ORILX vs. ORSIX

Last updated Jun 23, 2026

ORILX (North Square Multi Strategy Fund) and ORSIX (North Square Dynamic Small Cap Fund) are both mutual funds - ORILX is a Diversified Portfolio fund managed by North Square, while ORSIX is a Small Cap Blend Equities fund managed by North Square. Over the past 10 years, ORILX returned 11.14%/yr vs 14.60%/yr for ORSIX. Their correlation of 0.90 suggests significant overlap in exposure. ORILX charges 0.79%/yr vs 1.36%/yr for ORSIX.

Performance

ORILX vs. ORSIX - Performance Comparison

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

Returns By Period

In the year-to-date period, ORILX achieves a 8.56% return, which is significantly lower than ORSIX's 20.49% return. Over the past 10 years, ORILX has underperformed ORSIX with an annualized return of 11.14%, while ORSIX has yielded a comparatively higher 14.60% annualized return.

ORILX

• 1D: 0.89%
• 1M: 1.85%
• YTD: 8.56%
• 6M: 7.71%
• 1Y: 19.98%
• 3Y*: 14.25%
• 5Y*: 8.25%
• 10Y*: 11.14%

ORSIX

• 1D: 1.72%
• 1M: 3.12%
• YTD: 20.49%
• 6M: 17.66%
• 1Y: 42.94%
• 3Y*: 21.13%
• 5Y*: 11.87%
• 10Y*: 14.60%

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

ORILX vs. ORSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ORILX North Square Multi Strategy Fund	8.56%	12.28%	12.14%	18.00%	-16.48%	21.16%	16.98%	25.10%	-9.12%	26.36%
ORSIX North Square Dynamic Small Cap Fund	20.49%	10.44%	14.94%	29.16%	-18.46%	24.36%	19.34%	27.72%	-9.57%	15.63%

Correlation

The correlation between ORILX and ORSIX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 2, 2015	0.90

The correlation between ORILX and ORSIX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

ORILX vs. ORSIX — Risk / Return Rank

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

ORILX

ORILX Risk / Return Rank: 52
ORILX Sharpe Ratio Rank: 49
ORILX Sortino Ratio Rank: 50
ORILX Omega Ratio Rank: 46
ORILX Calmar Ratio Rank: 56
ORILX Martin Ratio Rank: 60

ORSIX

ORSIX Risk / Return Rank: 75
ORSIX Sharpe Ratio Rank: 72
ORSIX Sortino Ratio Rank: 67
ORSIX Omega Ratio Rank: 55
ORSIX Calmar Ratio Rank: 93
ORSIX Martin Ratio Rank: 89

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. ORSIX - Risk-Adjusted Trends Comparison

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

	ORILX	ORSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.26	-0.36
Sortino ratio: Return per unit of downside risk	2.74	3.11	-0.37
Omega ratio: Gain probability vs. loss probability	1.34	1.38	-0.03
Calmar ratio: Return relative to maximum drawdown	2.72	4.77	-2.05
Martin ratio: Return relative to average drawdown	11.16	16.18	-5.02

ORILX vs. ORSIX - Sharpe Ratio Comparison

The current ORILX Sharpe Ratio is 1.90, which is comparable to the ORSIX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of ORILX and ORSIX, 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

ORILX vs. ORSIX - Drawdown Comparison

The maximum ORILX drawdown since its inception was -50.59%, which is greater than ORSIX's maximum drawdown of -42.58%. Use the drawdown chart below to compare losses from any high point for ORILX and ORSIX.

Drawdown Indicators

	ORILX	ORSIX	Difference
Max Drawdown Largest peak-to-trough decline	-50.59%	-42.58%	-8.01%
Max Drawdown (1Y) Largest decline over 1 year	-7.30%	-9.00%	+1.70%
Max Drawdown (3Y) Largest decline over 3 years	-13.73%	-26.57%	+12.84%
Max Drawdown (5Y) Largest decline over 5 years	-22.71%	-31.32%	+8.61%
Max Drawdown (10Y) Largest decline over 10 years	-32.12%	-42.58%	+10.46%
Current Drawdown Current decline from peak	-0.16%	0.00%	-0.16%
Average Drawdown Average peak-to-trough decline	-10.14%	-8.23%	-1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	2.65%	-0.87%

Volatility

ORILX vs. ORSIX - Volatility Comparison

The current volatility for North Square Multi Strategy Fund (ORILX) is 3.71%, while North Square Dynamic Small Cap Fund (ORSIX) has a volatility of 6.13%. This indicates that ORILX experiences smaller price fluctuations and is considered to be less risky than ORSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORILX	ORSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	6.13%	-2.42%
Volatility (6M) Calculated over the trailing 6-month period	8.15%	14.06%	-5.91%
Volatility (1Y) Calculated over the trailing 1-year period	10.44%	18.97%	-8.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.25%	22.59%	-9.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.81%	23.40%	-7.59%

ORILX vs. ORSIX - Expense Ratio Comparison

ORILX has a 0.79% expense ratio, which is lower than ORSIX's 1.36% expense ratio.

Dividends

ORILX vs. ORSIX - Dividend Comparison

ORILX's dividend yield for the trailing twelve months is around 10.59%, more than ORSIX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ORILX North Square Multi Strategy Fund	10.59%	11.49%	1.96%	1.15%	47.95%	6.08%	0.00%	6.54%	54.03%	0.00%	0.00%	0.00%
ORSIX North Square Dynamic Small Cap Fund	2.34%	2.82%	5.56%	0.16%	0.21%	46.91%	1.85%	0.26%	21.64%	0.31%	0.29%	0.37%

Frequently Asked Questions

Can I hold both ORILX and ORSIX in my portfolio?

With a correlation of 0.92, ORILX and ORSIX 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, ORILX or ORSIX?

ORSIX has higher volatility (6.13%) compared to ORILX (3.71%). In terms of maximum drawdown, ORILX dropped -50.59% vs ORSIX's -42.58%.

Which has better risk-adjusted returns?

ORSIX currently has the higher Sharpe Ratio (2.26 vs 1.90), 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.