NDVAX vs. AVALX

Last updated Aug 1, 2026

NDVAX (MFS New Discovery Value Fund Class A) and AVALX (Aegis Value Fund Class I) are both Small Cap Value Equities funds. NDVAX is passively managed, while AVALX is actively managed. Over the past 10 years, NDVAX returned 10.41%/yr vs 19.27%/yr for AVALX. Their 0.63 correlation means they have sometimes moved together and sometimes differently. NDVAX charges 1.21%/yr vs 1.36%/yr for AVALX.

Performance

NDVAX vs. AVALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS New Discovery Value Fund Class A (NDVAX) and Aegis Value Fund Class I (AVALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NDVAX achieves a 13.97% return, which is significantly lower than AVALX's 17.01% return. Over the past 10 years, NDVAX has underperformed AVALX with an annualized return of 10.41%, while AVALX has yielded a comparatively higher 19.27% annualized return.

NDVAX

• 1D: 0.26%
• 1M: -0.89%
• 6M: 8.23%
• YTD: 13.97%
• 1Y: 21.74%
• 3Y*: 9.18%
• 5Y*: 6.01%
• 10Y*: 10.41%
• ALL TIME*: 10.63%

AVALX

• 1D: 2.16%
• 1M: 4.61%
• 6M: 7.17%
• YTD: 17.01%
• 1Y: 51.60%
• 3Y*: 29.28%
• 5Y*: 22.70%
• 10Y*: 19.27%
• ALL TIME*: 11.29%

*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)
AVALX Aegis Value Fund Class I	$0.00	$0.00	$0.00
NDVAX MFS New Discovery Value Fund Class A	$0.00	$0.00	$0.00

NDVAX vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NDVAX MFS New Discovery Value Fund Class A	13.97%	2.16%	9.07%	10.92%	-11.02%	33.30%	5.44%	33.31%	-11.40%	14.62%
AVALX Aegis Value Fund Class I	17.01%	67.06%	8.29%	13.11%	10.50%	37.67%	18.89%	25.67%	-16.95%	17.37%

Correlation

The correlation between NDVAX and AVALX is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (3Y) Balances recent behavior with more history.	0.49
Correlation (5Y) Shows whether the relationship held over a longer period.	0.57
Correlation (10Y) Provides a long-term view across more market conditions.	0.56
Correlation (All Time) Calculated using the full available price history since May 26, 2011	0.63

Over the past year, the correlation between NDVAX and AVALX has dropped to 0.42 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

Return for Risk

NDVAX vs. AVALX — Risk / Return Rank

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

NDVAX

NDVAX Risk / Return Rank: 35
NDVAX Sharpe Ratio Rank: 33
NDVAX Sortino Ratio Rank: 36
NDVAX Omega Ratio Rank: 33
NDVAX Calmar Ratio Rank: 38
NDVAX Martin Ratio Rank: 36

AVALX

AVALX Risk / Return Rank: 94
AVALX Sharpe Ratio Rank: 97
AVALX Sortino Ratio Rank: 92
AVALX Omega Ratio Rank: 90
AVALX Calmar Ratio Rank: 97
AVALX Martin Ratio Rank: 95

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.

NDVAX vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS New Discovery Value Fund Class A (NDVAX) and Aegis Value Fund Class I (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.

	NDVAX	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	1.14	2.89	-1.74
Sortino ratio: Return per unit of downside risk	1.77	3.54	-1.76
Omega ratio: Gain probability vs. loss probability	1.21	1.49	-0.28
Calmar ratio: Return relative to maximum drawdown	1.71	5.02	-3.31
Martin ratio: Return relative to average drawdown	5.54	14.90	-9.36

NDVAX vs. AVALX - Sharpe Ratio Comparison

The current NDVAX Sharpe Ratio is 1.14, which is lower than the AVALX Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of NDVAX 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

NDVAX vs. AVALX - Drawdown Comparison

The maximum NDVAX drawdown since its inception was -44.06%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for NDVAX and AVALX.

Drawdown Indicators

	NDVAX	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-44.06%	-73.72%	+29.66%
Max Drawdown (1Y) Largest decline over 1 year	-10.90%	-10.12%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-25.67%	-13.59%	-12.08%
Max Drawdown (5Y) Largest decline over 5 years	-25.67%	-32.00%	+6.33%
Max Drawdown (10Y) Largest decline over 10 years	-44.06%	-48.34%	+4.28%
Current Drawdown Current decline from peak	-1.35%	-4.64%	+3.29%
Average Drawdown Average peak-to-trough decline	-6.15%	-10.92%	+4.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	3.40%	-0.04%

Volatility

NDVAX vs. AVALX - Volatility Comparison

The current volatility for MFS New Discovery Value Fund Class A (NDVAX) is 3.45%, while Aegis Value Fund Class I (AVALX) has a volatility of 4.85%. This indicates that NDVAX 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

	NDVAX	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	4.85%	-1.40%
Volatility (6M) Calculated over the trailing 6-month period	11.41%	13.69%	-2.28%
Volatility (1Y) Calculated over the trailing 1-year period	16.30%	17.70%	-1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.89%	22.17%	-2.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.79%	22.15%	-0.36%

NDVAX vs. AVALX - Expense Ratio Comparison

NDVAX has a 1.21% expense ratio, which is lower than AVALX's 1.36% expense ratio.

Dividends

NDVAX vs. AVALX - Dividend Comparison

NDVAX's dividend yield for the trailing twelve months is around 6.21%, more than AVALX's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund Class I	2.00%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
NDVAX MFS New Discovery Value Fund Class A	6.21%	10.62%	6.38%	6.06%	8.07%	9.19%	3.82%	4.60%	7.86%	5.16%	4.29%	3.15%

Frequently Asked Questions

Can I hold both NDVAX and AVALX in my portfolio?

NDVAX and AVALX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NDVAX or AVALX?

AVALX has higher volatility (4.85%) compared to NDVAX (3.45%). In terms of maximum drawdown, NDVAX dropped -44.06% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

AVALX currently has the higher Sharpe Ratio (2.89 vs 1.14), 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.