IPFPX vs. VALAX

Last updated Aug 1, 2026

IPFPX (Poplar Forest Partners Fund) and VALAX (Al Frank Fund) are both Large Cap Value Equities funds. Over the past 10 years, IPFPX returned 10.89%/yr vs 13.78%/yr for VALAX. Their correlation of 0.90 means they have usually moved in the same direction. IPFPX charges 0.95%/yr vs 1.24%/yr for VALAX.

Performance

IPFPX vs. VALAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Poplar Forest Partners Fund (IPFPX) and Al Frank Fund (VALAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPFPX achieves a 22.51% return, which is significantly higher than VALAX's 20.70% return. Over the past 10 years, IPFPX has underperformed VALAX with an annualized return of 10.89%, while VALAX has yielded a comparatively higher 13.78% annualized return.

IPFPX

• 1D: 0.08%
• 1M: 0.30%
• 6M: 18.81%
• YTD: 22.51%
• 1Y: 37.73%
• 3Y*: 18.41%
• 5Y*: 12.61%
• 10Y*: 10.89%
• ALL TIME*: 11.43%

VALAX

• 1D: 1.99%
• 1M: -1.07%
• 6M: 13.15%
• YTD: 20.70%
• 1Y: 41.61%
• 3Y*: 20.52%
• 5Y*: 11.73%
• 10Y*: 13.78%
• ALL TIME*: 8.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IPFPX Poplar Forest Partners Fund	$0.00	$0.00	$0.00
VALAX Al Frank Fund	$0.00	$0.00	$0.00

IPFPX vs. VALAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPFPX Poplar Forest Partners Fund	22.51%	22.94%	6.24%	5.02%	0.81%	39.49%	-1.26%	21.64%	-18.64%	6.84%
VALAX Al Frank Fund	20.70%	23.57%	13.35%	14.05%	-13.50%	24.97%	10.22%	33.98%	-7.87%	18.09%

Correlation

The correlation between IPFPX and VALAX is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since Dec 31, 2009	0.90

Over the past year, the correlation between IPFPX and VALAX has dropped to 0.67 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.

Return for Risk

IPFPX vs. VALAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IPFPX

IPFPX Risk / Return Rank: 95
IPFPX Sharpe Ratio Rank: 97
IPFPX Sortino Ratio Rank: 95
IPFPX Omega Ratio Rank: 90
IPFPX Calmar Ratio Rank: 95
IPFPX Martin Ratio Rank: 95

VALAX

VALAX Risk / Return Rank: 93
VALAX Sharpe Ratio Rank: 95
VALAX Sortino Ratio Rank: 92
VALAX Omega Ratio Rank: 88
VALAX Calmar Ratio Rank: 96
VALAX Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IPFPX vs. VALAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Poplar Forest Partners Fund (IPFPX) and Al Frank Fund (VALAX). 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.

	IPFPX	VALAX	Difference
Sharpe ratio: Return per unit of total volatility	2.82	2.59	+0.22
Sortino ratio: Return per unit of downside risk	4.04	3.54	+0.50
Omega ratio: Gain probability vs. loss probability	1.49	1.45	+0.04
Calmar ratio: Return relative to maximum drawdown	4.33	4.54	-0.22
Martin ratio: Return relative to average drawdown	16.27	16.48	-0.21

IPFPX vs. VALAX - Sharpe Ratio Comparison

The current IPFPX Sharpe Ratio is 2.82, which is comparable to the VALAX Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of IPFPX and VALAX, 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

IPFPX vs. VALAX - Drawdown Comparison

The maximum IPFPX drawdown since its inception was -47.77%, smaller than the maximum VALAX drawdown of -61.26%. Use the drawdown chart below to compare losses from any high point for IPFPX and VALAX.

Drawdown Indicators

	IPFPX	VALAX	Difference
Max Drawdown Largest peak-to-trough decline	-47.77%	-61.26%	+13.49%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-8.56%	+0.25%
Max Drawdown (3Y) Largest decline over 3 years	-14.15%	-25.81%	+11.66%
Max Drawdown (5Y) Largest decline over 5 years	-17.94%	-25.81%	+7.87%
Max Drawdown (10Y) Largest decline over 10 years	-47.77%	-38.22%	-9.55%
Current Drawdown Current decline from peak	-1.08%	-3.71%	+2.63%
Average Drawdown Average peak-to-trough decline	-6.63%	-10.68%	+4.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	2.36%	-0.15%

Volatility

IPFPX vs. VALAX - Volatility Comparison

The current volatility for Poplar Forest Partners Fund (IPFPX) is 3.72%, while Al Frank Fund (VALAX) has a volatility of 4.47%. This indicates that IPFPX experiences smaller price fluctuations and is considered to be less risky than VALAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPFPX	VALAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	4.47%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	9.50%	12.03%	-2.53%
Volatility (1Y) Calculated over the trailing 1-year period	12.78%	15.04%	-2.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.82%	17.91%	-2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.69%	19.33%	+0.36%

IPFPX vs. VALAX - Expense Ratio Comparison

IPFPX has a 0.95% expense ratio, which is lower than VALAX's 1.24% expense ratio.

Dividends

IPFPX vs. VALAX - Dividend Comparison

IPFPX's dividend yield for the trailing twelve months is around 7.73%, more than VALAX's 7.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPFPX Poplar Forest Partners Fund	7.73%	9.47%	10.86%	3.89%	6.17%	14.47%	2.41%	1.64%	12.47%	5.01%	2.19%	0.94%
VALAX Al Frank Fund	7.17%	8.65%	10.32%	5.95%	8.62%	6.83%	7.17%	13.51%	10.73%	10.66%	5.32%	9.53%

Frequently Asked Questions

Can I hold both IPFPX and VALAX in my portfolio?

IPFPX and VALAX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPFPX or VALAX?

VALAX has higher volatility (4.47%) compared to IPFPX (3.72%). In terms of maximum drawdown, IPFPX dropped -47.77% vs VALAX's -61.26%.

Which has better risk-adjusted returns?

IPFPX currently has the higher Sharpe Ratio (2.82 vs 2.59), 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.