EPGFX vs. EPASX

Last updated Jun 4, 2026

EPGFX (EuroPac Gold Fund) and EPASX (EP Emerging Markets Small Companies Fund) are both mutual funds - EPGFX is a Precious Metals fund managed by Euro Pacific Asset Management, while EPASX is a Emerging Markets Diversified fund managed by Euro Pacific Asset Management. Over the past 10 years, EPGFX returned 12.88%/yr vs 6.07%/yr for EPASX. At a 0.25 correlation, their price movements are largely independent. EPGFX charges 1.40%/yr vs 1.75%/yr for EPASX.

Performance

EPGFX vs. EPASX - Performance Comparison

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

Returns By Period

In the year-to-date period, EPGFX achieves a 7.04% return, which is significantly lower than EPASX's 7.59% return. Over the past 10 years, EPGFX has outperformed EPASX with an annualized return of 12.88%, while EPASX has yielded a comparatively lower 6.07% annualized return.

EPGFX

• 1D: 1.15%
• 1M: 4.19%
• YTD: 7.04%
• 6M: 12.47%
• 1Y: 67.58%
• 3Y*: 35.71%
• 5Y*: 13.89%
• 10Y*: 12.88%

EPASX

• 1D: 0.48%
• 1M: 1.94%
• YTD: 7.59%
• 6M: 7.45%
• 1Y: 23.55%
• 3Y*: 10.98%
• 5Y*: 0.32%
• 10Y*: 6.07%

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

EPGFX vs. EPASX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPGFX EuroPac Gold Fund	7.04%	129.06%	8.51%	2.31%	-14.00%	-18.06%	36.99%	37.25%	-13.85%	12.73%
EPASX EP Emerging Markets Small Companies Fund	7.59%	25.43%	0.64%	7.15%	-28.73%	9.75%	27.20%	14.82%	-21.57%	34.40%

Correlation

The correlation between EPGFX and EPASX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
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, EPGFX and EPASX have become more correlated (0.45) than their long-term average of 0.25, meaning their price movements have been converging.

Return for Risk

EPGFX vs. EPASX — Risk / Return Rank

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

EPGFX

EPGFX Risk / Return Rank: 33
EPGFX Sharpe Ratio Rank: 38
EPGFX Sortino Ratio Rank: 26
EPGFX Omega Ratio Rank: 34
EPGFX Calmar Ratio Rank: 39
EPGFX Martin Ratio Rank: 28

EPASX

EPASX Risk / Return Rank: 37
EPASX Sharpe Ratio Rank: 39
EPASX Sortino Ratio Rank: 36
EPASX Omega Ratio Rank: 40
EPASX Calmar Ratio Rank: 36
EPASX Martin Ratio Rank: 33

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.

EPGFX vs. EPASX - Risk-Adjusted Trends Comparison

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

	EPGFX	EPASX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.82	-0.04
Sortino ratio: Return per unit of downside risk	2.12	2.51	-0.39
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	2.37	2.28	+0.09
Martin ratio: Return relative to average drawdown	6.71	7.50	-0.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPGFX vs. EPASX - Sharpe Ratio Comparison

The current EPGFX Sharpe Ratio is 1.78, which is comparable to the EPASX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of EPGFX and EPASX, 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

	EPGFX	EPASX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	1.82	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.02	+0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.40	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.31	+0.03

Drawdowns

EPGFX vs. EPASX - Drawdown Comparison

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

Drawdown Indicators

	EPGFX	EPASX	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-41.54%	-15.16%
Max Drawdown (1Y) Largest decline over 1 year	-28.88%	-10.32%	-18.56%
Max Drawdown (3Y) Largest decline over 3 years	-28.88%	-17.18%	-11.70%
Max Drawdown (5Y) Largest decline over 5 years	-47.20%	-40.01%	-7.19%
Max Drawdown (10Y) Largest decline over 10 years	-51.03%	-41.54%	-9.49%
Current Drawdown Current decline from peak	-18.38%	-3.25%	-15.13%
Average Drawdown Average peak-to-trough decline	-22.03%	-15.65%	-6.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.17%	3.13%	+7.04%

Volatility

EPGFX vs. EPASX - Volatility Comparison

EuroPac Gold Fund (EPGFX) has a higher volatility of 12.36% compared to EP Emerging Markets Small Companies Fund (EPASX) at 4.47%. This indicates that EPGFX's price experiences larger fluctuations and is considered to be riskier than EPASX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPGFX	EPASX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.36%	4.47%	+7.89%
Volatility (6M) Calculated over the trailing 6-month period	31.70%	10.66%	+21.04%
Volatility (1Y) Calculated over the trailing 1-year period	38.70%	12.97%	+25.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.50%	14.61%	+17.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.41%	15.20%	+17.21%

EPGFX vs. EPASX - Expense Ratio Comparison

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

Dividends

EPGFX vs. EPASX - Dividend Comparison

EPGFX's dividend yield for the trailing twelve months is around 6.41%, more than EPASX's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPASX EP Emerging Markets Small Companies Fund	1.81%	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	6.41%	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 EPGFX and EPASX in my portfolio?

EPGFX and EPASX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPGFX or EPASX?

EPGFX has higher volatility (12.36%) compared to EPASX (4.47%). In terms of maximum drawdown, EPGFX dropped -56.70% vs EPASX's -41.54%.

Which has better risk-adjusted returns?

EPASX currently has the higher Sharpe Ratio (1.82 vs 1.78), 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.