AXVIX vs. ICSIX

Last updated Jun 25, 2026

AXVIX (Acclivity Small Cap Value Fund) and ICSIX (Dynamic U.S. Opportunity Fund) are both mutual funds - AXVIX is a Small Cap Value Equities fund managed by Innealta Capital, while ICSIX is a Tactical Allocation fund managed by Innealta Capital. Over the past 5 years, AXVIX returned 9.35%/yr vs 8.29%/yr for ICSIX. A 0.77 correlation means they provide meaningful diversification when combined. AXVIX charges 3.64%/yr vs 1.24%/yr for ICSIX.

Performance

AXVIX vs. ICSIX - Performance Comparison

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

Returns By Period

In the year-to-date period, AXVIX achieves a 15.01% return, which is significantly higher than ICSIX's 4.74% return.

AXVIX

• 1D: 0.05%
• 1M: 2.94%
• YTD: 15.01%
• 6M: 13.12%
• 1Y: 29.03%
• 3Y*: 15.23%
• 5Y*: 9.35%
• 10Y*: —

ICSIX

• 1D: -0.88%
• 1M: -0.75%
• YTD: 4.74%
• 6M: 3.48%
• 1Y: 14.31%
• 3Y*: 12.34%
• 5Y*: 8.29%
• 10Y*: 11.17%

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

AXVIX vs. ICSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AXVIX Acclivity Small Cap Value Fund	15.01%	5.14%	5.67%	22.62%	-4.41%	38.61%	7.52%	10.90%
ICSIX Dynamic U.S. Opportunity Fund	4.74%	16.41%	8.16%	16.05%	-7.52%	16.14%	18.73%	22.44%

Correlation

The correlation between AXVIX and ICSIX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 8, 2019	0.77

The correlation between AXVIX and ICSIX has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

Return for Risk

AXVIX vs. ICSIX — Risk / Return Rank

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

AXVIX

AXVIX Risk / Return Rank: 58
AXVIX Sharpe Ratio Rank: 49
AXVIX Sortino Ratio Rank: 54
AXVIX Omega Ratio Rank: 46
AXVIX Calmar Ratio Rank: 83
AXVIX Martin Ratio Rank: 58

ICSIX

ICSIX Risk / Return Rank: 40
ICSIX Sharpe Ratio Rank: 35
ICSIX Sortino Ratio Rank: 33
ICSIX Omega Ratio Rank: 33
ICSIX Calmar Ratio Rank: 46
ICSIX Martin Ratio Rank: 52

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. ICSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Acclivity Small Cap Value Fund (AXVIX) and Dynamic U.S. Opportunity Fund (ICSIX). 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.

	AXVIX	ICSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.49	+0.34
Sortino ratio: Return per unit of downside risk	2.71	2.08	+0.63
Omega ratio: Gain probability vs. loss probability	1.33	1.27	+0.06
Calmar ratio: Return relative to maximum drawdown	3.58	2.35	+1.23
Martin ratio: Return relative to average drawdown	10.53	9.60	+0.94

AXVIX vs. ICSIX - Sharpe Ratio Comparison

The current AXVIX Sharpe Ratio is 1.83, which is comparable to the ICSIX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of AXVIX and ICSIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AXVIX vs. ICSIX - Drawdown Comparison

The maximum AXVIX drawdown since its inception was -48.08%, which is greater than ICSIX's maximum drawdown of -25.63%. Use the drawdown chart below to compare losses from any high point for AXVIX and ICSIX.

Drawdown Indicators

	AXVIX	ICSIX	Difference
Max Drawdown Largest peak-to-trough decline	-48.08%	-25.63%	-22.45%
Max Drawdown (1Y) Largest decline over 1 year	-8.48%	-6.73%	-1.75%
Max Drawdown (3Y) Largest decline over 3 years	-30.24%	-24.90%	-5.34%
Max Drawdown (5Y) Largest decline over 5 years	-30.24%	-24.90%	-5.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-25.63%	—
Current Drawdown Current decline from peak	-1.16%	-1.95%	+0.79%
Average Drawdown Average peak-to-trough decline	-7.97%	-3.23%	-4.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	1.65%	+1.23%

Volatility

AXVIX vs. ICSIX - Volatility Comparison

Acclivity Small Cap Value Fund (AXVIX) and Dynamic U.S. Opportunity Fund (ICSIX) have volatilities of 3.75% and 3.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AXVIX	ICSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	3.84%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	10.68%	7.94%	+2.74%
Volatility (1Y) Calculated over the trailing 1-year period	16.62%	10.64%	+5.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.64%	16.54%	+5.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.74%	15.62%	+11.12%

AXVIX vs. ICSIX - Expense Ratio Comparison

AXVIX has a 3.64% expense ratio, which is higher than ICSIX's 1.24% expense ratio.

Dividends

AXVIX vs. ICSIX - Dividend Comparison

AXVIX's dividend yield for the trailing twelve months is around 3.74%, less than ICSIX's 18.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AXVIX Acclivity Small Cap Value Fund	3.74%	4.30%	7.18%	1.00%	4.41%	2.43%	2.02%	0.70%	0.00%	0.00%	0.00%	0.00%
ICSIX Dynamic U.S. Opportunity Fund	18.27%	19.13%	19.10%	0.97%	2.55%	5.47%	5.78%	0.49%	12.55%	2.50%	4.76%	2.22%

Frequently Asked Questions

Can I hold both AXVIX and ICSIX in my portfolio?

AXVIX and ICSIX have a correlation of 0.75, 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 ICSIX?

ICSIX has higher volatility (3.84%) compared to AXVIX (3.75%). In terms of maximum drawdown, AXVIX dropped -48.08% vs ICSIX's -25.63%.

Which has better risk-adjusted returns?

AXVIX currently has the higher Sharpe Ratio (1.83 vs 1.49), 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.