DARP vs. AVALX

Last updated Jun 9, 2026

DARP (Grizzle Growth ETF) and AVALX (Aegis Value Fund) are both funds - DARP is a Large Cap Growth Equities fund actively managed by Grizzle, while AVALX is a Small Cap Value Equities fund managed by Aegis. Over the past year, DARP returned 70.82% vs 52.02% for AVALX. At a 0.43 correlation, their price movements are largely independent. DARP charges 0.75%/yr vs 1.50%/yr for AVALX.

Performance

DARP vs. AVALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grizzle Growth ETF (DARP) 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, DARP achieves a 26.29% return, which is significantly higher than AVALX's 17.03% return.

DARP

• 1D: 1.08%
• 1M: -0.29%
• YTD: 26.29%
• 6M: 26.98%
• 1Y: 70.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AVALX

• 1D: -3.76%
• 1M: -2.96%
• YTD: 17.03%
• 6M: 20.24%
• 1Y: 52.02%
• 3Y*: 32.16%
• 5Y*: 20.70%
• 10Y*: 19.75%

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

DARP vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DARP Grizzle Growth ETF	26.29%	40.19%	24.63%	6.25%
AVALX Aegis Value Fund	17.03%	67.06%	8.29%	6.51%

Correlation

The correlation between DARP 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 (All Time) Calculated using the full available price history since Aug 29, 2023	0.43

Return for Risk

DARP vs. AVALX — Risk / Return Rank

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

DARP

DARP Risk / Return Rank: 90
DARP Sharpe Ratio Rank: 92
DARP Sortino Ratio Rank: 84
DARP Omega Ratio Rank: 85
DARP Calmar Ratio Rank: 93
DARP Martin Ratio Rank: 93

AVALX

AVALX Risk / Return Rank: 89
AVALX Sharpe Ratio Rank: 92
AVALX Sortino Ratio Rank: 80
AVALX Omega Ratio Rank: 82
AVALX Calmar Ratio Rank: 96
AVALX Martin Ratio Rank: 95

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.

DARP vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grizzle Growth ETF (DARP) 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.

	DARP	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	2.99	3.05	-0.06
Sortino ratio: Return per unit of downside risk	3.41	3.71	-0.30
Omega ratio: Gain probability vs. loss probability	1.47	1.52	-0.06
Calmar ratio: Return relative to maximum drawdown	6.02	6.29	-0.27
Martin ratio: Return relative to average drawdown	22.58	22.00	+0.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DARP vs. AVALX - Sharpe Ratio Comparison

The current DARP Sharpe Ratio is 2.99, which is comparable to the AVALX Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of DARP 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

	DARP	AVALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	3.05	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.93	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	0.53	+0.85

Drawdowns

DARP vs. AVALX - Drawdown Comparison

The maximum DARP drawdown since its inception was -30.27%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for DARP and AVALX.

Drawdown Indicators

	DARP	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-30.27%	-73.72%	+43.45%
Max Drawdown (1Y) Largest decline over 1 year	-11.82%	-8.32%	-3.50%
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	-5.53%	-4.62%	-0.91%
Average Drawdown Average peak-to-trough decline	-4.64%	-10.94%	+6.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	2.38%	+0.77%

Volatility

DARP vs. AVALX - Volatility Comparison

Grizzle Growth ETF (DARP) has a higher volatility of 8.77% compared to Aegis Value Fund (AVALX) at 4.98%. This indicates that DARP'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

	DARP	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.77%	4.98%	+3.79%
Volatility (6M) Calculated over the trailing 6-month period	18.47%	13.18%	+5.29%
Volatility (1Y) Calculated over the trailing 1-year period	23.85%	17.18%	+6.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.28%	22.27%	+4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.28%	22.18%	+4.10%

DARP vs. AVALX - Expense Ratio Comparison

DARP has a 0.75% expense ratio, which is lower than AVALX's 1.50% expense ratio.

Dividends

DARP vs. AVALX - Dividend Comparison

DARP's dividend yield for the trailing twelve months is around 0.34%, less than AVALX's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund	2.00%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
DARP Grizzle Growth ETF	0.34%	0.43%	1.93%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DARP and AVALX in my portfolio?

DARP 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, DARP or AVALX?

DARP has higher volatility (8.77%) compared to AVALX (4.98%). In terms of maximum drawdown, DARP dropped -30.27% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

AVALX currently has the higher Sharpe Ratio (3.05 vs 2.99), 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.