SHAPX vs. AMFEX

Last updated Aug 4, 2026

SHAPX (ClearBridge Appreciation Fund) and AMFEX (AAMA Equity Fund) are both Large Cap Blend Equities funds. Over the past 5 years, SHAPX returned 10.69%/yr vs 10.85%/yr for AMFEX. Their correlation of 0.95 means they have usually moved in the same direction. SHAPX charges 0.93%/yr vs 1.17%/yr for AMFEX.

Performance

SHAPX vs. AMFEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearBridge Appreciation Fund (SHAPX) and AAMA Equity Fund (AMFEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHAPX achieves a 6.73% return, which is significantly lower than AMFEX's 14.42% return.

SHAPX

• 1D: 0.82%
• 1M: 1.26%
• 6M: 4.30%
• YTD: 6.73%
• 1Y: 13.56%
• 3Y*: 15.80%
• 5Y*: 10.69%
• 10Y*: 13.03%
• ALL TIME*: 12.98%

AMFEX

• 1D: 0.75%
• 1M: 1.46%
• 6M: 8.75%
• YTD: 14.42%
• 1Y: 25.63%
• 3Y*: 17.27%
• 5Y*: 10.85%
• 10Y*: —
• ALL TIME*: 12.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AMFEX AAMA Equity Fund	$0.00	$0.00	$0.00
SHAPX ClearBridge Appreciation Fund	$0.00	$0.00	$0.00

SHAPX vs. AMFEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SHAPX ClearBridge Appreciation Fund	6.73%	14.32%	22.37%	19.50%	-12.56%	23.52%	14.53%	29.84%	-7.26%
AMFEX AAMA Equity Fund	14.42%	17.33%	16.28%	17.32%	-14.08%	22.58%	12.70%	24.62%	-9.60%

Correlation

The correlation between SHAPX and AMFEX is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Nov 7, 2018	0.95

The correlation between SHAPX and AMFEX shifts across timeframes, from 0.83 (1 year) to 0.95 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SHAPX vs. AMFEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SHAPX

SHAPX Risk / Return Rank: 31
SHAPX Sharpe Ratio Rank: 30
SHAPX Sortino Ratio Rank: 30
SHAPX Omega Ratio Rank: 29
SHAPX Calmar Ratio Rank: 28
SHAPX Martin Ratio Rank: 37

AMFEX

AMFEX Risk / Return Rank: 91
AMFEX Sharpe Ratio Rank: 92
AMFEX Sortino Ratio Rank: 87
AMFEX Omega Ratio Rank: 85
AMFEX Calmar Ratio Rank: 93
AMFEX Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SHAPX vs. AMFEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Appreciation Fund (SHAPX) and AAMA Equity Fund (AMFEX). 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.

	SHAPX	AMFEX	Difference
Sharpe ratio: Return per unit of total volatility	1.08	2.38	-1.31
Sortino ratio: Return per unit of downside risk	1.57	3.23	-1.66
Omega ratio: Gain probability vs. loss probability	1.19	1.42	-0.23
Calmar ratio: Return relative to maximum drawdown	1.37	3.96	-2.59
Martin ratio: Return relative to average drawdown	5.90	16.52	-10.62

SHAPX vs. AMFEX - Sharpe Ratio Comparison

The current SHAPX Sharpe Ratio is 1.08, which is lower than the AMFEX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SHAPX and AMFEX, 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

SHAPX vs. AMFEX - Drawdown Comparison

The maximum SHAPX drawdown since its inception was -46.19%, which is greater than AMFEX's maximum drawdown of -30.41%. Use the drawdown chart below to compare losses from any high point for SHAPX and AMFEX.

Drawdown Indicators

	SHAPX	AMFEX	Difference
Max Drawdown Largest peak-to-trough decline	-46.19%	-30.41%	-15.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.74%	-6.07%	-2.67%
Max Drawdown (3Y) Largest decline over 3 years	-16.15%	-15.23%	-0.92%
Max Drawdown (5Y) Largest decline over 5 years	-20.53%	-21.21%	+0.68%
Max Drawdown (10Y) Largest decline over 10 years	-32.21%	—	—
Current Drawdown Current decline from peak	-0.32%	0.00%	-0.32%
Average Drawdown Average peak-to-trough decline	-4.76%	-4.23%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	1.46%	+0.57%

Volatility

SHAPX vs. AMFEX - Volatility Comparison

ClearBridge Appreciation Fund (SHAPX) has a higher volatility of 2.82% compared to AAMA Equity Fund (AMFEX) at 2.45%. This indicates that SHAPX's price experiences larger fluctuations and is considered to be riskier than AMFEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHAPX	AMFEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	2.45%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	8.64%	7.77%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	11.13%	10.11%	+1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.92%	14.22%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.73%	16.84%	-0.11%

SHAPX vs. AMFEX - Expense Ratio Comparison

SHAPX has a 0.93% expense ratio, which is lower than AMFEX's 1.17% expense ratio.

Dividends

SHAPX vs. AMFEX - Dividend Comparison

SHAPX's dividend yield for the trailing twelve months is around 13.19%, more than AMFEX's 10.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMFEX AAMA Equity Fund	10.48%	11.99%	9.19%	0.92%	4.82%	0.22%	0.44%	0.78%	0.83%	0.00%	0.00%	0.00%
SHAPX ClearBridge Appreciation Fund	13.19%	14.08%	9.00%	4.17%	8.85%	6.54%	4.13%	7.09%	6.71%	5.10%	3.29%	4.76%

Frequently Asked Questions

Can I hold both SHAPX and AMFEX in my portfolio?

SHAPX and AMFEX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHAPX or AMFEX?

SHAPX has higher volatility (2.82%) compared to AMFEX (2.45%). In terms of maximum drawdown, SHAPX dropped -46.19% vs AMFEX's -30.41%.

Which has better risk-adjusted returns?

AMFEX currently has the higher Sharpe Ratio (2.38 vs 1.08), 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.