BLUEX vs. IOLZX

Last updated Jun 4, 2026

BLUEX (AMG Veritas Global Real Return Fund) and IOLZX (ICON Equity Fund) are both Large Cap Growth Equities funds. Over the past 10 years, BLUEX returned 9.39%/yr vs 14.51%/yr for IOLZX. A 0.77 correlation means they provide meaningful diversification when combined. BLUEX charges 1.15%/yr vs 1.04%/yr for IOLZX.

Performance

BLUEX vs. IOLZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG Veritas Global Real Return Fund (BLUEX) and ICON Equity Fund (IOLZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BLUEX achieves a -6.58% return, which is significantly lower than IOLZX's 28.15% return. Over the past 10 years, BLUEX has underperformed IOLZX with an annualized return of 9.39%, while IOLZX has yielded a comparatively higher 14.51% annualized return.

BLUEX

• 1D: -1.34%
• 1M: 0.16%
• YTD: -6.58%
• 6M: -6.15%
• 1Y: -6.22%
• 3Y*: 3.42%
• 5Y*: 0.30%
• 10Y*: 9.39%

IOLZX

• 1D: 2.03%
• 1M: 8.48%
• YTD: 28.15%
• 6M: 30.91%
• 1Y: 50.12%
• 3Y*: 24.88%
• 5Y*: 11.20%
• 10Y*: 14.51%

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

BLUEX vs. IOLZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BLUEX AMG Veritas Global Real Return Fund	-6.58%	4.45%	7.24%	14.35%	-14.30%	3.22%	34.74%	35.34%	-4.91%	27.86%
IOLZX ICON Equity Fund	28.15%	15.81%	16.87%	12.13%	-17.78%	26.72%	16.00%	38.22%	-16.69%	26.78%

Correlation

The correlation between BLUEX and IOLZX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Feb 4, 2004	0.77

Over the past year, the correlation between BLUEX and IOLZX has dropped to 0.47 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

Return for Risk

BLUEX vs. IOLZX — Risk / Return Rank

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

BLUEX

BLUEX Risk / Return Rank: 1
BLUEX Sharpe Ratio Rank: 1
BLUEX Sortino Ratio Rank: 1
BLUEX Omega Ratio Rank: 1
BLUEX Calmar Ratio Rank: 1
BLUEX Martin Ratio Rank: 1

IOLZX

IOLZX Risk / Return Rank: 76
IOLZX Sharpe Ratio Rank: 85
IOLZX Sortino Ratio Rank: 78
IOLZX Omega Ratio Rank: 68
IOLZX Calmar Ratio Rank: 80
IOLZX Martin Ratio Rank: 66

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.

BLUEX vs. IOLZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG Veritas Global Real Return Fund (BLUEX) and ICON Equity Fund (IOLZX). 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.

	BLUEX	IOLZX	Difference
Sharpe ratio Return per unit of total volatility	-0.67	2.77	-3.44
Sortino ratio Return per unit of downside risk	-0.88	3.71	-4.60
Omega ratio Gain probability vs. loss probability	0.90	1.46	-0.56
Calmar ratio Return relative to maximum drawdown	-0.55	3.65	-4.19
Martin ratio Return relative to average drawdown	-1.37	12.92	-14.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BLUEX vs. IOLZX - Sharpe Ratio Comparison

The current BLUEX Sharpe Ratio is -0.67, which is lower than the IOLZX Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of BLUEX and IOLZX, 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

	BLUEX	IOLZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.67	2.77	-3.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.53	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.65	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.41	+0.09

Drawdowns

BLUEX vs. IOLZX - Drawdown Comparison

The maximum BLUEX drawdown since its inception was -54.27%, roughly equal to the maximum IOLZX drawdown of -56.03%. Use the drawdown chart below to compare losses from any high point for BLUEX and IOLZX.

Drawdown Indicators

	BLUEX	IOLZX	Difference
Max Drawdown Largest peak-to-trough decline	-54.27%	-56.03%	+1.76%
Max Drawdown (1Y) Largest decline over 1 year	-12.19%	-14.35%	+2.16%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-24.71%	+12.52%
Max Drawdown (5Y) Largest decline over 5 years	-21.87%	-27.77%	+5.90%
Max Drawdown (10Y) Largest decline over 10 years	-29.06%	-41.04%	+11.98%
Current Drawdown Current decline from peak	-8.53%	0.00%	-8.53%
Average Drawdown Average peak-to-trough decline	-13.37%	-12.63%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.85%	4.04%	+0.81%

Volatility

BLUEX vs. IOLZX - Volatility Comparison

The current volatility for AMG Veritas Global Real Return Fund (BLUEX) is 3.48%, while ICON Equity Fund (IOLZX) has a volatility of 6.36%. This indicates that BLUEX experiences smaller price fluctuations and is considered to be less risky than IOLZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BLUEX	IOLZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	6.36%	-2.88%
Volatility (6M) Calculated over the trailing 6-month period	7.75%	14.98%	-7.23%
Volatility (1Y) Calculated over the trailing 1-year period	9.98%	18.86%	-8.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.62%	21.43%	-10.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.59%	22.36%	-5.77%

BLUEX vs. IOLZX - Expense Ratio Comparison

BLUEX has a 1.15% expense ratio, which is higher than IOLZX's 1.04% expense ratio.

Dividends

BLUEX vs. IOLZX - Dividend Comparison

BLUEX's dividend yield for the trailing twelve months is around 0.33%, less than IOLZX's 8.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BLUEX AMG Veritas Global Real Return Fund	0.33%	0.31%	0.29%	0.03%	11.84%	27.20%	25.43%	13.71%	13.40%	0.00%	0.00%	0.24%
IOLZX ICON Equity Fund	8.34%	10.69%	22.21%	4.75%	18.57%	14.12%	0.00%	3.46%	1.60%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BLUEX and IOLZX in my portfolio?

BLUEX and IOLZX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BLUEX or IOLZX?

IOLZX has higher volatility (6.36%) compared to BLUEX (3.48%). In terms of maximum drawdown, BLUEX dropped -54.27% vs IOLZX's -56.03%.

Which has better risk-adjusted returns?

IOLZX currently has the higher Sharpe Ratio (2.77 vs -0.67), 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.