EMEQ vs. AVALX

Last updated Jun 9, 2026

EMEQ (Nomura Focused Emerging Markets Equity ETF) and AVALX (Aegis Value Fund) are both funds - EMEQ is a Emerging Markets Diversified fund actively managed by Nomura, while AVALX is a Small Cap Value Equities fund managed by Aegis. Over the past year, EMEQ returned 129.57% vs 52.02% for AVALX. At a 0.41 correlation, their price movements are largely independent. EMEQ charges 0.86%/yr vs 1.50%/yr for AVALX.

Performance

EMEQ vs. AVALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura Focused Emerging Markets Equity ETF (EMEQ) 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, EMEQ achieves a 59.67% return, which is significantly higher than AVALX's 17.03% return.

EMEQ

• 1D: 3.24%
• 1M: -1.72%
• YTD: 59.67%
• 6M: 66.91%
• 1Y: 129.57%
• 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)

EMEQ vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMEQ Nomura Focused Emerging Markets Equity ETF	59.67%	69.78%	-1.16%
AVALX Aegis Value Fund	17.03%	67.06%	2.00%

Correlation

The correlation between EMEQ and AVALX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.41

Return for Risk

EMEQ vs. AVALX — Risk / Return Rank

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

EMEQ

EMEQ Risk / Return Rank: 94
EMEQ Sharpe Ratio Rank: 96
EMEQ Sortino Ratio Rank: 91
EMEQ Omega Ratio Rank: 93
EMEQ Calmar Ratio Rank: 95
EMEQ Martin Ratio Rank: 95

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.

EMEQ vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Focused Emerging Markets Equity ETF (EMEQ) 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.

	EMEQ	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	3.79	3.05	+0.74
Sortino ratio: Return per unit of downside risk	3.90	3.71	+0.19
Omega ratio: Gain probability vs. loss probability	1.59	1.52	+0.07
Calmar ratio: Return relative to maximum drawdown	7.28	6.29	+0.98
Martin ratio: Return relative to average drawdown	28.17	22.00	+6.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMEQ vs. AVALX - Sharpe Ratio Comparison

The current EMEQ Sharpe Ratio is 3.79, which is comparable to the AVALX Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of EMEQ 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

	EMEQ	AVALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.79	3.05	+0.74
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	2.43	0.53	+1.90

Drawdowns

EMEQ vs. AVALX - Drawdown Comparison

The maximum EMEQ drawdown since its inception was -19.99%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for EMEQ and AVALX.

Drawdown Indicators

	EMEQ	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-19.99%	-73.72%	+53.73%
Max Drawdown (1Y) Largest decline over 1 year	-17.91%	-8.32%	-9.59%
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	-11.49%	-4.62%	-6.87%
Average Drawdown Average peak-to-trough decline	-4.01%	-10.94%	+6.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.62%	2.38%	+2.24%

Volatility

EMEQ vs. AVALX - Volatility Comparison

Nomura Focused Emerging Markets Equity ETF (EMEQ) has a higher volatility of 19.25% compared to Aegis Value Fund (AVALX) at 4.98%. This indicates that EMEQ'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

	EMEQ	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.25%	4.98%	+14.27%
Volatility (6M) Calculated over the trailing 6-month period	31.41%	13.18%	+18.23%
Volatility (1Y) Calculated over the trailing 1-year period	34.42%	17.18%	+17.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.30%	22.27%	+9.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.30%	22.18%	+9.12%

EMEQ vs. AVALX - Expense Ratio Comparison

EMEQ has a 0.86% expense ratio, which is lower than AVALX's 1.50% expense ratio.

Dividends

EMEQ vs. AVALX - Dividend Comparison

EMEQ's dividend yield for the trailing twelve months is around 1.73%, 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%
EMEQ Nomura Focused Emerging Markets Equity ETF	1.73%	2.76%	0.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMEQ and AVALX in my portfolio?

EMEQ and AVALX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMEQ or AVALX?

EMEQ has higher volatility (19.25%) compared to AVALX (4.98%). In terms of maximum drawdown, EMEQ dropped -19.99% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

EMEQ currently has the higher Sharpe Ratio (3.79 vs 3.05), 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.