IIVAX vs. ARFFX

Last updated Jun 4, 2026

IIVAX (Transamerica Small/Mid Cap Value Fund) and ARFFX (Ariel Focus Fund) are both Mid Cap Value Equities funds. Over the past 10 years, IIVAX returned 10.02%/yr vs 10.50%/yr for ARFFX. Their correlation of 0.86 suggests significant overlap in exposure. IIVAX charges 1.23%/yr vs 1.00%/yr for ARFFX.

Performance

IIVAX vs. ARFFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Transamerica Small/Mid Cap Value Fund (IIVAX) and Ariel Focus Fund (ARFFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IIVAX achieves a 10.90% return, which is significantly higher than ARFFX's 10.06% return. Both investments have delivered pretty close results over the past 10 years, with IIVAX having a 10.02% annualized return and ARFFX not far ahead at 10.50%.

IIVAX

• 1D: 0.21%
• 1M: 2.25%
• YTD: 10.90%
• 6M: 11.33%
• 1Y: 23.71%
• 3Y*: 13.74%
• 5Y*: 6.96%
• 10Y*: 10.02%

ARFFX

• 1D: 0.63%
• 1M: 1.54%
• YTD: 10.06%
• 6M: 11.92%
• 1Y: 37.85%
• 3Y*: 17.87%
• 5Y*: 6.89%
• 10Y*: 10.50%

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

IIVAX vs. ARFFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IIVAX Transamerica Small/Mid Cap Value Fund	10.90%	9.49%	8.57%	12.02%	-8.35%	27.49%	3.25%	24.62%	-11.87%	15.16%
ARFFX Ariel Focus Fund	10.06%	21.00%	13.39%	6.98%	-9.12%	21.14%	6.90%	25.62%	-13.23%	15.01%

Correlation

The correlation between IIVAX and ARFFX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jul 6, 2005	0.86

The correlation between IIVAX and ARFFX has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.

Return for Risk

IIVAX vs. ARFFX — Risk / Return Rank

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

IIVAX

IIVAX Risk / Return Rank: 45
IIVAX Sharpe Ratio Rank: 41
IIVAX Sortino Ratio Rank: 43
IIVAX Omega Ratio Rank: 37
IIVAX Calmar Ratio Rank: 55
IIVAX Martin Ratio Rank: 48

ARFFX

ARFFX Risk / Return Rank: 83
ARFFX Sharpe Ratio Rank: 90
ARFFX Sortino Ratio Rank: 88
ARFFX Omega Ratio Rank: 80
ARFFX Calmar Ratio Rank: 92
ARFFX Martin Ratio Rank: 65

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.

IIVAX vs. ARFFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Transamerica Small/Mid Cap Value Fund (IIVAX) and Ariel Focus Fund (ARFFX). 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.

	IIVAX	ARFFX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.98	-1.12
Sortino ratio: Return per unit of downside risk	2.76	4.23	-1.47
Omega ratio: Gain probability vs. loss probability	1.33	1.52	-0.20
Calmar ratio: Return relative to maximum drawdown	2.85	4.97	-2.11
Martin ratio: Return relative to average drawdown	9.86	12.73	-2.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IIVAX vs. ARFFX - Sharpe Ratio Comparison

The current IIVAX Sharpe Ratio is 1.86, which is lower than the ARFFX Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of IIVAX and ARFFX, 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

	IIVAX	ARFFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	2.98	-1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.37	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.53	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.36	+0.14

Drawdowns

IIVAX vs. ARFFX - Drawdown Comparison

The maximum IIVAX drawdown since its inception was -57.38%, roughly equal to the maximum ARFFX drawdown of -57.66%. Use the drawdown chart below to compare losses from any high point for IIVAX and ARFFX.

Drawdown Indicators

	IIVAX	ARFFX	Difference
Max Drawdown Largest peak-to-trough decline	-57.38%	-57.66%	+0.28%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-8.02%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-19.76%	-23.39%	+3.63%
Max Drawdown (5Y) Largest decline over 5 years	-23.12%	-24.50%	+1.38%
Max Drawdown (10Y) Largest decline over 10 years	-44.13%	-43.22%	-0.91%
Current Drawdown Current decline from peak	0.00%	-2.84%	+2.84%
Average Drawdown Average peak-to-trough decline	-8.34%	-9.45%	+1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	3.12%	-0.56%

Volatility

IIVAX vs. ARFFX - Volatility Comparison

Transamerica Small/Mid Cap Value Fund (IIVAX) and Ariel Focus Fund (ARFFX) have volatilities of 3.06% and 3.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IIVAX	ARFFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	3.19%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	8.91%	9.34%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	13.60%	13.37%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.58%	18.54%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.48%	19.87%	+0.61%

IIVAX vs. ARFFX - Expense Ratio Comparison

IIVAX has a 1.23% expense ratio, which is higher than ARFFX's 1.00% expense ratio.

Dividends

IIVAX vs. ARFFX - Dividend Comparison

IIVAX's dividend yield for the trailing twelve months is around 9.54%, less than ARFFX's 11.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARFFX Ariel Focus Fund	11.52%	12.68%	2.27%	3.33%	8.30%	3.30%	2.41%	1.03%	7.61%	5.76%	1.04%	13.91%
IIVAX Transamerica Small/Mid Cap Value Fund	9.54%	10.58%	12.75%	4.83%	9.72%	10.94%	0.48%	3.17%	12.58%	13.20%	5.91%	9.34%

Frequently Asked Questions

Can I hold both IIVAX and ARFFX in my portfolio?

IIVAX and ARFFX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IIVAX or ARFFX?

ARFFX has higher volatility (3.19%) compared to IIVAX (3.06%). In terms of maximum drawdown, IIVAX dropped -57.38% vs ARFFX's -57.66%.

Which has better risk-adjusted returns?

ARFFX currently has the higher Sharpe Ratio (2.98 vs 1.86), 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.