: 92
AVALX Sharpe Ratio Rank: 95
AVALX Sortino Ratio Rank: 87
AVALX Omega Ratio Rank: 85
AVALX Calmar Ratio Rank: 97
AVALX Martin Ratio Rank: 96

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.

AXVIX vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Acclivity Small Cap Value Fund (AXVIX) and Aegis Value Fund (AVALX). 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.

	AXVIX	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	3.44	-1.49
Sortino ratio: Return per unit of downside risk	2.85	4.20	-1.35
Omega ratio: Gain probability vs. loss probability	1.35	1.59	-0.24
Calmar ratio: Return relative to maximum drawdown	3.82	6.90	-3.08
Martin ratio: Return relative to average drawdown	11.23	24.33	-13.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AXVIX vs. AVALX - Sharpe Ratio Comparison

The current AXVIX Sharpe Ratio is 1.94, which is lower than the AVALX Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of AXVIX and AVALX, 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

	AXVIX	AVALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	3.44	-1.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.97	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.92	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.54	-0.06

Drawdowns

AXVIX vs. AVALX - Drawdown Comparison

The maximum AXVIX drawdown since its inception was -48.08%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for AXVIX and AVALX.

Drawdown Indicators

	AXVIX	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-48.08%	-73.72%	+25.64%
Max Drawdown (1Y) Largest decline over 1 year	-8.48%	-8.32%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-30.24%	-13.59%	-16.65%
Max Drawdown (5Y) Largest decline over 5 years	-30.24%	-32.00%	+1.76%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.34%	—
Current Drawdown Current decline from peak	-0.19%	-1.68%	+1.49%
Average Drawdown Average peak-to-trough decline	-8.03%	-10.95%	+2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	2.36%	+0.52%

Volatility

AXVIX vs. AVALX - Volatility Comparison

Acclivity Small Cap Value Fund (AXVIX) has a higher volatility of 4.13% compared to Aegis Value Fund (AVALX) at 3.23%. This indicates that AXVIX's price experiences larger fluctuations and is considered to be riskier than AVALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AXVIX	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	3.23%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	12.67%	-2.10%
Volatility (1Y) Calculated over the trailing 1-year period	16.67%	16.74%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.72%	22.21%	-0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.82%	22.16%	+4.66%

AXVIX vs. AVALX - Expense Ratio Comparison

AXVIX has a 3.64% expense ratio, which is higher than AVALX's 1.50% expense ratio.

Dividends

AXVIX vs. AVALX - Dividend Comparison

AXVIX's dividend yield for the trailing twelve months is around 3.80%, more than AVALX's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund	1.94%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
AXVIX Acclivity Small Cap Value Fund	3.80%	4.30%	7.18%	1.00%	4.41%	2.43%	2.02%	0.70%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AXVIX and AVALX in my portfolio?

AXVIX and AVALX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AXVIX or AVALX?

AXVIX has higher volatility (4.13%) compared to AVALX (3.23%). In terms of maximum drawdown, AXVIX dropped -48.08% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

AVALX currently has the higher Sharpe Ratio (3.44 vs 1.94), 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.