RMEAX vs. RMDFX

Last updated Jun 23, 2026

RMEAX (Aspiriant Risk-Managed Equity Allocation Fund) and RMDFX (Aspiriant Defensive Allocation Fund) are both mutual funds - RMEAX is a Global Equities fund managed by Aspiriant, while RMDFX is a Multistrategy fund managed by Aspiriant. Over the past 10 years, RMEAX returned 8.38%/yr vs 5.33%/yr for RMDFX. A 0.80 correlation means they provide meaningful diversification when combined. RMEAX charges 0.28%/yr vs 0.18%/yr for RMDFX.

Performance

RMEAX vs. RMDFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aspiriant Risk-Managed Equity Allocation Fund (RMEAX) and Aspiriant Defensive Allocation Fund (RMDFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with RMEAX having a 6.39% return and RMDFX slightly higher at 6.40%. Over the past 10 years, RMEAX has outperformed RMDFX with an annualized return of 8.38%, while RMDFX has yielded a comparatively lower 5.33% annualized return.

RMEAX

• 1D: 0.82%
• 1M: 0.87%
• YTD: 6.39%
• 6M: 6.66%
• 1Y: 19.27%
• 3Y*: 12.22%
• 5Y*: 7.35%
• 10Y*: 8.38%

RMDFX

• 1D: 0.08%
• 1M: -0.08%
• YTD: 6.40%
• 6M: 6.58%
• 1Y: 18.52%
• 3Y*: 10.42%
• 5Y*: 5.51%
• 10Y*: 5.33%

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

RMEAX vs. RMDFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RMEAX Aspiriant Risk-Managed Equity Allocation Fund	6.39%	17.69%	6.55%	16.31%	-13.67%	14.78%	3.98%	16.82%	-3.75%	21.78%
RMDFX Aspiriant Defensive Allocation Fund	6.40%	18.85%	1.45%	8.01%	-6.84%	4.20%	5.10%	11.50%	-4.89%	9.41%

Correlation

The correlation between RMEAX and RMDFX is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.80

The correlation between RMEAX and RMDFX shifts across timeframes, from 0.66 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RMEAX vs. RMDFX — Risk / Return Rank

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

RMEAX

RMEAX Risk / Return Rank: 45
RMEAX Sharpe Ratio Rank: 46
RMEAX Sortino Ratio Rank: 45
RMEAX Omega Ratio Rank: 46
RMEAX Calmar Ratio Rank: 38
RMEAX Martin Ratio Rank: 51

RMDFX

RMDFX Risk / Return Rank: 95
RMDFX Sharpe Ratio Rank: 99
RMDFX Sortino Ratio Rank: 97
RMDFX Omega Ratio Rank: 97
RMDFX Calmar Ratio Rank: 91
RMDFX Martin Ratio Rank: 91

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.

RMEAX vs. RMDFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aspiriant Risk-Managed Equity Allocation Fund (RMEAX) and Aspiriant Defensive Allocation Fund (RMDFX). 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.

	RMEAX	RMDFX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	3.88	-2.02
Sortino ratio: Return per unit of downside risk	2.60	5.37	-2.77
Omega ratio: Gain probability vs. loss probability	1.34	1.84	-0.50
Calmar ratio: Return relative to maximum drawdown	2.22	4.42	-2.19
Martin ratio: Return relative to average drawdown	9.80	17.05	-7.26

RMEAX vs. RMDFX - Sharpe Ratio Comparison

The current RMEAX Sharpe Ratio is 1.86, which is lower than the RMDFX Sharpe Ratio of 3.88. The chart below compares the historical Sharpe Ratios of RMEAX and RMDFX, 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

RMEAX vs. RMDFX - Drawdown Comparison

The maximum RMEAX drawdown since its inception was -23.70%, which is greater than RMDFX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for RMEAX and RMDFX.

Drawdown Indicators

	RMEAX	RMDFX	Difference
Max Drawdown Largest peak-to-trough decline	-23.70%	-15.96%	-7.74%
Max Drawdown (1Y) Largest decline over 1 year	-8.41%	-4.19%	-4.22%
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	-5.79%	-10.70%
Max Drawdown (5Y) Largest decline over 5 years	-21.79%	-14.63%	-7.16%
Max Drawdown (10Y) Largest decline over 10 years	-23.70%	-15.96%	-7.74%
Current Drawdown Current decline from peak	-0.86%	-0.94%	+0.08%
Average Drawdown Average peak-to-trough decline	-4.24%	-3.32%	-0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.08%	+0.82%

Volatility

RMEAX vs. RMDFX - Volatility Comparison

Aspiriant Risk-Managed Equity Allocation Fund (RMEAX) has a higher volatility of 3.47% compared to Aspiriant Defensive Allocation Fund (RMDFX) at 1.38%. This indicates that RMEAX's price experiences larger fluctuations and is considered to be riskier than RMDFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RMEAX	RMDFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	1.38%	+2.09%
Volatility (6M) Calculated over the trailing 6-month period	8.21%	4.12%	+4.09%
Volatility (1Y) Calculated over the trailing 1-year period	10.07%	4.76%	+5.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.06%	6.34%	+5.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.87%	6.23%	+5.64%

RMEAX vs. RMDFX - Expense Ratio Comparison

RMEAX has a 0.28% expense ratio, which is higher than RMDFX's 0.18% expense ratio.

Dividends

RMEAX vs. RMDFX - Dividend Comparison

RMEAX's dividend yield for the trailing twelve months is around 11.09%, more than RMDFX's 4.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RMDFX Aspiriant Defensive Allocation Fund	4.36%	4.63%	0.00%	3.69%	0.78%	5.37%	2.28%	3.78%	4.11%	2.16%	1.16%	0.00%
RMEAX Aspiriant Risk-Managed Equity Allocation Fund	11.09%	11.80%	0.00%	5.30%	2.16%	2.46%	1.64%	4.69%	4.53%	2.67%	2.27%	1.79%

Frequently Asked Questions

Can I hold both RMEAX and RMDFX in my portfolio?

RMEAX and RMDFX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RMEAX or RMDFX?

RMEAX has higher volatility (3.47%) compared to RMDFX (1.38%). In terms of maximum drawdown, RMEAX dropped -23.70% vs RMDFX's -15.96%.

Which has better risk-adjusted returns?

RMDFX currently has the higher Sharpe Ratio (3.88 vs 1.86), 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.