CCNR vs. AVALX

Last updated Jun 4, 2026

CCNR (ALPS/CoreCommodity Natural Resources ETF) and AVALX (Aegis Value Fund) are both funds - CCNR is a Commodity Producers Equities fund actively managed by ALPS, while AVALX is a Small Cap Value Equities fund managed by Aegis. Over the past year, CCNR returned 69.39% vs 58.85% for AVALX. Their correlation of 0.80 suggests significant overlap in exposure. CCNR charges 0.39%/yr vs 1.50%/yr for AVALX.

Performance

CCNR vs. AVALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS/CoreCommodity Natural Resources ETF (CCNR) 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, CCNR achieves a 27.16% return, which is significantly higher than AVALX's 21.92% return.

CCNR

• 1D: -0.85%
• 1M: 1.95%
• YTD: 27.16%
• 6M: 30.28%
• 1Y: 69.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AVALX

• 1D: 1.28%
• 1M: 1.25%
• YTD: 21.92%
• 6M: 24.36%
• 1Y: 58.85%
• 3Y*: 34.33%
• 5Y*: 21.88%
• 10Y*: 20.56%

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

CCNR vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CCNR ALPS/CoreCommodity Natural Resources ETF	27.16%	46.48%	-8.12%
AVALX Aegis Value Fund	21.92%	67.06%	0.74%

Correlation

The correlation between CCNR and AVALX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jul 12, 2024	0.80

The correlation between CCNR and AVALX has been stable across timeframes, ranging from 0.80 to 0.80 - a consistent structural relationship.

Return for Risk

CCNR vs. AVALX — Risk / Return Rank

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

CCNR

CCNR Risk / Return Rank: 95
CCNR Sharpe Ratio Rank: 95
CCNR Sortino Ratio Rank: 93
CCNR Omega Ratio Rank: 93
CCNR Calmar Ratio Rank: 97
CCNR Martin Ratio Rank: 96

AVALX

AVALX Risk / Return Rank: 94
AVALX Sharpe Ratio Rank: 97
AVALX Sortino Ratio Rank: 91
AVALX Omega Ratio Rank: 89
AVALX Calmar Ratio Rank: 97
AVALX Martin Ratio Rank: 97

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.

CCNR vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS/CoreCommodity Natural Resources ETF (CCNR) 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.

	CCNR	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	3.94	3.66	+0.28
Sortino ratio: Return per unit of downside risk	4.76	4.43	+0.34
Omega ratio: Gain probability vs. loss probability	1.65	1.62	+0.03
Calmar ratio: Return relative to maximum drawdown	10.78	7.34	+3.44
Martin ratio: Return relative to average drawdown	35.10	25.89	+9.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CCNR vs. AVALX - Sharpe Ratio Comparison

The current CCNR Sharpe Ratio is 3.94, which is comparable to the AVALX Sharpe Ratio of 3.66. The chart below compares the historical Sharpe Ratios of CCNR 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

	CCNR	AVALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.94	3.66	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.99	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.93	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	0.54	+1.13

Drawdowns

CCNR vs. AVALX - Drawdown Comparison

The maximum CCNR drawdown since its inception was -20.06%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for CCNR and AVALX.

Drawdown Indicators

	CCNR	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-20.06%	-73.72%	+53.66%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-8.32%	+1.85%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.59%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.34%	—
Current Drawdown Current decline from peak	-1.14%	-0.64%	-0.50%
Average Drawdown Average peak-to-trough decline	-3.56%	-10.95%	+7.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	2.35%	-0.37%

Volatility

CCNR vs. AVALX - Volatility Comparison

ALPS/CoreCommodity Natural Resources ETF (CCNR) has a higher volatility of 4.48% compared to Aegis Value Fund (AVALX) at 3.09%. This indicates that CCNR'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

	CCNR	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	3.09%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	12.77%	12.61%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	17.74%	16.77%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.85%	22.22%	-2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.85%	22.17%	-2.32%

CCNR vs. AVALX - Expense Ratio Comparison

CCNR has a 0.39% expense ratio, which is lower than AVALX's 1.50% expense ratio.

Dividends

CCNR vs. AVALX - Dividend Comparison

CCNR's dividend yield for the trailing twelve months is around 2.74%, more than AVALX's 1.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund	1.92%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
CCNR ALPS/CoreCommodity Natural Resources ETF	2.74%	3.48%	1.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CCNR and AVALX in my portfolio?

CCNR and AVALX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CCNR or AVALX?

CCNR has higher volatility (4.48%) compared to AVALX (3.09%). In terms of maximum drawdown, CCNR dropped -20.06% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

CCNR currently has the higher Sharpe Ratio (3.94 vs 3.66), 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.