ORILX vs. ADVGX

Last updated Jun 4, 2026

ORILX (North Square Multi Strategy Fund) and ADVGX (North Square Advisory Research Small Cap Value Fund) are both mutual funds - ORILX is a Diversified Portfolio fund managed by North Square, while ADVGX is a Large Cap Value Equities fund managed by North Square. Over the past 10 years, ORILX returned 10.84%/yr vs 11.61%/yr for ADVGX. Their correlation of 0.87 suggests significant overlap in exposure. ORILX charges 0.79%/yr vs 0.95%/yr for ADVGX.

Performance

ORILX vs. ADVGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in North Square Multi Strategy Fund (ORILX) and North Square Advisory Research Small Cap Value Fund (ADVGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ORILX achieves a 8.16% return, which is significantly lower than ADVGX's 11.42% return. Over the past 10 years, ORILX has underperformed ADVGX with an annualized return of 10.84%, while ADVGX has yielded a comparatively higher 11.61% annualized return.

ORILX

• 1D: 0.31%
• 1M: 3.61%
• YTD: 8.16%
• 6M: 8.58%
• 1Y: 18.82%
• 3Y*: 14.97%
• 5Y*: 8.08%
• 10Y*: 10.84%

ADVGX

• 1D: -0.20%
• 1M: 7.28%
• YTD: 11.42%
• 6M: 12.87%
• 1Y: 27.39%
• 3Y*: 17.96%
• 5Y*: 9.77%
• 10Y*: 11.61%

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

ORILX vs. ADVGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ORILX North Square Multi Strategy Fund	8.16%	12.28%	12.14%	18.00%	-16.48%	21.16%	16.98%	25.10%	-9.12%	26.36%
ADVGX North Square Advisory Research Small Cap Value Fund	11.42%	7.13%	15.52%	20.90%	-12.98%	29.94%	-2.61%	27.64%	-3.27%	19.60%

Correlation

The correlation between ORILX and ADVGX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Nov 18, 2009	0.87

The correlation between ORILX and ADVGX has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

Return for Risk

ORILX vs. ADVGX — Risk / Return Rank

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

ORILX

ORILX Risk / Return Rank: 47
ORILX Sharpe Ratio Rank: 45
ORILX Sortino Ratio Rank: 45
ORILX Omega Ratio Rank: 43
ORILX Calmar Ratio Rank: 50
ORILX Martin Ratio Rank: 55

ADVGX

ADVGX Risk / Return Rank: 27
ADVGX Sharpe Ratio Rank: 29
ADVGX Sortino Ratio Rank: 30
ADVGX Omega Ratio Rank: 26
ADVGX Calmar Ratio Rank: 29
ADVGX Martin Ratio Rank: 20

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.

ORILX vs. ADVGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for North Square Multi Strategy Fund (ORILX) and North Square Advisory Research Small Cap Value Fund (ADVGX). 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.

	ORILX	ADVGX	Difference
Sharpe ratio Return per unit of total volatility	1.96	1.55	+0.41
Sortino ratio Return per unit of downside risk	2.83	2.29	+0.54
Omega ratio Gain probability vs. loss probability	1.35	1.27	+0.09
Calmar ratio Return relative to maximum drawdown	2.69	2.01	+0.68
Martin ratio Return relative to average drawdown	11.10	5.34	+5.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ORILX vs. ADVGX - Sharpe Ratio Comparison

The current ORILX Sharpe Ratio is 1.96, which is comparable to the ADVGX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of ORILX and ADVGX, 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

	ORILX	ADVGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	1.55	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.46	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.55	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.58	-0.20

Drawdowns

ORILX vs. ADVGX - Drawdown Comparison

The maximum ORILX drawdown since its inception was -50.59%, which is greater than ADVGX's maximum drawdown of -41.34%. Use the drawdown chart below to compare losses from any high point for ORILX and ADVGX.

Drawdown Indicators

	ORILX	ADVGX	Difference
Max Drawdown Largest peak-to-trough decline	-50.59%	-41.34%	-9.25%
Max Drawdown (1Y) Largest decline over 1 year	-7.30%	-14.92%	+7.62%
Max Drawdown (3Y) Largest decline over 3 years	-13.73%	-27.69%	+13.96%
Max Drawdown (5Y) Largest decline over 5 years	-22.71%	-27.69%	+4.98%
Max Drawdown (10Y) Largest decline over 10 years	-32.12%	-41.34%	+9.22%
Current Drawdown Current decline from peak	0.00%	-0.81%	+0.81%
Average Drawdown Average peak-to-trough decline	-10.16%	-5.57%	-4.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	5.60%	-3.83%

Volatility

ORILX vs. ADVGX - Volatility Comparison

The current volatility for North Square Multi Strategy Fund (ORILX) is 2.73%, while North Square Advisory Research Small Cap Value Fund (ADVGX) has a volatility of 6.24%. This indicates that ORILX experiences smaller price fluctuations and is considered to be less risky than ADVGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORILX	ADVGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	6.24%	-3.51%
Volatility (6M) Calculated over the trailing 6-month period	7.59%	13.84%	-6.25%
Volatility (1Y) Calculated over the trailing 1-year period	10.02%	19.36%	-9.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.19%	21.45%	-8.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.79%	21.06%	-5.27%

ORILX vs. ADVGX - Expense Ratio Comparison

ORILX has a 0.79% expense ratio, which is lower than ADVGX's 0.95% expense ratio.

Dividends

ORILX vs. ADVGX - Dividend Comparison

ORILX's dividend yield for the trailing twelve months is around 10.63%, more than ADVGX's 5.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADVGX North Square Advisory Research Small Cap Value Fund	5.10%	5.68%	1.16%	0.85%	6.87%	7.52%	11.47%	11.43%	41.46%	9.66%	7.34%	19.79%
ORILX North Square Multi Strategy Fund	10.63%	11.49%	1.96%	1.15%	47.95%	6.08%	0.00%	6.54%	54.03%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ORILX and ADVGX in my portfolio?

ORILX and ADVGX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ORILX or ADVGX?

ADVGX has higher volatility (6.24%) compared to ORILX (2.73%). In terms of maximum drawdown, ORILX dropped -50.59% vs ADVGX's -41.34%.

Which has better risk-adjusted returns?

ORILX currently has the higher Sharpe Ratio (1.96 vs 1.55), 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.