SHLMX vs. AMAPX

Last updated Jun 3, 2026

SHLMX (Virtus Stone Harbor Local Markets) and AMAPX (Amana Participation Fund) are both Emerging Markets Bonds funds. Over the past 10 years, SHLMX returned 2.19%/yr vs 2.22%/yr for AMAPX. At a 0.27 correlation, their price movements are largely independent. SHLMX charges 1.01%/yr vs 0.78%/yr for AMAPX.

Performance

SHLMX vs. AMAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Stone Harbor Local Markets (SHLMX) and Amana Participation Fund (AMAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHLMX achieves a 1.29% return, which is significantly higher than AMAPX's 0.26% return. Both investments have delivered pretty close results over the past 10 years, with SHLMX having a 2.19% annualized return and AMAPX not far ahead at 2.22%.

SHLMX

• 1D: 0.12%
• 1M: 1.05%
• YTD: 1.29%
• 6M: 2.66%
• 1Y: 10.51%
• 3Y*: 6.97%
• 5Y*: 0.97%
• 10Y*: 2.19%

AMAPX

• 1D: 0.00%
• 1M: 0.22%
• YTD: 0.26%
• 6M: 0.60%
• 1Y: 4.14%
• 3Y*: 3.76%
• 5Y*: 1.32%
• 10Y*: 2.22%

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

SHLMX vs. AMAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHLMX Virtus Stone Harbor Local Markets	1.29%	19.32%	-5.84%	12.02%	-11.67%	-8.23%	1.87%	13.08%	-9.29%	15.36%
AMAPX Amana Participation Fund	0.26%	5.98%	3.77%	2.09%	-5.27%	0.49%	5.35%	6.61%	0.08%	2.56%

Correlation

The correlation between SHLMX and AMAPX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Oct 13, 2015	0.27

The correlation between SHLMX and AMAPX shifts across timeframes, from 0.27 (10 years) to 0.46 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SHLMX vs. AMAPX — Risk / Return Rank

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

SHLMX

SHLMX Risk / Return Rank: 29
SHLMX Sharpe Ratio Rank: 34
SHLMX Sortino Ratio Rank: 35
SHLMX Omega Ratio Rank: 40
SHLMX Calmar Ratio Rank: 19
SHLMX Martin Ratio Rank: 20

AMAPX

AMAPX Risk / Return Rank: 48
AMAPX Sharpe Ratio Rank: 41
AMAPX Sortino Ratio Rank: 55
AMAPX Omega Ratio Rank: 86
AMAPX Calmar Ratio Rank: 29
AMAPX Martin Ratio Rank: 27

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.

SHLMX vs. AMAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Stone Harbor Local Markets (SHLMX) and Amana Participation Fund (AMAPX). 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.

	SHLMX	AMAPX	Difference
Sharpe ratio Return per unit of total volatility	1.69	1.90	-0.21
Sortino ratio Return per unit of downside risk	2.45	3.13	-0.68
Omega ratio Gain probability vs. loss probability	1.34	1.59	-0.25
Calmar ratio Return relative to maximum drawdown	1.60	2.08	-0.49
Martin ratio Return relative to average drawdown	5.42	6.78	-1.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHLMX vs. AMAPX - Sharpe Ratio Comparison

The current SHLMX Sharpe Ratio is 1.69, which is comparable to the AMAPX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SHLMX and AMAPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SHLMX	AMAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	1.90	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.61	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	1.11	-0.86
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	1.11	-1.09

Drawdowns

SHLMX vs. AMAPX - Drawdown Comparison

The maximum SHLMX drawdown since its inception was -37.35%, which is greater than AMAPX's maximum drawdown of -7.75%. Use the drawdown chart below to compare losses from any high point for SHLMX and AMAPX.

Drawdown Indicators

	SHLMX	AMAPX	Difference
Max Drawdown Largest peak-to-trough decline	-37.35%	-7.75%	-29.60%
Max Drawdown (1Y) Largest decline over 1 year	-6.65%	-2.51%	-4.14%
Max Drawdown (3Y) Largest decline over 3 years	-9.99%	-2.74%	-7.25%
Max Drawdown (5Y) Largest decline over 5 years	-25.22%	-7.75%	-17.47%
Max Drawdown (10Y) Largest decline over 10 years	-26.60%	-7.75%	-18.85%
Current Drawdown Current decline from peak	-10.67%	-0.60%	-10.07%
Average Drawdown Average peak-to-trough decline	-18.50%	-1.56%	-16.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	0.77%	+1.19%

Volatility

SHLMX vs. AMAPX - Volatility Comparison

Virtus Stone Harbor Local Markets (SHLMX) has a higher volatility of 2.14% compared to Amana Participation Fund (AMAPX) at 1.50%. This indicates that SHLMX's price experiences larger fluctuations and is considered to be riskier than AMAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHLMX	AMAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	1.50%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	5.73%	1.98%	+3.75%
Volatility (1Y) Calculated over the trailing 1-year period	6.58%	2.20%	+4.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.01%	2.19%	+5.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.96%	2.01%	+6.95%

SHLMX vs. AMAPX - Expense Ratio Comparison

SHLMX has a 1.01% expense ratio, which is higher than AMAPX's 0.78% expense ratio.

Dividends

SHLMX vs. AMAPX - Dividend Comparison

SHLMX's dividend yield for the trailing twelve months is around 10.03%, more than AMAPX's 3.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AMAPX Amana Participation Fund	3.66%	3.52%	3.15%	2.25%	1.30%	1.55%	1.95%	2.45%	2.62%	2.14%	2.14%
SHLMX Virtus Stone Harbor Local Markets	10.03%	10.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	1.99%	1.04%	0.00%

Frequently Asked Questions

Can I hold both SHLMX and AMAPX in my portfolio?

SHLMX and AMAPX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHLMX or AMAPX?

SHLMX has higher volatility (2.14%) compared to AMAPX (1.50%). In terms of maximum drawdown, SHLMX dropped -37.35% vs AMAPX's -7.75%.

Which has better risk-adjusted returns?

AMAPX currently has the higher Sharpe Ratio (1.90 vs 1.69), 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.