EPASX vs. EPGFX

Last updated Jun 3, 2026

EPASX (EP Emerging Markets Small Companies Fund) and EPGFX (EuroPac Gold Fund) are both mutual funds - EPASX is a Emerging Markets Diversified fund managed by Euro Pacific Asset Management, while EPGFX is a Precious Metals fund managed by Euro Pacific Asset Management. Over the past 10 years, EPASX returned 6.02%/yr vs 12.75%/yr for EPGFX. At a 0.25 correlation, their price movements are largely independent. EPASX charges 1.75%/yr vs 1.40%/yr for EPGFX.

Performance

EPASX vs. EPGFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in EP Emerging Markets Small Companies Fund (EPASX) and EuroPac Gold Fund (EPGFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPASX achieves a 7.08% return, which is significantly higher than EPGFX's 5.82% return. Over the past 10 years, EPASX has underperformed EPGFX with an annualized return of 6.02%, while EPGFX has yielded a comparatively higher 12.75% annualized return.

EPASX

• 1D: 1.54%
• 1M: 1.21%
• YTD: 7.08%
• 6M: 7.21%
• 1Y: 22.84%
• 3Y*: 10.80%
• 5Y*: 0.19%
• 10Y*: 6.02%

EPGFX

• 1D: -1.92%
• 1M: 1.46%
• YTD: 5.82%
• 6M: 11.36%
• 1Y: 66.17%
• 3Y*: 35.19%
• 5Y*: 12.98%
• 10Y*: 12.75%

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

EPASX vs. EPGFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPASX EP Emerging Markets Small Companies Fund	7.08%	25.43%	0.64%	7.15%	-28.73%	9.75%	27.20%	14.82%	-21.57%	34.40%
EPGFX EuroPac Gold Fund	5.82%	129.06%	8.51%	2.31%	-14.00%	-18.06%	36.99%	37.25%	-13.85%	12.73%

Correlation

The correlation between EPASX and EPGFX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.25

Over the past year, EPASX and EPGFX have become more correlated (0.46) than their long-term average of 0.25, meaning their price movements have been converging.

Return for Risk

EPASX vs. EPGFX — Risk / Return Rank

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

EPASX

EPASX Risk / Return Rank: 35
EPASX Sharpe Ratio Rank: 39
EPASX Sortino Ratio Rank: 36
EPASX Omega Ratio Rank: 40
EPASX Calmar Ratio Rank: 33
EPASX Martin Ratio Rank: 30

EPGFX

EPGFX Risk / Return Rank: 37
EPGFX Sharpe Ratio Rank: 43
EPGFX Sortino Ratio Rank: 28
EPGFX Omega Ratio Rank: 37
EPGFX Calmar Ratio Rank: 46
EPGFX Martin Ratio Rank: 32

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.

EPASX vs. EPGFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for EP Emerging Markets Small Companies Fund (EPASX) and EuroPac Gold Fund (EPGFX). 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.

	EPASX	EPGFX	Difference
Sharpe ratio Return per unit of total volatility	1.82	1.93	-0.11
Sortino ratio Return per unit of downside risk	2.51	2.25	+0.26
Omega ratio Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio Return relative to maximum drawdown	2.18	2.62	-0.44
Martin ratio Return relative to average drawdown	7.19	7.49	-0.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPASX vs. EPGFX - Sharpe Ratio Comparison

The current EPASX Sharpe Ratio is 1.82, which is comparable to the EPGFX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of EPASX and EPGFX, 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

	EPASX	EPGFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	1.93	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.40	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.39	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.34	-0.03

Drawdowns

EPASX vs. EPGFX - Drawdown Comparison

The maximum EPASX drawdown since its inception was -41.54%, smaller than the maximum EPGFX drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for EPASX and EPGFX.

Drawdown Indicators

	EPASX	EPGFX	Difference
Max Drawdown Largest peak-to-trough decline	-41.54%	-56.70%	+15.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-28.88%	+18.56%
Max Drawdown (3Y) Largest decline over 3 years	-17.18%	-28.88%	+11.70%
Max Drawdown (5Y) Largest decline over 5 years	-40.01%	-47.20%	+7.19%
Max Drawdown (10Y) Largest decline over 10 years	-41.54%	-51.03%	+9.49%
Current Drawdown Current decline from peak	-3.71%	-19.31%	+15.60%
Average Drawdown Average peak-to-trough decline	-15.65%	-22.03%	+6.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	10.10%	-6.97%

Volatility

EPASX vs. EPGFX - Volatility Comparison

The current volatility for EP Emerging Markets Small Companies Fund (EPASX) is 4.45%, while EuroPac Gold Fund (EPGFX) has a volatility of 12.32%. This indicates that EPASX experiences smaller price fluctuations and is considered to be less risky than EPGFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPASX	EPGFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	12.32%	-7.87%
Volatility (6M) Calculated over the trailing 6-month period	10.66%	31.77%	-21.11%
Volatility (1Y) Calculated over the trailing 1-year period	12.99%	38.77%	-25.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.61%	32.50%	-17.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.20%	32.52%	-17.32%

EPASX vs. EPGFX - Expense Ratio Comparison

EPASX has a 1.75% expense ratio, which is higher than EPGFX's 1.40% expense ratio.

Dividends

EPASX vs. EPGFX - Dividend Comparison

EPASX's dividend yield for the trailing twelve months is around 1.82%, less than EPGFX's 6.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPASX EP Emerging Markets Small Companies Fund	1.82%	1.95%	2.00%	1.20%	0.50%	21.67%	0.54%	0.27%	11.18%	4.20%	1.50%	1.30%
EPGFX EuroPac Gold Fund	6.48%	6.86%	10.36%	0.00%	0.00%	2.49%	8.67%	0.00%	0.00%	2.56%	19.31%	0.00%

Frequently Asked Questions

Can I hold both EPASX and EPGFX in my portfolio?

EPASX and EPGFX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPASX or EPGFX?

EPGFX has higher volatility (12.32%) compared to EPASX (4.45%). In terms of maximum drawdown, EPASX dropped -41.54% vs EPGFX's -56.70%.

Which has better risk-adjusted returns?

EPGFX currently has the higher Sharpe Ratio (1.93 vs 1.82), 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.