MXLSX vs. USBNX

Last updated Jun 24, 2026

MXLSX (Great-West Small Cap Value Fund) and USBNX (Pear Tree Polaris Small Cap Fund) are both Small Cap Value Equities funds. Over the past 10 years, MXLSX returned 9.79%/yr vs 8.44%/yr for USBNX. Their correlation of 0.87 suggests significant overlap in exposure. MXLSX charges 1.09%/yr vs 1.50%/yr for USBNX.

Performance

MXLSX vs. USBNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Great-West Small Cap Value Fund (MXLSX) and Pear Tree Polaris Small Cap Fund (USBNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MXLSX achieves a 18.63% return, which is significantly higher than USBNX's 14.55% return. Over the past 10 years, MXLSX has outperformed USBNX with an annualized return of 9.79%, while USBNX has yielded a comparatively lower 8.44% annualized return.

MXLSX

• 1D: -0.13%
• 1M: 4.26%
• YTD: 18.63%
• 6M: 16.56%
• 1Y: 29.15%
• 3Y*: 15.05%
• 5Y*: 8.19%
• 10Y*: 9.79%

USBNX

• 1D: 0.48%
• 1M: 3.37%
• YTD: 14.55%
• 6M: 12.92%
• 1Y: 23.92%
• 3Y*: 15.27%
• 5Y*: 6.50%
• 10Y*: 8.44%

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

MXLSX vs. USBNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXLSX Great-West Small Cap Value Fund	18.63%	4.08%	8.20%	17.81%	-10.07%	31.12%	2.84%	24.67%	-16.64%	8.44%
USBNX Pear Tree Polaris Small Cap Fund	14.55%	8.02%	8.64%	12.83%	-5.09%	15.35%	-4.77%	23.53%	-11.05%	6.42%

Correlation

The correlation between MXLSX and USBNX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 1, 1994	0.87

The correlation between MXLSX and USBNX has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

MXLSX vs. USBNX — Risk / Return Rank

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

MXLSX

MXLSX Risk / Return Rank: 54
MXLSX Sharpe Ratio Rank: 48
MXLSX Sortino Ratio Rank: 52
MXLSX Omega Ratio Rank: 44
MXLSX Calmar Ratio Rank: 74
MXLSX Martin Ratio Rank: 52

USBNX

USBNX Risk / Return Rank: 47
USBNX Sharpe Ratio Rank: 43
USBNX Sortino Ratio Rank: 47
USBNX Omega Ratio Rank: 41
USBNX Calmar Ratio Rank: 60
USBNX Martin Ratio Rank: 44

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.

MXLSX vs. USBNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Great-West Small Cap Value Fund (MXLSX) and Pear Tree Polaris Small Cap Fund (USBNX). 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.

	MXLSX	USBNX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.77	+0.13
Sortino ratio: Return per unit of downside risk	2.78	2.66	+0.12
Omega ratio: Gain probability vs. loss probability	1.33	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	3.18	2.85	+0.33
Martin ratio: Return relative to average drawdown	10.06	8.80	+1.26

MXLSX vs. USBNX - Sharpe Ratio Comparison

The current MXLSX Sharpe Ratio is 1.90, which is comparable to the USBNX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of MXLSX and USBNX, 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

MXLSX vs. USBNX - Drawdown Comparison

The maximum MXLSX drawdown since its inception was -60.41%, smaller than the maximum USBNX drawdown of -64.40%. Use the drawdown chart below to compare losses from any high point for MXLSX and USBNX.

Drawdown Indicators

	MXLSX	USBNX	Difference
Max Drawdown Largest peak-to-trough decline	-60.41%	-64.40%	+3.99%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-9.19%	-0.65%
Max Drawdown (3Y) Largest decline over 3 years	-26.04%	-21.56%	-4.48%
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	-26.01%	-0.03%
Max Drawdown (10Y) Largest decline over 10 years	-43.52%	-46.96%	+3.44%
Current Drawdown Current decline from peak	-0.44%	-0.44%	0.00%
Average Drawdown Average peak-to-trough decline	-12.12%	-13.61%	+1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	2.96%	+0.11%

Volatility

MXLSX vs. USBNX - Volatility Comparison

Great-West Small Cap Value Fund (MXLSX) has a higher volatility of 4.07% compared to Pear Tree Polaris Small Cap Fund (USBNX) at 3.47%. This indicates that MXLSX's price experiences larger fluctuations and is considered to be riskier than USBNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXLSX	USBNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	3.47%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	11.55%	9.33%	+2.22%
Volatility (1Y) Calculated over the trailing 1-year period	16.51%	14.85%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.81%	18.72%	+2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.32%	21.67%	+0.65%

MXLSX vs. USBNX - Expense Ratio Comparison

MXLSX has a 1.09% expense ratio, which is lower than USBNX's 1.50% expense ratio.

Dividends

MXLSX vs. USBNX - Dividend Comparison

MXLSX's dividend yield for the trailing twelve months is around 0.40%, less than USBNX's 12.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MXLSX Great-West Small Cap Value Fund	0.40%	0.48%	1.07%	2.24%	2.93%	6.23%	0.23%	0.47%	2.92%	5.29%	0.00%	0.00%
USBNX Pear Tree Polaris Small Cap Fund	12.06%	13.81%	3.27%	0.86%	10.05%	0.75%	0.68%	7.91%	8.39%	6.21%	1.17%	7.39%

Frequently Asked Questions

Can I hold both MXLSX and USBNX in my portfolio?

MXLSX and USBNX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MXLSX or USBNX?

MXLSX has higher volatility (4.07%) compared to USBNX (3.47%). In terms of maximum drawdown, MXLSX dropped -60.41% vs USBNX's -64.40%.

Which has better risk-adjusted returns?

MXLSX currently has the higher Sharpe Ratio (1.90 vs 1.77), 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.