KGIIX vs. AVALX

Last updated Jun 23, 2026

KGIIX (Kopernik International Fund) and AVALX (Aegis Value Fund) are both mutual funds - KGIIX is a Foreign Large Cap Equities fund managed by Kopernik, while AVALX is a Small Cap Value Equities fund managed by Aegis. Over the past 10 years, KGIIX returned 9.50%/yr vs 19.81%/yr for AVALX. A 0.66 correlation means they provide meaningful diversification when combined. KGIIX charges 1.04%/yr vs 1.50%/yr for AVALX.

Performance

KGIIX vs. AVALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kopernik International Fund (KGIIX) 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, KGIIX achieves a 5.23% return, which is significantly lower than AVALX's 14.52% return. Over the past 10 years, KGIIX has underperformed AVALX with an annualized return of 9.50%, while AVALX has yielded a comparatively higher 19.81% annualized return.

KGIIX

• 1D: -1.47%
• 1M: -3.21%
• YTD: 5.23%
• 6M: 5.37%
• 1Y: 28.39%
• 3Y*: 16.79%
• 5Y*: 8.57%
• 10Y*: 9.50%

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)

KGIIX vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGIIX Kopernik International Fund	5.23%	54.97%	-7.01%	13.86%	-14.05%	16.62%	18.94%	16.37%	-6.24%	10.50%
AVALX Aegis Value Fund	14.52%	67.06%	8.29%	13.11%	10.50%	37.67%	18.89%	25.67%	-16.95%	17.37%

Correlation

The correlation between KGIIX and AVALX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.66

The correlation between KGIIX and AVALX has been stable across timeframes, ranging from 0.58 to 0.67 - a consistent structural relationship.

Return for Risk

KGIIX vs. AVALX — Risk / Return Rank

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

KGIIX

KGIIX Risk / Return Rank: 54
KGIIX Sharpe Ratio Rank: 57
KGIIX Sortino Ratio Rank: 48
KGIIX Omega Ratio Rank: 53
KGIIX Calmar Ratio Rank: 70
KGIIX Martin Ratio Rank: 43

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.

KGIIX vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kopernik International Fund (KGIIX) 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.

	KGIIX	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.71	-0.66
Sortino ratio: Return per unit of downside risk	2.67	3.35	-0.68
Omega ratio: Gain probability vs. loss probability	1.37	1.46	-0.09
Calmar ratio: Return relative to maximum drawdown	3.08	5.66	-2.58
Martin ratio: Return relative to average drawdown	8.60	19.05	-10.46

KGIIX vs. AVALX - Sharpe Ratio Comparison

The current KGIIX Sharpe Ratio is 2.05, which is comparable to the AVALX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of KGIIX 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

KGIIX vs. AVALX - Drawdown Comparison

The maximum KGIIX drawdown since its inception was -27.81%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for KGIIX and AVALX.

Drawdown Indicators

	KGIIX	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-27.81%	-73.72%	+45.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.76%	-8.32%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-13.58%	-13.59%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-27.81%	-32.00%	+4.19%
Max Drawdown (10Y) Largest decline over 10 years	-27.81%	-48.34%	+20.53%
Current Drawdown Current decline from peak	-8.26%	-6.67%	-1.59%
Average Drawdown Average peak-to-trough decline	-6.11%	-10.94%	+4.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	2.50%	+0.64%

Volatility

KGIIX vs. AVALX - Volatility Comparison

The current volatility for Kopernik International Fund (KGIIX) is 3.68%, while Aegis Value Fund (AVALX) has a volatility of 5.49%. This indicates that KGIIX experiences smaller price fluctuations and is considered to be less risky than AVALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGIIX	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.68%	5.49%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	10.73%	13.30%	-2.57%
Volatility (1Y) Calculated over the trailing 1-year period	13.21%	17.44%	-4.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.26%	22.28%	-9.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.66%	22.17%	-9.51%

KGIIX vs. AVALX - Expense Ratio Comparison

KGIIX has a 1.04% expense ratio, which is lower than AVALX's 1.50% expense ratio.

Dividends

KGIIX vs. AVALX - Dividend Comparison

KGIIX's dividend yield for the trailing twelve months is around 13.55%, more 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%
KGIIX Kopernik International Fund	13.55%	14.26%	0.48%	12.56%	2.46%	5.77%	2.89%	2.50%	1.19%	1.35%	0.33%	0.00%

Frequently Asked Questions

Can I hold both KGIIX and AVALX in my portfolio?

KGIIX and AVALX 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, KGIIX or AVALX?

AVALX has higher volatility (5.49%) compared to KGIIX (3.68%). In terms of maximum drawdown, KGIIX dropped -27.81% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

AVALX currently has the higher Sharpe Ratio (2.71 vs 2.05), 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.