EMCAX vs. ASMNX

Last updated Jun 5, 2026

EMCAX (Empiric 2500 Fund) and ASMNX (AQR Small Cap Momentum Style Fund Class N) are both Small Cap Growth Equities funds. Their correlation of 0.89 suggests significant overlap in exposure. EMCAX charges 1.96%/yr vs 0.88%/yr for ASMNX.

Performance

EMCAX vs. ASMNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Empiric 2500 Fund (EMCAX) and AQR Small Cap Momentum Style Fund Class N (ASMNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

EMCAX

• 1D: 1.46%
• 1M: -0.32%
• YTD: 12.65%
• 6M: 9.02%
• 1Y: 18.41%
• 3Y*: 13.11%
• 5Y*: 4.38%
• 10Y*: 10.89%

ASMNX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EMCAX vs. ASMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMCAX Empiric 2500 Fund	12.65%	2.37%	13.89%	12.43%	-16.06%	16.07%	27.81%	19.10%	-4.64%	21.82%
ASMNX AQR Small Cap Momentum Style Fund Class N	17.21%	16.62%	16.62%	18.09%	-19.78%	15.05%	25.80%	25.69%	-12.36%	17.21%

Correlation

The correlation between EMCAX and ASMNX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.89

The correlation between EMCAX and ASMNX shifts across timeframes, from 0.72 (1 year) to 0.90 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

EMCAX vs. ASMNX — Risk / Return Rank

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

EMCAX

EMCAX Risk / Return Rank: 26
EMCAX Sharpe Ratio Rank: 20
EMCAX Sortino Ratio Rank: 22
EMCAX Omega Ratio Rank: 19
EMCAX Calmar Ratio Rank: 32
EMCAX Martin Ratio Rank: 36

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.

EMCAX vs. ASMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Empiric 2500 Fund (EMCAX) and AQR Small Cap Momentum Style Fund Class N (ASMNX). 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.

	EMCAX	ASMNX	Difference
Sharpe ratio: Return per unit of total volatility	1.27	—	—
Sortino ratio: Return per unit of downside risk	1.94	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	2.10	—	—
Martin ratio: Return relative to average drawdown	7.92	—	—
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

	EMCAX	ASMNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	—	—

Drawdowns

Drawdown Indicators

	EMCAX	ASMNX	Difference
Max Drawdown Largest peak-to-trough decline	-51.81%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.79%	—	—
Current Drawdown Current decline from peak	-1.15%	—	—
Average Drawdown Average peak-to-trough decline	-13.27%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	—	—

Volatility

Volatility by Period

	EMCAX	ASMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.22%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.18%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.24%	—	—

EMCAX vs. ASMNX - Expense Ratio Comparison

EMCAX has a 1.96% expense ratio, which is higher than ASMNX's 0.88% expense ratio.

Dividends

EMCAX vs. ASMNX - Dividend Comparison

EMCAX's dividend yield for the trailing twelve months is around 0.12%, less than ASMNX's 7.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASMNX AQR Small Cap Momentum Style Fund Class N	7.75%	8.05%	19.09%	3.54%	0.27%	24.51%	5.45%	3.83%	29.34%	9.61%	0.00%	0.97%
EMCAX Empiric 2500 Fund	0.12%	0.13%	0.13%	0.00%	0.00%	0.51%	7.46%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMCAX and ASMNX in my portfolio?

EMCAX and ASMNX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.