OCMAX vs. MIDSX

Last updated Aug 1, 2026

OCMAX (OCM Gold Fund - Atlas Class) and MIDSX (Midas Discovery) are both mutual funds - OCMAX is a Gold fund actively managed by OCM, while MIDSX is a Precious Metals fund managed by Midas. Over the past 10 years, OCMAX returned 14.15%/yr vs 7.62%/yr for MIDSX. Their correlation of 0.91 means they have usually moved in the same direction. OCMAX charges 1.88%/yr vs 4.25%/yr for MIDSX.

Performance

OCMAX vs. MIDSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in OCM Gold Fund - Atlas Class (OCMAX) and Midas Discovery (MIDSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OCMAX achieves a -4.81% return, which is significantly higher than MIDSX's -8.60% return. Over the past 10 years, OCMAX has outperformed MIDSX with an annualized return of 14.15%, while MIDSX has yielded a comparatively lower 7.62% annualized return.

OCMAX

• 1D: 3.07%
• 1M: -1.97%
• 6M: -12.75%
• YTD: -4.81%
• 1Y: 58.60%
• 3Y*: 47.82%
• 5Y*: 19.97%
• 10Y*: 14.15%
• ALL TIME*: 7.39%

MIDSX

• 1D: 3.57%
• 1M: -5.06%
• 6M: -17.99%
• YTD: -8.60%
• 1Y: 59.50%
• 3Y*: 40.10%
• 5Y*: 18.07%
• 10Y*: 7.62%
• ALL TIME*: -0.88%

*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)
MIDSX Midas Discovery	$0.00	$0.00	$0.00
OCMAX OCM Gold Fund - Atlas Class	$0.00	$0.00	$0.00

OCMAX vs. MIDSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OCMAX OCM Gold Fund - Atlas Class	-4.81%	168.37%	23.87%	4.82%	-17.28%	-9.16%	45.45%	58.42%	-13.25%	10.55%
MIDSX Midas Discovery	-8.60%	195.76%	7.27%	-1.79%	-11.11%	-19.23%	10.64%	30.56%	-12.90%	5.98%

Correlation

The correlation between OCMAX and MIDSX is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Mar 31, 2010	0.91

The correlation between OCMAX and MIDSX has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.

Return for Risk

OCMAX vs. MIDSX — Risk / Return Rank

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

OCMAX

OCMAX Risk / Return Rank: 43
OCMAX Sharpe Ratio Rank: 53
OCMAX Sortino Ratio Rank: 42
OCMAX Omega Ratio Rank: 48
OCMAX Calmar Ratio Rank: 46
OCMAX Martin Ratio Rank: 28

MIDSX

MIDSX Risk / Return Rank: 41
MIDSX Sharpe Ratio Rank: 50
MIDSX Sortino Ratio Rank: 42
MIDSX Omega Ratio Rank: 49
MIDSX Calmar Ratio Rank: 39
MIDSX Martin Ratio Rank: 26

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.

OCMAX vs. MIDSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for OCM Gold Fund - Atlas Class (OCMAX) and Midas Discovery (MIDSX). 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.

	OCMAX	MIDSX	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.32	+0.10
Sortino ratio: Return per unit of downside risk	1.84	1.75	+0.09
Omega ratio: Gain probability vs. loss probability	1.25	1.24	+0.01
Calmar ratio: Return relative to maximum drawdown	1.84	1.60	+0.24
Martin ratio: Return relative to average drawdown	4.12	3.64	+0.48

OCMAX vs. MIDSX - Sharpe Ratio Comparison

The current OCMAX Sharpe Ratio is 1.42, which is comparable to the MIDSX Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of OCMAX and MIDSX, 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

OCMAX vs. MIDSX - Drawdown Comparison

The maximum OCMAX drawdown since its inception was -76.26%, smaller than the maximum MIDSX drawdown of -89.77%. Use the drawdown chart below to compare losses from any high point for OCMAX and MIDSX.

Drawdown Indicators

	OCMAX	MIDSX	Difference
Max Drawdown Largest peak-to-trough decline	-76.26%	-89.77%	+13.51%
Max Drawdown (1Y) Largest decline over 1 year	-32.45%	-39.43%	+6.98%
Max Drawdown (3Y) Largest decline over 3 years	-32.45%	-39.43%	+6.98%
Max Drawdown (5Y) Largest decline over 5 years	-44.05%	-43.33%	-0.72%
Max Drawdown (10Y) Largest decline over 10 years	-45.14%	-57.07%	+11.93%
Current Drawdown Current decline from peak	-27.48%	-47.39%	+19.91%
Average Drawdown Average peak-to-trough decline	-36.05%	-63.42%	+27.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.48%	17.27%	-2.79%

Volatility

OCMAX vs. MIDSX - Volatility Comparison

The current volatility for OCM Gold Fund - Atlas Class (OCMAX) is 11.95%, while Midas Discovery (MIDSX) has a volatility of 13.60%. This indicates that OCMAX experiences smaller price fluctuations and is considered to be less risky than MIDSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OCMAX	MIDSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.95%	13.60%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	35.46%	40.14%	-4.68%
Volatility (1Y) Calculated over the trailing 1-year period	42.20%	47.72%	-5.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.05%	35.48%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.00%	33.74%	+0.26%

OCMAX vs. MIDSX - Expense Ratio Comparison

OCMAX has a 1.88% expense ratio, which is lower than MIDSX's 4.25% expense ratio.

Dividends

OCMAX vs. MIDSX - Dividend Comparison

OCMAX's dividend yield for the trailing twelve months is around 6.21%, while MIDSX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MIDSX Midas Discovery	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OCMAX OCM Gold Fund - Atlas Class	6.21%	5.91%	2.97%	0.00%	0.04%	0.95%	1.44%	5.66%	24.55%	6.72%	18.48%	0.05%

Frequently Asked Questions

Can I hold both OCMAX and MIDSX in my portfolio?

With a correlation of 0.97, OCMAX and MIDSX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, OCMAX or MIDSX?

MIDSX has higher volatility (13.60%) compared to OCMAX (11.95%). In terms of maximum drawdown, OCMAX dropped -76.26% vs MIDSX's -89.77%.

Which has better risk-adjusted returns?

OCMAX currently has the higher Sharpe Ratio (1.42 vs 1.32), 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.