DEMZ vs. AFOS

Last updated Jun 4, 2026

DEMZ (Democratic Large Cap Core ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.45% expense ratio.

Performance

DEMZ vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Democratic Large Cap Core ETF (DEMZ) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEMZ achieves a 8.48% return, which is significantly lower than AFOS's 32.04% return.

DEMZ

• 1D: -0.25%
• 1M: 6.44%
• YTD: 8.48%
• 6M: 9.06%
• 1Y: 24.86%
• 3Y*: 22.00%
• 5Y*: 12.90%
• 10Y*: —

AFOS

• 1D: -0.29%
• 1M: 8.94%
• YTD: 32.04%
• 6M: 37.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DEMZ vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
DEMZ Democratic Large Cap Core ETF	8.48%	11.81%
AFOS ARS Focused Opportunities Strategy ETF	32.04%	36.15%

Correlation

The correlation between DEMZ and AFOS is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.76

Return for Risk

DEMZ vs. AFOS — Risk / Return Rank

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

DEMZ

DEMZ Risk / Return Rank: 47
DEMZ Sharpe Ratio Rank: 51
DEMZ Sortino Ratio Rank: 51
DEMZ Omega Ratio Rank: 48
DEMZ Calmar Ratio Rank: 41
DEMZ Martin Ratio Rank: 46

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.

DEMZ vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Democratic Large Cap Core ETF (DEMZ) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	DEMZ	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	1.78	—	—
Sortino ratio: Return per unit of downside risk	2.50	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	2.03	—	—
Martin ratio: Return relative to average drawdown	7.56	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DEMZ	AFOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	4.35	-3.38

Drawdowns

DEMZ vs. AFOS - Drawdown Comparison

The maximum DEMZ drawdown since its inception was -27.17%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for DEMZ and AFOS.

Drawdown Indicators

	DEMZ	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-27.17%	-11.52%	-15.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.17%	—	—
Current Drawdown Current decline from peak	-0.25%	-0.29%	+0.04%
Average Drawdown Average peak-to-trough decline	-6.11%	-1.37%	-4.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	—	—

Volatility

Volatility by Period

	DEMZ	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.04%	20.19%	-6.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.80%	20.19%	-2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.46%	20.19%	-2.73%

DEMZ vs. AFOS - Expense Ratio Comparison

Both DEMZ and AFOS have an expense ratio of 0.45%.

Dividends

DEMZ vs. AFOS - Dividend Comparison

DEMZ's dividend yield for the trailing twelve months is around 0.90%, more than AFOS's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AFOS ARS Focused Opportunities Strategy ETF	0.22%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%
DEMZ Democratic Large Cap Core ETF	0.90%	0.98%	0.53%	0.90%	0.98%	2.46%	0.27%

Frequently Asked Questions

Can I hold both DEMZ and AFOS in my portfolio?

DEMZ and AFOS have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DEMZ or AFOS?

Both ETFs have the same 0.45% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DEMZ or AFOS?

DEMZ and AFOS have the same expense ratio: 0.45% per year.

Which ETF pays a higher dividend yield, DEMZ or AFOS?

DEMZ has the higher dividend yield at 0.90%, compared with 0.22% for AFOS.

What is the main difference between DEMZ and AFOS?

They also come from different issuers: Reflection Asset Management, LLC and ARS Investment Partners.