NEAIX vs. AVALX

Last updated Jun 6, 2026

NEAIX (Needham Aggressive Growth Fund Institutional Class) and AVALX (Aegis Value Fund) are both mutual funds - NEAIX is a Small Cap Growth Equities fund actively managed by Needham, while AVALX is a Small Cap Value Equities fund managed by Aegis. Over the past 5 years, NEAIX returned 23.70%/yr vs 21.63%/yr for AVALX. A 0.51 correlation means they provide meaningful diversification when combined. NEAIX charges 1.20%/yr vs 1.50%/yr for AVALX.

Performance

NEAIX vs. AVALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Needham Aggressive Growth Fund Institutional Class (NEAIX) 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, NEAIX achieves a 58.47% return, which is significantly higher than AVALX's 21.61% return.

NEAIX

• 1D: 0.16%
• 1M: 9.85%
• YTD: 58.47%
• 6M: 57.21%
• 1Y: 94.44%
• 3Y*: 39.46%
• 5Y*: 23.70%
• 10Y*: —

AVALX

• 1D: 0.81%
• 1M: 0.45%
• YTD: 21.61%
• 6M: 23.48%
• 1Y: 58.07%
• 3Y*: 34.11%
• 5Y*: 21.63%
• 10Y*: 20.23%

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

NEAIX vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NEAIX Needham Aggressive Growth Fund Institutional Class	58.47%	26.99%	14.86%	38.37%	-27.02%	38.46%	52.49%	44.68%	-15.64%	10.07%
AVALX Aegis Value Fund	21.61%	67.06%	8.29%	13.11%	10.50%	37.67%	18.89%	25.67%	-16.95%	15.24%

Correlation

The correlation between NEAIX and AVALX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.51

The correlation between NEAIX and AVALX has been stable across timeframes, ranging from 0.48 to 0.52 - a consistent structural relationship.

Return for Risk

NEAIX vs. AVALX — Risk / Return Rank

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

NEAIX

NEAIX Risk / Return Rank: 93
NEAIX Sharpe Ratio Rank: 97
NEAIX Sortino Ratio Rank: 88
NEAIX Omega Ratio Rank: 84
NEAIX Calmar Ratio Rank: 97
NEAIX Martin Ratio Rank: 97

AVALX

AVALX Risk / Return Rank: 93
AVALX Sharpe Ratio Rank: 97
AVALX Sortino Ratio Rank: 89
AVALX Omega Ratio Rank: 87
AVALX Calmar Ratio Rank: 97
AVALX Martin Ratio Rank: 97

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.

NEAIX vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Needham Aggressive Growth Fund Institutional Class (NEAIX) 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.

	NEAIX	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	3.67	3.55	+0.11
Sortino ratio: Return per unit of downside risk	4.20	4.32	-0.12
Omega ratio: Gain probability vs. loss probability	1.56	1.61	-0.05
Calmar ratio: Return relative to maximum drawdown	6.76	7.13	-0.38
Martin ratio: Return relative to average drawdown	27.28	25.13	+2.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NEAIX vs. AVALX - Sharpe Ratio Comparison

The current NEAIX Sharpe Ratio is 3.67, which is comparable to the AVALX Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of NEAIX 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.

Sharpe Ratios by Period

	NEAIX	AVALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.67	3.55	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.98	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.92	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.54	+0.37

Drawdowns

NEAIX vs. AVALX - Drawdown Comparison

The maximum NEAIX drawdown since its inception was -35.93%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for NEAIX and AVALX.

Drawdown Indicators

	NEAIX	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-35.93%	-73.72%	+37.79%
Max Drawdown (1Y) Largest decline over 1 year	-13.98%	-8.32%	-5.66%
Max Drawdown (3Y) Largest decline over 3 years	-28.21%	-13.59%	-14.62%
Max Drawdown (5Y) Largest decline over 5 years	-35.93%	-32.00%	-3.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.34%	—
Current Drawdown Current decline from peak	-0.83%	-0.89%	+0.06%
Average Drawdown Average peak-to-trough decline	-8.59%	-10.95%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	2.36%	+1.10%

Volatility

NEAIX vs. AVALX - Volatility Comparison

Needham Aggressive Growth Fund Institutional Class (NEAIX) has a higher volatility of 9.91% compared to Aegis Value Fund (AVALX) at 3.18%. This indicates that NEAIX's price experiences larger fluctuations and is considered to be riskier than AVALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NEAIX	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.91%	3.18%	+6.73%
Volatility (6M) Calculated over the trailing 6-month period	20.44%	12.66%	+7.78%
Volatility (1Y) Calculated over the trailing 1-year period	25.77%	16.72%	+9.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.57%	22.21%	+2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.59%	22.16%	+2.43%

NEAIX vs. AVALX - Expense Ratio Comparison

NEAIX has a 1.20% expense ratio, which is lower than AVALX's 1.50% expense ratio.

Dividends

NEAIX vs. AVALX - Dividend Comparison

NEAIX's dividend yield for the trailing twelve months is around 1.27%, less than AVALX's 1.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund	1.92%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
NEAIX Needham Aggressive Growth Fund Institutional Class	1.27%	2.01%	0.00%	0.00%	0.00%	6.84%	3.80%	10.42%	16.35%	5.14%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NEAIX and AVALX in my portfolio?

NEAIX and AVALX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NEAIX or AVALX?

NEAIX has higher volatility (9.91%) compared to AVALX (3.18%). In terms of maximum drawdown, NEAIX dropped -35.93% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

NEAIX currently has the higher Sharpe Ratio (3.67 vs 3.55), 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.