RYEIX vs. APWEX

Last updated Jun 23, 2026

RYEIX (Rydex Energy Fund) and APWEX (Cavanal Hill World Energy Fund) are both Energy Equities funds. Over the past 10 years, RYEIX returned 5.55%/yr vs 11.39%/yr for APWEX. Their correlation of 0.94 suggests significant overlap in exposure. RYEIX charges 1.36%/yr vs 1.15%/yr for APWEX.

Performance

RYEIX vs. APWEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rydex Energy Fund (RYEIX) and Cavanal Hill World Energy Fund (APWEX). 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 RYEIX having a 24.23% return and APWEX slightly higher at 24.84%. Over the past 10 years, RYEIX has underperformed APWEX with an annualized return of 5.55%, while APWEX has yielded a comparatively higher 11.39% annualized return.

RYEIX

• 1D: -0.92%
• 1M: -9.30%
• YTD: 24.23%
• 6M: 24.87%
• 1Y: 31.38%
• 3Y*: 12.86%
• 5Y*: 16.73%
• 10Y*: 5.55%

APWEX

• 1D: 0.18%
• 1M: -6.08%
• YTD: 24.84%
• 6M: 24.36%
• 1Y: 30.70%
• 3Y*: 23.43%
• 5Y*: 20.16%
• 10Y*: 11.39%

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

RYEIX vs. APWEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYEIX Rydex Energy Fund	24.23%	6.96%	0.49%	1.87%	49.54%	50.70%	-34.24%	6.50%	-25.31%	-6.17%
APWEX Cavanal Hill World Energy Fund	24.84%	21.35%	13.22%	4.57%	32.44%	36.63%	-0.00%	8.29%	-24.50%	-1.94%

Correlation

The correlation between RYEIX and APWEX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Feb 6, 2014	0.94

The correlation between RYEIX and APWEX shifts across timeframes, from 0.80 (1 year) to 0.94 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RYEIX vs. APWEX — Risk / Return Rank

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

RYEIX

RYEIX Risk / Return Rank: 41
RYEIX Sharpe Ratio Rank: 35
RYEIX Sortino Ratio Rank: 30
RYEIX Omega Ratio Rank: 29
RYEIX Calmar Ratio Rank: 61
RYEIX Martin Ratio Rank: 47

APWEX

APWEX Risk / Return Rank: 52
APWEX Sharpe Ratio Rank: 41
APWEX Sortino Ratio Rank: 37
APWEX Omega Ratio Rank: 37
APWEX Calmar Ratio Rank: 83
APWEX Martin Ratio Rank: 64

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.

RYEIX vs. APWEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rydex Energy Fund (RYEIX) and Cavanal Hill World Energy Fund (APWEX). 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.

	RYEIX	APWEX	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.73	-0.14
Sortino ratio: Return per unit of downside risk	2.14	2.37	-0.22
Omega ratio: Gain probability vs. loss probability	1.27	1.30	-0.03
Calmar ratio: Return relative to maximum drawdown	2.86	3.66	-0.80
Martin ratio: Return relative to average drawdown	9.22	11.78	-2.57

RYEIX vs. APWEX - Sharpe Ratio Comparison

The current RYEIX Sharpe Ratio is 1.60, which is comparable to the APWEX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of RYEIX and APWEX, 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

RYEIX vs. APWEX - Drawdown Comparison

The maximum RYEIX drawdown since its inception was -83.50%, which is greater than APWEX's maximum drawdown of -61.57%. Use the drawdown chart below to compare losses from any high point for RYEIX and APWEX.

Drawdown Indicators

	RYEIX	APWEX	Difference
Max Drawdown Largest peak-to-trough decline	-83.50%	-61.57%	-21.93%
Max Drawdown (1Y) Largest decline over 1 year	-11.15%	-8.58%	-2.57%
Max Drawdown (3Y) Largest decline over 3 years	-26.94%	-23.02%	-3.92%
Max Drawdown (5Y) Largest decline over 5 years	-26.94%	-25.75%	-1.19%
Max Drawdown (10Y) Largest decline over 10 years	-74.93%	-57.43%	-17.50%
Current Drawdown Current decline from peak	-11.15%	-8.41%	-2.74%
Average Drawdown Average peak-to-trough decline	-28.58%	-17.01%	-11.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	2.66%	+0.80%

Volatility

RYEIX vs. APWEX - Volatility Comparison

Rydex Energy Fund (RYEIX) has a higher volatility of 6.55% compared to Cavanal Hill World Energy Fund (APWEX) at 5.60%. This indicates that RYEIX's price experiences larger fluctuations and is considered to be riskier than APWEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYEIX	APWEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	5.60%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	15.48%	13.40%	+2.08%
Volatility (1Y) Calculated over the trailing 1-year period	19.99%	18.14%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.47%	25.82%	+0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.81%	25.85%	+5.96%

RYEIX vs. APWEX - Expense Ratio Comparison

RYEIX has a 1.36% expense ratio, which is higher than APWEX's 1.15% expense ratio.

Dividends

RYEIX vs. APWEX - Dividend Comparison

RYEIX's dividend yield for the trailing twelve months is around 2.02%, more than APWEX's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APWEX Cavanal Hill World Energy Fund	0.60%	0.45%	1.80%	1.54%	1.95%	1.44%	1.54%	2.57%	1.26%	0.43%	0.97%	0.67%
RYEIX Rydex Energy Fund	2.02%	2.51%	3.84%	2.68%	2.55%	0.50%	2.38%	0.78%	0.81%	0.71%	0.62%	0.43%

Frequently Asked Questions

Can I hold both RYEIX and APWEX in my portfolio?

RYEIX and APWEX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYEIX or APWEX?

RYEIX has higher volatility (6.55%) compared to APWEX (5.60%). In terms of maximum drawdown, RYEIX dropped -83.50% vs APWEX's -61.57%.

Which has better risk-adjusted returns?

APWEX currently has the higher Sharpe Ratio (1.73 vs 1.60), 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.