LVAFX vs. AVPEX

Last updated Jun 4, 2026

LVAFX (LSV Global Managed Volatility Fund) and AVPEX (ALPS/Red Rocks Global Opportunity Portfolio) are both Global Equities funds. Over the past 10 years, LVAFX returned 8.16%/yr vs 8.47%/yr for AVPEX. A 0.73 correlation means they provide meaningful diversification when combined. LVAFX charges 1.00%/yr vs 1.45%/yr for AVPEX.

Performance

LVAFX vs. AVPEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LSV Global Managed Volatility Fund (LVAFX) and ALPS/Red Rocks Global Opportunity Portfolio (AVPEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LVAFX achieves a 13.49% return, which is significantly higher than AVPEX's -7.84% return. Both investments have delivered pretty close results over the past 10 years, with LVAFX having a 8.16% annualized return and AVPEX not far ahead at 8.47%.

LVAFX

• 1D: 0.47%
• 1M: 4.53%
• YTD: 13.49%
• 6M: 14.99%
• 1Y: 26.19%
• 3Y*: 14.68%
• 5Y*: 8.40%
• 10Y*: 8.16%

AVPEX

• 1D: -0.09%
• 1M: 2.15%
• YTD: -7.84%
• 6M: -5.39%
• 1Y: -6.49%
• 3Y*: 9.17%
• 5Y*: 2.39%
• 10Y*: 8.47%

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

LVAFX vs. AVPEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LVAFX LSV Global Managed Volatility Fund	13.49%	22.33%	0.10%	9.81%	-4.04%	17.36%	-5.16%	17.54%	-6.47%	18.68%
AVPEX ALPS/Red Rocks Global Opportunity Portfolio	-7.84%	1.46%	18.06%	28.80%	-28.96%	24.03%	9.25%	43.19%	-12.61%	24.96%

Correlation

The correlation between LVAFX and AVPEX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.73

The correlation between LVAFX and AVPEX has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.

Return for Risk

LVAFX vs. AVPEX — Risk / Return Rank

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

LVAFX

LVAFX Risk / Return Rank: 89
LVAFX Sharpe Ratio Rank: 92
LVAFX Sortino Ratio Rank: 91
LVAFX Omega Ratio Rank: 84
LVAFX Calmar Ratio Rank: 90
LVAFX Martin Ratio Rank: 89

AVPEX

AVPEX Risk / Return Rank: 1
AVPEX Sharpe Ratio Rank: 1
AVPEX Sortino Ratio Rank: 1
AVPEX Omega Ratio Rank: 1
AVPEX Calmar Ratio Rank: 2
AVPEX Martin Ratio Rank: 1

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.

LVAFX vs. AVPEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LSV Global Managed Volatility Fund (LVAFX) and ALPS/Red Rocks Global Opportunity Portfolio (AVPEX). 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.

	LVAFX	AVPEX	Difference
Sharpe ratio: Return per unit of total volatility	3.11	-0.38	+3.49
Sortino ratio: Return per unit of downside risk	4.55	-0.42	+4.97
Omega ratio: Gain probability vs. loss probability	1.58	0.95	+0.63
Calmar ratio: Return relative to maximum drawdown	4.59	-0.30	+4.89
Martin ratio: Return relative to average drawdown	17.62	-0.70	+18.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LVAFX vs. AVPEX - Sharpe Ratio Comparison

The current LVAFX Sharpe Ratio is 3.11, which is higher than the AVPEX Sharpe Ratio of -0.38. The chart below compares the historical Sharpe Ratios of LVAFX and AVPEX, 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

	LVAFX	AVPEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.11	-0.38	+3.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.13	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.45	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.43	+0.12

Drawdowns

LVAFX vs. AVPEX - Drawdown Comparison

The maximum LVAFX drawdown since its inception was -33.69%, smaller than the maximum AVPEX drawdown of -46.42%. Use the drawdown chart below to compare losses from any high point for LVAFX and AVPEX.

Drawdown Indicators

	LVAFX	AVPEX	Difference
Max Drawdown Largest peak-to-trough decline	-33.69%	-46.42%	+12.73%
Max Drawdown (1Y) Largest decline over 1 year	-5.76%	-22.41%	+16.65%
Max Drawdown (3Y) Largest decline over 3 years	-17.52%	-22.41%	+4.89%
Max Drawdown (5Y) Largest decline over 5 years	-18.34%	-37.50%	+19.16%
Max Drawdown (10Y) Largest decline over 10 years	-33.69%	-46.42%	+12.73%
Current Drawdown Current decline from peak	0.00%	-12.43%	+12.43%
Average Drawdown Average peak-to-trough decline	-4.75%	-8.61%	+3.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	9.59%	-8.09%

Volatility

LVAFX vs. AVPEX - Volatility Comparison

The current volatility for LSV Global Managed Volatility Fund (LVAFX) is 2.03%, while ALPS/Red Rocks Global Opportunity Portfolio (AVPEX) has a volatility of 4.07%. This indicates that LVAFX experiences smaller price fluctuations and is considered to be less risky than AVPEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LVAFX	AVPEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.03%	4.07%	-2.04%
Volatility (6M) Calculated over the trailing 6-month period	6.12%	14.26%	-8.14%
Volatility (1Y) Calculated over the trailing 1-year period	8.49%	17.68%	-9.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.23%	18.81%	-5.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.59%	19.07%	-5.48%

LVAFX vs. AVPEX - Expense Ratio Comparison

LVAFX has a 1.00% expense ratio, which is lower than AVPEX's 1.45% expense ratio.

Dividends

LVAFX vs. AVPEX - Dividend Comparison

LVAFX's dividend yield for the trailing twelve months is around 8.96%, less than AVPEX's 9.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVPEX ALPS/Red Rocks Global Opportunity Portfolio	9.22%	8.50%	8.83%	0.00%	31.03%	4.24%	13.52%	3.02%	6.79%	2.33%	0.75%	0.11%
LVAFX LSV Global Managed Volatility Fund	8.96%	10.17%	2.71%	15.64%	2.90%	2.90%	2.14%	7.62%	3.59%	7.10%	1.66%	1.74%

Frequently Asked Questions

Can I hold both LVAFX and AVPEX in my portfolio?

LVAFX and AVPEX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LVAFX or AVPEX?

AVPEX has higher volatility (4.07%) compared to LVAFX (2.03%). In terms of maximum drawdown, LVAFX dropped -33.69% vs AVPEX's -46.42%.

Which has better risk-adjusted returns?

LVAFX currently has the higher Sharpe Ratio (3.11 vs -0.38), 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.