OFALX vs. OFSAX

Last updated Jun 4, 2026

OFALX (Olstein All Cap Value Fund) and OFSAX (Olstein Strategic Opportunities Fund) are both mutual funds - OFALX is a Large Cap Value Equities fund managed by Olstein, while OFSAX is a Small Cap Value Equities fund managed by Olstein. Over the past 10 years, OFALX returned 8.18%/yr vs 7.59%/yr for OFSAX. Their correlation of 0.94 suggests significant overlap in exposure. OFALX charges 2.15%/yr vs 1.60%/yr for OFSAX.

Performance

OFALX vs. OFSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Olstein All Cap Value Fund (OFALX) and Olstein Strategic Opportunities Fund (OFSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OFALX achieves a 4.48% return, which is significantly lower than OFSAX's 11.33% return. Over the past 10 years, OFALX has outperformed OFSAX with an annualized return of 8.18%, while OFSAX has yielded a comparatively lower 7.59% annualized return.

OFALX

• 1D: 0.05%
• 1M: 3.21%
• YTD: 4.48%
• 6M: 6.68%
• 1Y: 15.17%
• 3Y*: 9.33%
• 5Y*: 2.37%
• 10Y*: 8.18%

OFSAX

• 1D: 0.85%
• 1M: 8.24%
• YTD: 11.33%
• 6M: 11.48%
• 1Y: 26.24%
• 3Y*: 8.99%
• 5Y*: 0.76%
• 10Y*: 7.59%

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

OFALX vs. OFSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OFALX Olstein All Cap Value Fund	4.48%	7.07%	8.94%	11.39%	-19.24%	25.52%	10.01%	31.54%	-11.04%	14.30%
OFSAX Olstein Strategic Opportunities Fund	11.33%	4.93%	2.99%	14.28%	-21.36%	21.82%	15.82%	28.61%	-14.06%	5.88%

Correlation

The correlation between OFALX and OFSAX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Nov 7, 2006	0.94

The correlation between OFALX and OFSAX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

OFALX vs. OFSAX — Risk / Return Rank

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

OFALX

OFALX Risk / Return Rank: 19
OFALX Sharpe Ratio Rank: 18
OFALX Sortino Ratio Rank: 19
OFALX Omega Ratio Rank: 17
OFALX Calmar Ratio Rank: 20
OFALX Martin Ratio Rank: 19

OFSAX

OFSAX Risk / Return Rank: 24
OFSAX Sharpe Ratio Rank: 24
OFSAX Sortino Ratio Rank: 26
OFSAX Omega Ratio Rank: 22
OFSAX Calmar Ratio Rank: 26
OFSAX Martin Ratio Rank: 23

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.

OFALX vs. OFSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Olstein All Cap Value Fund (OFALX) and Olstein Strategic Opportunities Fund (OFSAX). 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.

	OFALX	OFSAX	Difference
Sharpe ratio Return per unit of total volatility	1.20	1.40	-0.20
Sortino ratio Return per unit of downside risk	1.83	2.14	-0.30
Omega ratio Gain probability vs. loss probability	1.21	1.24	-0.03
Calmar ratio Return relative to maximum drawdown	1.64	1.91	-0.27
Martin ratio Return relative to average drawdown	5.13	5.83	-0.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OFALX vs. OFSAX - Sharpe Ratio Comparison

The current OFALX Sharpe Ratio is 1.20, which is comparable to the OFSAX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of OFALX and OFSAX, 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

	OFALX	OFSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	1.40	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.03	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.31	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.28	+0.18

Drawdowns

OFALX vs. OFSAX - Drawdown Comparison

The maximum OFALX drawdown since its inception was -63.49%, roughly equal to the maximum OFSAX drawdown of -66.34%. Use the drawdown chart below to compare losses from any high point for OFALX and OFSAX.

Drawdown Indicators

	OFALX	OFSAX	Difference
Max Drawdown Largest peak-to-trough decline	-63.49%	-66.34%	+2.85%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-15.17%	+5.09%
Max Drawdown (3Y) Largest decline over 3 years	-20.22%	-28.20%	+7.98%
Max Drawdown (5Y) Largest decline over 5 years	-28.27%	-35.35%	+7.08%
Max Drawdown (10Y) Largest decline over 10 years	-41.26%	-47.25%	+5.99%
Current Drawdown Current decline from peak	-2.10%	0.00%	-2.10%
Average Drawdown Average peak-to-trough decline	-10.45%	-13.22%	+2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	4.96%	-1.75%

Volatility

OFALX vs. OFSAX - Volatility Comparison

The current volatility for Olstein All Cap Value Fund (OFALX) is 3.34%, while Olstein Strategic Opportunities Fund (OFSAX) has a volatility of 4.95%. This indicates that OFALX experiences smaller price fluctuations and is considered to be less risky than OFSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OFALX	OFSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	4.95%	-1.61%
Volatility (6M) Calculated over the trailing 6-month period	9.62%	13.83%	-4.21%
Volatility (1Y) Calculated over the trailing 1-year period	13.75%	20.72%	-6.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.39%	22.91%	-5.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	24.31%	-3.05%

OFALX vs. OFSAX - Expense Ratio Comparison

OFALX has a 2.15% expense ratio, which is higher than OFSAX's 1.60% expense ratio.

Dividends

OFALX vs. OFSAX - Dividend Comparison

OFALX's dividend yield for the trailing twelve months is around 8.19%, more than OFSAX's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OFALX Olstein All Cap Value Fund	8.19%	8.56%	11.24%	0.13%	10.61%	19.70%	0.18%	6.55%	11.05%	6.08%	0.22%	17.34%
OFSAX Olstein Strategic Opportunities Fund	2.36%	2.63%	6.92%	0.09%	1.67%	10.25%	0.00%	0.00%	0.94%	0.00%	0.00%	10.33%

Frequently Asked Questions

Can I hold both OFALX and OFSAX in my portfolio?

With a correlation of 0.91, OFALX and OFSAX 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, OFALX or OFSAX?

OFSAX has higher volatility (4.95%) compared to OFALX (3.34%). In terms of maximum drawdown, OFALX dropped -63.49% vs OFSAX's -66.34%.

Which has better risk-adjusted returns?

OFSAX currently has the higher Sharpe Ratio (1.40 vs 1.20), 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.