HRIOX vs. AVALX

Last updated Jun 3, 2026

HRIOX (Hood River International Opportunity Fund) and AVALX (Aegis Value Fund) are both mutual funds - HRIOX is a Foreign Small & Mid Cap Equities fund managed by Hood River Capital Management, while AVALX is a Small Cap Value Equities fund managed by Aegis. Over the past 3 years, HRIOX returned 41.09%/yr vs 33.77%/yr for AVALX. A 0.59 correlation means they provide meaningful diversification when combined. Both charge a 1.50% expense ratio.

Performance

HRIOX vs. AVALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hood River International Opportunity Fund (HRIOX) 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, HRIOX achieves a 44.16% return, which is significantly higher than AVALX's 20.38% return.

HRIOX

• 1D: 0.35%
• 1M: 8.60%
• YTD: 44.16%
• 6M: 47.85%
• 1Y: 95.10%
• 3Y*: 41.09%
• 5Y*: —
• 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)

HRIOX vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HRIOX Hood River International Opportunity Fund	44.16%	43.32%	20.19%	30.74%	-25.86%	2.01%
AVALX Aegis Value Fund	20.38%	67.06%	8.29%	13.11%	10.50%	3.91%

Correlation

The correlation between HRIOX and AVALX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (All Time) Calculated using the full available price history since Oct 6, 2021	0.59

The correlation between HRIOX and AVALX shifts across timeframes, from 0.44 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HRIOX vs. AVALX — Risk / Return Rank

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

HRIOX

HRIOX Risk / Return Rank: 96
HRIOX Sharpe Ratio Rank: 99
HRIOX Sortino Ratio Rank: 94
HRIOX Omega Ratio Rank: 90
HRIOX Calmar Ratio Rank: 97
HRIOX Martin Ratio Rank: 98

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.

HRIOX vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hood River International Opportunity Fund (HRIOX) 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.

	HRIOX	AVALX	Difference
Sharpe ratio Return per unit of total volatility	4.20	3.70	+0.51
Sortino ratio Return per unit of downside risk	4.99	4.47	+0.51
Omega ratio Gain probability vs. loss probability	1.66	1.63	+0.03
Calmar ratio Return relative to maximum drawdown	7.37	7.30	+0.07
Martin ratio Return relative to average drawdown	30.10	25.81	+4.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HRIOX vs. AVALX - Sharpe Ratio Comparison

The current HRIOX Sharpe Ratio is 4.20, which is comparable to the AVALX Sharpe Ratio of 3.70. The chart below compares the historical Sharpe Ratios of HRIOX 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

	HRIOX	AVALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.20	3.70	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.96	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.92	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	0.54	+0.47

Drawdowns

HRIOX vs. AVALX - Drawdown Comparison

The maximum HRIOX drawdown since its inception was -38.76%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for HRIOX and AVALX.

Drawdown Indicators

	HRIOX	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-38.76%	-73.72%	+34.96%
Max Drawdown (1Y) Largest decline over 1 year	-13.78%	-8.32%	-5.46%
Max Drawdown (3Y) Largest decline over 3 years	-24.76%	-13.59%	-11.17%
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	-0.52%	-1.89%	+1.37%
Average Drawdown Average peak-to-trough decline	-12.32%	-10.95%	-1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	2.35%	+1.03%

Volatility

HRIOX vs. AVALX - Volatility Comparison

Hood River International Opportunity Fund (HRIOX) has a higher volatility of 8.68% compared to Aegis Value Fund (AVALX) at 2.82%. This indicates that HRIOX'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

	HRIOX	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.68%	2.82%	+5.86%
Volatility (6M) Calculated over the trailing 6-month period	20.04%	12.73%	+7.31%
Volatility (1Y) Calculated over the trailing 1-year period	24.56%	16.77%	+7.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.30%	22.23%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.30%	22.17%	-0.87%

HRIOX vs. AVALX - Expense Ratio Comparison

Both HRIOX and AVALX have an expense ratio of 1.50%.

Dividends

HRIOX vs. AVALX - Dividend Comparison

HRIOX's dividend yield for the trailing twelve months is around 4.08%, 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%
HRIOX Hood River International Opportunity Fund	4.08%	5.88%	0.16%	1.44%	0.00%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HRIOX and AVALX in my portfolio?

HRIOX and AVALX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HRIOX or AVALX?

HRIOX has higher volatility (8.68%) compared to AVALX (2.82%). In terms of maximum drawdown, HRIOX dropped -38.76% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

HRIOX currently has the higher Sharpe Ratio (4.20 vs 3.70), 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.