GCEBX vs. AVALX

Last updated Jun 23, 2026

GCEBX (Goldman Sachs Clean Energy Income Fund Class A Shares) and AVALX (Aegis Value Fund) are both mutual funds - GCEBX is a Alternative Energy Equities fund managed by Goldman Sachs, while AVALX is a Small Cap Value Equities fund managed by Aegis. Over the past 5 years, GCEBX returned 2.83%/yr vs 21.59%/yr for AVALX. At a 0.48 correlation, their price movements are largely independent. GCEBX charges 1.26%/yr vs 1.50%/yr for AVALX.

Performance

GCEBX vs. AVALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Clean Energy Income Fund Class A Shares (GCEBX) 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, GCEBX achieves a 21.00% return, which is significantly higher than AVALX's 14.52% return.

GCEBX

• 1D: 1.42%
• 1M: -3.97%
• YTD: 21.00%
• 6M: 21.00%
• 1Y: 44.75%
• 3Y*: 8.61%
• 5Y*: 2.83%
• 10Y*: —

AVALX

• 1D: -1.08%
• 1M: -4.84%
• YTD: 14.52%
• 6M: 14.42%
• 1Y: 48.95%
• 3Y*: 30.71%
• 5Y*: 21.59%
• 10Y*: 19.81%

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

GCEBX vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GCEBX Goldman Sachs Clean Energy Income Fund Class A Shares	21.00%	39.79%	-14.20%	-14.97%	-11.37%	-2.89%	46.85%
AVALX Aegis Value Fund	14.52%	67.06%	8.29%	13.11%	10.50%	37.67%	35.97%

Correlation

The correlation between GCEBX and AVALX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jun 26, 2020	0.48

Return for Risk

GCEBX vs. AVALX — Risk / Return Rank

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

GCEBX

GCEBX Risk / Return Rank: 84
GCEBX Sharpe Ratio Rank: 85
GCEBX Sortino Ratio Rank: 75
GCEBX Omega Ratio Rank: 71
GCEBX Calmar Ratio Rank: 96
GCEBX Martin Ratio Rank: 91

AVALX

AVALX Risk / Return Rank: 87
AVALX Sharpe Ratio Rank: 89
AVALX Sortino Ratio Rank: 77
AVALX Omega Ratio Rank: 78
AVALX Calmar Ratio Rank: 96
AVALX Martin Ratio Rank: 94

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.

GCEBX vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Clean Energy Income Fund Class A Shares (GCEBX) 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.

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.

	GCEBX	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.71	-0.15
Sortino ratio: Return per unit of downside risk	3.31	3.35	-0.04
Omega ratio: Gain probability vs. loss probability	1.43	1.46	-0.03
Calmar ratio: Return relative to maximum drawdown	5.79	5.66	+0.13
Martin ratio: Return relative to average drawdown	17.07	19.05	-1.98

GCEBX vs. AVALX - Sharpe Ratio Comparison

The current GCEBX Sharpe Ratio is 2.56, which is comparable to the AVALX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of GCEBX 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.

Drawdowns

GCEBX vs. AVALX - Drawdown Comparison

The maximum GCEBX drawdown since its inception was -45.74%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for GCEBX and AVALX.

Drawdown Indicators

	GCEBX	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-45.74%	-73.72%	+27.98%
Max Drawdown (1Y) Largest decline over 1 year	-7.75%	-8.32%	+0.57%
Max Drawdown (3Y) Largest decline over 3 years	-27.96%	-13.59%	-14.37%
Max Drawdown (5Y) Largest decline over 5 years	-41.51%	-32.00%	-9.51%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.34%	—
Current Drawdown Current decline from peak	-5.51%	-6.67%	+1.16%
Average Drawdown Average peak-to-trough decline	-22.54%	-10.94%	-11.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	2.50%	+0.12%

Volatility

GCEBX vs. AVALX - Volatility Comparison

Goldman Sachs Clean Energy Income Fund Class A Shares (GCEBX) has a higher volatility of 6.88% compared to Aegis Value Fund (AVALX) at 5.49%. This indicates that GCEBX'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

	GCEBX	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.88%	5.49%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	13.92%	13.30%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	17.55%	17.44%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.35%	22.28%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.29%	22.17%	-2.88%

GCEBX vs. AVALX - Expense Ratio Comparison

GCEBX has a 1.26% expense ratio, which is lower than AVALX's 1.50% expense ratio.

Dividends

GCEBX vs. AVALX - Dividend Comparison

GCEBX's dividend yield for the trailing twelve months is around 1.16%, less than AVALX's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund	2.04%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
GCEBX Goldman Sachs Clean Energy Income Fund Class A Shares	1.16%	1.41%	2.61%	2.98%	0.56%	6.08%	0.74%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GCEBX and AVALX in my portfolio?

GCEBX and AVALX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GCEBX or AVALX?

GCEBX has higher volatility (6.88%) compared to AVALX (5.49%). In terms of maximum drawdown, GCEBX dropped -45.74% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

AVALX currently has the higher Sharpe Ratio (2.71 vs 2.56), 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.