EGRIX vs. AVALX

Last updated Aug 1, 2026

EGRIX (Eaton Vance Global Macro Absolute Return Advantage Fund) and AVALX (Aegis Value Fund Class I) are both mutual funds - EGRIX is a Nontraditional Bonds fund managed by Eaton Vance, while AVALX is a Small Cap Value Equities fund actively managed by Aegis. Over the past 10 years, EGRIX returned 6.57%/yr vs 19.27%/yr for AVALX. Their 0.17 correlation means their historical movements had little consistent relationship. EGRIX charges 1.05%/yr vs 1.36%/yr for AVALX.

Performance

EGRIX vs. AVALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Global Macro Absolute Return Advantage Fund (EGRIX) and Aegis Value Fund Class I (AVALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EGRIX achieves a 8.64% return, which is significantly lower than AVALX's 17.01% return. Over the past 10 years, EGRIX has underperformed AVALX with an annualized return of 6.57%, while AVALX has yielded a comparatively higher 19.27% annualized return.

EGRIX

• 1D: 0.16%
• 1M: 0.16%
• 6M: 4.18%
• YTD: 8.64%
• 1Y: 18.83%
• 3Y*: 13.26%
• 5Y*: 9.02%
• 10Y*: 6.57%
• ALL TIME*: 5.31%

AVALX

• 1D: 2.16%
• 1M: 4.61%
• 6M: 7.17%
• YTD: 17.01%
• 1Y: 51.60%
• 3Y*: 29.28%
• 5Y*: 22.70%
• 10Y*: 19.27%
• ALL TIME*: 11.29%

*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)
AVALX Aegis Value Fund Class I	$0.00	$0.00	$0.00
EGRIX Eaton Vance Global Macro Absolute Return Advantage Fund	$0.00	$0.00	$0.00

EGRIX vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EGRIX Eaton Vance Global Macro Absolute Return Advantage Fund	8.64%	20.36%	9.50%	8.37%	-1.94%	3.66%	4.71%	14.80%	-8.34%	5.78%
AVALX Aegis Value Fund Class I	17.01%	67.06%	8.29%	13.11%	10.50%	37.67%	18.89%	25.67%	-16.95%	17.37%

Correlation

The correlation between EGRIX and AVALX is 0.26, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.26
Correlation (3Y) Balances recent behavior with more history.	0.27
Correlation (5Y) Shows whether the relationship held over a longer period.	0.17
Correlation (10Y) Provides a long-term view across more market conditions.	0.17
Correlation (All Time) Calculated using the full available price history since Sep 1, 2010	0.17

The correlation between EGRIX and AVALX shifts across timeframes, from 0.17 (all time) to 0.27 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

EGRIX vs. AVALX — Risk / Return Rank

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

EGRIX

EGRIX Risk / Return Rank: 98
EGRIX Sharpe Ratio Rank: 100
EGRIX Sortino Ratio Rank: 99
EGRIX Omega Ratio Rank: 99
EGRIX Calmar Ratio Rank: 98
EGRIX Martin Ratio Rank: 97

AVALX

AVALX Risk / Return Rank: 94
AVALX Sharpe Ratio Rank: 97
AVALX Sortino Ratio Rank: 92
AVALX Omega Ratio Rank: 90
AVALX Calmar Ratio Rank: 97
AVALX Martin Ratio Rank: 95

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.

EGRIX vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Global Macro Absolute Return Advantage Fund (EGRIX) and Aegis Value Fund Class I (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.

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.

	EGRIX	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	5.35	2.89	+2.46
Sortino ratio: Return per unit of downside risk	7.64	3.54	+4.10
Omega ratio: Gain probability vs. loss probability	2.38	1.49	+0.89
Calmar ratio: Return relative to maximum drawdown	5.71	5.02	+0.69
Martin ratio: Return relative to average drawdown	20.55	14.90	+5.65

EGRIX vs. AVALX - Sharpe Ratio Comparison

The current EGRIX Sharpe Ratio is 5.35, which is higher than the AVALX Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of EGRIX 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.

Drawdowns

EGRIX vs. AVALX - Drawdown Comparison

The maximum EGRIX drawdown since its inception was -14.17%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for EGRIX and AVALX.

Drawdown Indicators

	EGRIX	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-14.17%	-73.72%	+59.55%
Max Drawdown (1Y) Largest decline over 1 year	-3.37%	-10.12%	+6.75%
Max Drawdown (3Y) Largest decline over 3 years	-3.37%	-13.59%	+10.22%
Max Drawdown (5Y) Largest decline over 5 years	-10.18%	-32.00%	+21.82%
Max Drawdown (10Y) Largest decline over 10 years	-14.17%	-48.34%	+34.17%
Current Drawdown Current decline from peak	-0.08%	-4.64%	+4.56%
Average Drawdown Average peak-to-trough decline	-1.82%	-10.92%	+9.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	3.40%	-2.47%

Volatility

EGRIX vs. AVALX - Volatility Comparison

The current volatility for Eaton Vance Global Macro Absolute Return Advantage Fund (EGRIX) is 0.84%, while Aegis Value Fund Class I (AVALX) has a volatility of 4.85%. This indicates that EGRIX experiences smaller price fluctuations and is considered to be less risky than AVALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EGRIX	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	4.85%	-4.01%
Volatility (6M) Calculated over the trailing 6-month period	3.08%	13.69%	-10.61%
Volatility (1Y) Calculated over the trailing 1-year period	3.59%	17.70%	-14.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.04%	22.17%	-18.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.96%	22.15%	-18.19%

EGRIX vs. AVALX - Expense Ratio Comparison

EGRIX has a 1.05% expense ratio, which is lower than AVALX's 1.36% expense ratio.

Dividends

EGRIX vs. AVALX - Dividend Comparison

EGRIX's dividend yield for the trailing twelve months is around 6.13%, more than AVALX's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund Class I	2.00%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
EGRIX Eaton Vance Global Macro Absolute Return Advantage Fund	6.13%	6.65%	6.00%	3.40%	4.82%	4.89%	5.82%	4.15%	0.06%	3.22%	1.78%	6.67%

Frequently Asked Questions

Can I hold both EGRIX and AVALX in my portfolio?

EGRIX and AVALX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EGRIX or AVALX?

AVALX has higher volatility (4.85%) compared to EGRIX (0.84%). In terms of maximum drawdown, EGRIX dropped -14.17% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

EGRIX currently has the higher Sharpe Ratio (5.35 vs 2.89), 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.