CUSIX vs. VESMX

Last updated Aug 1, 2026

CUSIX (Cullen Small Cap Value Fund) and VESMX (VELA Small Cap Fund) are both Small Cap Value Equities funds. Over the past 5 years, CUSIX returned 4.82%/yr vs 8.22%/yr for VESMX. Their correlation of 0.88 means they have usually moved in the same direction. CUSIX charges 1.00%/yr vs 1.20%/yr for VESMX.

Performance

CUSIX vs. VESMX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with CUSIX having a 9.66% return and VESMX slightly lower at 9.23%.

CUSIX

• 1D: -0.92%
• 1M: -1.88%
• 6M: 2.82%
• YTD: 9.66%
• 1Y: 17.12%
• 3Y*: 5.07%
• 5Y*: 4.82%
• 10Y*: 7.94%
• ALL TIME*: 7.37%

VESMX

• 1D: -0.45%
• 1M: 1.36%
• 6M: 4.98%
• YTD: 9.23%
• 1Y: 22.00%
• 3Y*: 10.08%
• 5Y*: 8.22%
• 10Y*: —
• ALL TIME*: 14.67%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CUSIX Cullen Small Cap Value Fund	$0.00	$0.00	$0.00
VESMX VELA Small Cap Fund	$0.00	$0.00	$0.00

CUSIX vs. VESMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CUSIX Cullen Small Cap Value Fund	9.66%	-1.21%	4.80%	5.77%	-0.75%	22.04%	35.01%
VESMX VELA Small Cap Fund	9.23%	8.12%	10.77%	11.22%	-5.53%	31.60%	21.26%

Correlation

The correlation between CUSIX and VESMX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (All Time) Calculated using the full available price history since Nov 2, 2020	0.88

The correlation between CUSIX and VESMX has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

Return for Risk

CUSIX vs. VESMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CUSIX

CUSIX Risk / Return Rank: 14
CUSIX Sharpe Ratio Rank: 13
CUSIX Sortino Ratio Rank: 16
CUSIX Omega Ratio Rank: 14
CUSIX Calmar Ratio Rank: 14
CUSIX Martin Ratio Rank: 11

VESMX

VESMX Risk / Return Rank: 41
VESMX Sharpe Ratio Rank: 40
VESMX Sortino Ratio Rank: 44
VESMX Omega Ratio Rank: 36
VESMX Calmar Ratio Rank: 47
VESMX Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CUSIX vs. VESMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen Small Cap Value Fund (CUSIX) and VELA Small Cap Fund (VESMX). 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.

	CUSIX	VESMX	Difference
Sharpe ratio: Return per unit of total volatility	0.54	1.22	-0.68
Sortino ratio: Return per unit of downside risk	0.96	1.86	-0.90
Omega ratio: Gain probability vs. loss probability	1.11	1.21	-0.10
Calmar ratio: Return relative to maximum drawdown	0.68	1.83	-1.15
Martin ratio: Return relative to average drawdown	1.43	5.65	-4.22

CUSIX vs. VESMX - Sharpe Ratio Comparison

The current CUSIX Sharpe Ratio is 0.54, which is lower than the VESMX Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of CUSIX and VESMX, 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

CUSIX vs. VESMX - Drawdown Comparison

The maximum CUSIX drawdown since its inception was -45.46%, which is greater than VESMX's maximum drawdown of -20.35%. Use the drawdown chart below to compare losses from any high point for CUSIX and VESMX.

Drawdown Indicators

	CUSIX	VESMX	Difference
Max Drawdown Largest peak-to-trough decline	-45.46%	-20.35%	-25.11%
Max Drawdown (1Y) Largest decline over 1 year	-18.49%	-9.48%	-9.01%
Max Drawdown (3Y) Largest decline over 3 years	-31.76%	-20.35%	-11.41%
Max Drawdown (5Y) Largest decline over 5 years	-31.76%	-20.35%	-11.41%
Max Drawdown (10Y) Largest decline over 10 years	-45.46%	—	—
Current Drawdown Current decline from peak	-5.39%	-1.63%	-3.76%
Average Drawdown Average peak-to-trough decline	-8.50%	-4.48%	-4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.80%	3.11%	+5.69%

Volatility

CUSIX vs. VESMX - Volatility Comparison

Cullen Small Cap Value Fund (CUSIX) has a higher volatility of 5.31% compared to VELA Small Cap Fund (VESMX) at 4.06%. This indicates that CUSIX's price experiences larger fluctuations and is considered to be riskier than VESMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUSIX	VESMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.31%	4.06%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	15.11%	10.19%	+4.92%
Volatility (1Y) Calculated over the trailing 1-year period	23.42%	14.28%	+9.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.48%	17.24%	+6.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.01%	18.10%	+6.91%

CUSIX vs. VESMX - Expense Ratio Comparison

CUSIX has a 1.00% expense ratio, which is lower than VESMX's 1.20% expense ratio.

Dividends

CUSIX vs. VESMX - Dividend Comparison

CUSIX's dividend yield for the trailing twelve months is around 1.27%, more than VESMX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CUSIX Cullen Small Cap Value Fund	1.27%	1.06%	5.46%	1.71%	7.61%	11.67%	0.21%	3.01%	5.98%	19.35%	0.67%	2.63%
VESMX VELA Small Cap Fund	0.92%	1.01%	0.22%	0.66%	0.69%	0.98%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CUSIX and VESMX in my portfolio?

CUSIX and VESMX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CUSIX or VESMX?

CUSIX has higher volatility (5.31%) compared to VESMX (4.06%). In terms of maximum drawdown, CUSIX dropped -45.46% vs VESMX's -20.35%.

Which has better risk-adjusted returns?

VESMX currently has the higher Sharpe Ratio (1.22 vs 0.54), 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.