EKWAX vs. OCMAX

Last updated Jun 24, 2026

EKWAX (Allspring Precious Metals Fund) and OCMAX (OCM Gold Atlas) are both mutual funds - EKWAX is a Precious Metals fund managed by Allspring Global Investments, while OCMAX is a Gold fund actively managed by OCM. Over the past 10 years, EKWAX returned 13.51%/yr vs 16.61%/yr for OCMAX. With a 0.97 correlation, they move nearly in lockstep. EKWAX charges 1.09%/yr vs 1.88%/yr for OCMAX.

Performance

EKWAX vs. OCMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Precious Metals Fund (EKWAX) and OCM Gold Atlas (OCMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EKWAX achieves a -4.43% return, which is significantly lower than OCMAX's 0.32% return. Over the past 10 years, EKWAX has underperformed OCMAX with an annualized return of 13.51%, while OCMAX has yielded a comparatively higher 16.61% annualized return.

EKWAX

• 1D: -1.50%
• 1M: -3.90%
• YTD: -4.43%
• 6M: -8.88%
• 1Y: 55.66%
• 3Y*: 46.73%
• 5Y*: 24.40%
• 10Y*: 13.51%

OCMAX

• 1D: -1.56%
• 1M: -3.51%
• YTD: 0.32%
• 6M: -3.21%
• 1Y: 61.06%
• 3Y*: 51.76%
• 5Y*: 21.66%
• 10Y*: 16.61%

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

EKWAX vs. OCMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EKWAX Allspring Precious Metals Fund	-4.43%	163.65%	21.28%	8.83%	-7.75%	-11.00%	24.40%	40.35%	-12.83%	9.66%
OCMAX OCM Gold Atlas	0.32%	168.37%	23.87%	4.82%	-17.28%	-9.16%	45.45%	58.42%	-13.25%	10.55%

Correlation

The correlation between EKWAX and OCMAX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 31, 2010	0.97

The correlation between EKWAX and OCMAX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

EKWAX vs. OCMAX — Risk / Return Rank

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

EKWAX

EKWAX Risk / Return Rank: 21
EKWAX Sharpe Ratio Rank: 23
EKWAX Sortino Ratio Rank: 18
EKWAX Omega Ratio Rank: 23
EKWAX Calmar Ratio Rank: 22
EKWAX Martin Ratio Rank: 18

OCMAX

OCMAX Risk / Return Rank: 29
OCMAX Sharpe Ratio Rank: 33
OCMAX Sortino Ratio Rank: 25
OCMAX Omega Ratio Rank: 31
OCMAX Calmar Ratio Rank: 32
OCMAX Martin Ratio Rank: 26

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.

EKWAX vs. OCMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Precious Metals Fund (EKWAX) and OCM Gold Atlas (OCMAX). 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.

	EKWAX	OCMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.54	-0.27
Sortino ratio: Return per unit of downside risk	1.68	1.94	-0.25
Omega ratio: Gain probability vs. loss probability	1.23	1.27	-0.04
Calmar ratio: Return relative to maximum drawdown	1.62	2.01	-0.39
Martin ratio: Return relative to average drawdown	4.46	5.69	-1.23

EKWAX vs. OCMAX - Sharpe Ratio Comparison

The current EKWAX Sharpe Ratio is 1.27, which is comparable to the OCMAX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of EKWAX and OCMAX, 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

EKWAX vs. OCMAX - Drawdown Comparison

The maximum EKWAX drawdown since its inception was -76.76%, roughly equal to the maximum OCMAX drawdown of -76.26%. Use the drawdown chart below to compare losses from any high point for EKWAX and OCMAX.

Drawdown Indicators

	EKWAX	OCMAX	Difference
Max Drawdown Largest peak-to-trough decline	-76.76%	-76.26%	-0.50%
Max Drawdown (1Y) Largest decline over 1 year	-35.67%	-31.28%	-4.39%
Max Drawdown (3Y) Largest decline over 3 years	-35.67%	-31.28%	-4.39%
Max Drawdown (5Y) Largest decline over 5 years	-42.79%	-44.05%	+1.26%
Max Drawdown (10Y) Largest decline over 10 years	-49.23%	-45.14%	-4.09%
Current Drawdown Current decline from peak	-28.93%	-23.58%	-5.35%
Average Drawdown Average peak-to-trough decline	-32.76%	-36.10%	+3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.91%	11.02%	+1.89%

Volatility

EKWAX vs. OCMAX - Volatility Comparison

Allspring Precious Metals Fund (EKWAX) and OCM Gold Atlas (OCMAX) have volatilities of 16.91% and 16.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EKWAX	OCMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.91%	16.55%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	38.25%	34.50%	+3.75%
Volatility (1Y) Calculated over the trailing 1-year period	45.62%	40.89%	+4.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.97%	34.77%	-0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.34%	33.97%	-0.63%

EKWAX vs. OCMAX - Expense Ratio Comparison

EKWAX has a 1.09% expense ratio, which is lower than OCMAX's 1.88% expense ratio.

Dividends

EKWAX vs. OCMAX - Dividend Comparison

EKWAX's dividend yield for the trailing twelve months is around 1.25%, less than OCMAX's 5.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EKWAX Allspring Precious Metals Fund	1.25%	1.19%	0.84%	0.00%	2.01%	1.35%	1.45%	0.11%	0.00%	1.34%	1.11%	0.00%
OCMAX OCM Gold Atlas	5.90%	5.91%	2.97%	0.00%	0.04%	0.95%	1.44%	5.66%	24.55%	6.72%	18.48%	0.05%

Frequently Asked Questions

Can I hold both EKWAX and OCMAX in my portfolio?

With a correlation of 0.96, EKWAX and OCMAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EKWAX or OCMAX?

EKWAX has higher volatility (16.91%) compared to OCMAX (16.55%). In terms of maximum drawdown, EKWAX dropped -76.76% vs OCMAX's -76.26%.

Which has better risk-adjusted returns?

OCMAX currently has the higher Sharpe Ratio (1.54 vs 1.27), 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.