SASS vs. AFOS

Last updated Jul 10, 2026

SASS (M.D. Sass Concentrated Value ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both exchange-traded funds - SASS is a Actively Managed fund actively managed by M.D. Sass, while AFOS is a Large Cap Blend Equities fund managed by ARS Investment Partners. A 0.70 correlation means they provide meaningful diversification when combined. SASS charges 0.75%/yr vs 0.45%/yr for AFOS.

Performance

SASS vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in M.D. Sass Concentrated Value ETF (SASS) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SASS

• 1D: 1.28%
• 1M: 1.08%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AFOS

• 1D: 1.12%
• 1M: 4.27%
• 6M: 26.78%
• YTD: 31.59%
• 1Y: 74.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SASS vs. AFOS - Yearly Performance Comparison

	2026 (YTD)
SASS M.D. Sass Concentrated Value ETF	-1.59%
AFOS ARS Focused Opportunities Strategy ETF	20.83%

Correlation

The correlation between SASS and AFOS is 0.70, 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 Mar 4, 2026	0.70

Return for Risk

SASS vs. AFOS — Risk / Return Rank

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

SASS

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

AFOS

AFOS Risk / Return Rank: 95
AFOS Sharpe Ratio Rank: 96
AFOS Sortino Ratio Rank: 94
AFOS Omega Ratio Rank: 94
AFOS Calmar Ratio Rank: 95
AFOS Martin Ratio Rank: 96

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.

SASS vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for M.D. Sass Concentrated Value ETF (SASS) 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.

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.

	SASS	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	—	3.39	—
Sortino ratio: Return per unit of downside risk	—	4.08	—
Omega ratio: Gain probability vs. loss probability	—	1.55	—
Calmar ratio: Return relative to maximum drawdown	—	6.48	—
Martin ratio: Return relative to average drawdown	—	28.69	—

Drawdowns

SASS vs. AFOS - Drawdown Comparison

The maximum SASS drawdown since its inception was -9.61%, smaller than the maximum AFOS drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for SASS and AFOS.

Drawdown Indicators

	SASS	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-9.61%	-11.52%	+1.91%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.52%	—
Current Drawdown Current decline from peak	-2.63%	-3.80%	+1.17%
Average Drawdown Average peak-to-trough decline	-3.51%	-1.51%	-2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.60%	—

Volatility

Volatility by Period

	SASS	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.29%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.42%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.53%	22.00%	-4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.53%	21.74%	-4.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.53%	21.74%	-4.21%

SASS vs. AFOS - Expense Ratio Comparison

SASS has a 0.75% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

SASS vs. AFOS - Dividend Comparison

SASS has not paid dividends to shareholders, while AFOS's dividend yield for the trailing twelve months is around 0.23%.

Position	TTM	2025
AFOS ARS Focused Opportunities Strategy ETF	0.23%	0.30%
SASS M.D. Sass Concentrated Value ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both SASS and AFOS in my portfolio?

SASS and AFOS have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SASS 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, SASS or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 0.75% for SASS.

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

AFOS has the higher dividend yield at 0.23%, compared with 0.00% for SASS.

What is the main difference between SASS and AFOS?

SASS is categorized as Actively Managed, while AFOS is Large Cap Blend Equities. They also come from different issuers: M.D. Sass and ARS Investment Partners. Their fees differ too: 0.75% for SASS and 0.45% for AFOS.