PVEX vs. AFOS

Last updated Jun 3, 2026

PVEX (TrueShares ConVequity ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. A 0.77 correlation means they provide meaningful diversification when combined. PVEX charges 0.82%/yr vs 0.45%/yr for AFOS.

Performance

PVEX vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares ConVequity ETF (PVEX) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PVEX achieves a 10.59% return, which is significantly lower than AFOS's 32.42% return.

PVEX

• 1D: 0.43%
• 1M: 5.34%
• YTD: 10.59%
• 6M: 10.19%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AFOS

• 1D: 1.18%
• 1M: 9.94%
• YTD: 32.42%
• 6M: 37.62%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PVEX vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
PVEX TrueShares ConVequity ETF	10.59%	13.68%
AFOS ARS Focused Opportunities Strategy ETF	32.42%	34.69%

Correlation

The correlation between PVEX and AFOS is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.77

Return for Risk

PVEX vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares ConVequity ETF (PVEX) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	PVEX	AFOS	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.88	4.39	-2.52

Drawdowns

PVEX vs. AFOS - Drawdown Comparison

The maximum PVEX drawdown since its inception was -7.63%, smaller than the maximum AFOS drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for PVEX and AFOS.

Drawdown Indicators

	PVEX	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-7.63%	-11.52%	+3.89%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.92%	-1.38%	-0.54%

Volatility

Volatility by Period

	PVEX	AFOS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	15.07%	20.22%	-5.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.07%	20.22%	-5.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.07%	20.22%	-5.15%

PVEX vs. AFOS - Expense Ratio Comparison

PVEX has a 0.82% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

PVEX vs. AFOS - Dividend Comparison

PVEX's dividend yield for the trailing twelve months is around 0.17%, less than AFOS's 0.22% yield.

Position	TTM	2025
AFOS ARS Focused Opportunities Strategy ETF	0.22%	0.30%
PVEX TrueShares ConVequity ETF	0.17%	0.19%

Frequently Asked Questions

Can I hold both PVEX and AFOS in my portfolio?

PVEX and AFOS have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PVEX or AFOS?

On fees, AFOS is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PVEX or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 0.82% for PVEX.

Which ETF pays a higher dividend yield, PVEX or AFOS?

AFOS has the higher dividend yield at 0.22%, compared with 0.17% for PVEX.

What is the main difference between PVEX and AFOS?

They also come from different issuers: TrueShares and ARS Investment Partners. Their fees differ too: 0.82% for PVEX and 0.45% for AFOS.