GRHAX vs. AVALX

Last updated Jun 3, 2026

GRHAX (Goehring & Rozencwajg Resources Fund Retail Class) and AVALX (Aegis Value Fund) are both mutual funds - GRHAX is a Commodity Producers Equities fund actively managed by Goehring & Rozencwajg, while AVALX is a Small Cap Value Equities fund managed by Aegis. Over the past 5 years, GRHAX returned 21.09%/yr vs 21.17%/yr for AVALX. A 0.75 correlation means they provide meaningful diversification when combined. GRHAX charges 1.28%/yr vs 1.50%/yr for AVALX.

Performance

GRHAX vs. AVALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) 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, GRHAX achieves a 18.81% return, which is significantly lower than AVALX's 20.38% return.

GRHAX

• 1D: 1.59%
• 1M: -2.38%
• YTD: 18.81%
• 6M: 24.98%
• 1Y: 69.10%
• 3Y*: 30.28%
• 5Y*: 21.09%
• 10Y*: —

AVALX

• 1D: 0.50%
• 1M: -0.58%
• YTD: 20.38%
• 6M: 25.01%
• 1Y: 58.74%
• 3Y*: 33.77%
• 5Y*: 21.17%
• 10Y*: 20.40%

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

GRHAX vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GRHAX Goehring & Rozencwajg Resources Fund Retail Class	18.81%	61.00%	-1.71%	16.19%	16.43%	61.61%	-3.02%	-0.29%	-30.26%	-1.36%
AVALX Aegis Value Fund	20.38%	67.06%	8.29%	13.11%	10.50%	37.67%	18.89%	25.67%	-16.95%	15.24%

Correlation

The correlation between GRHAX and AVALX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.75

The correlation between GRHAX and AVALX has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

Return for Risk

GRHAX vs. AVALX — Risk / Return Rank

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

GRHAX

GRHAX Risk / Return Rank: 82
GRHAX Sharpe Ratio Rank: 90
GRHAX Sortino Ratio Rank: 71
GRHAX Omega Ratio Rank: 66
GRHAX Calmar Ratio Rank: 96
GRHAX Martin Ratio Rank: 85

AVALX

AVALX Risk / Return Rank: 94
AVALX Sharpe Ratio Rank: 98
AVALX Sortino Ratio Rank: 91
AVALX Omega Ratio Rank: 89
AVALX Calmar Ratio Rank: 97
AVALX Martin Ratio Rank: 97

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.

GRHAX vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) 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.

	GRHAX	AVALX	Difference
Sharpe ratio Return per unit of total volatility	2.98	3.70	-0.71
Sortino ratio Return per unit of downside risk	3.51	4.47	-0.97
Omega ratio Gain probability vs. loss probability	1.45	1.63	-0.18
Calmar ratio Return relative to maximum drawdown	6.58	7.30	-0.73
Martin ratio Return relative to average drawdown	16.11	25.81	-9.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GRHAX vs. AVALX - Sharpe Ratio Comparison

The current GRHAX Sharpe Ratio is 2.98, which is comparable to the AVALX Sharpe Ratio of 3.70. The chart below compares the historical Sharpe Ratios of GRHAX 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

	GRHAX	AVALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.98	3.70	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.96	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.92	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.54	-0.15

Drawdowns

GRHAX vs. AVALX - Drawdown Comparison

The maximum GRHAX drawdown since its inception was -71.03%, roughly equal to the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for GRHAX and AVALX.

Drawdown Indicators

	GRHAX	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-71.03%	-73.72%	+2.69%
Max Drawdown (1Y) Largest decline over 1 year	-10.58%	-8.32%	-2.26%
Max Drawdown (3Y) Largest decline over 3 years	-25.49%	-13.59%	-11.90%
Max Drawdown (5Y) Largest decline over 5 years	-31.48%	-32.00%	+0.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.34%	—
Current Drawdown Current decline from peak	-6.01%	-1.89%	-4.12%
Average Drawdown Average peak-to-trough decline	-18.56%	-10.95%	-7.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	2.35%	+1.97%

Volatility

GRHAX vs. AVALX - Volatility Comparison

Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) has a higher volatility of 4.88% compared to Aegis Value Fund (AVALX) at 2.82%. This indicates that GRHAX'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

	GRHAX	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	2.82%	+2.06%
Volatility (6M) Calculated over the trailing 6-month period	18.32%	12.73%	+5.59%
Volatility (1Y) Calculated over the trailing 1-year period	24.54%	16.77%	+7.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.07%	22.23%	+6.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.51%	22.17%	+7.34%

GRHAX vs. AVALX - Expense Ratio Comparison

GRHAX has a 1.28% expense ratio, which is lower than AVALX's 1.50% expense ratio.

Dividends

GRHAX vs. AVALX - Dividend Comparison

GRHAX's dividend yield for the trailing twelve months is around 2.76%, more than AVALX's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund	1.94%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
GRHAX Goehring & Rozencwajg Resources Fund Retail Class	2.76%	3.28%	3.87%	3.03%	1.41%	3.08%	1.76%	0.43%	0.88%	0.52%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GRHAX and AVALX in my portfolio?

GRHAX and AVALX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRHAX or AVALX?

GRHAX has higher volatility (4.88%) compared to AVALX (2.82%). In terms of maximum drawdown, GRHAX dropped -71.03% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

AVALX currently has the higher Sharpe Ratio (3.70 vs 2.98), 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.