SLASX vs. RPEAX

Last updated Aug 1, 2026

SLASX (Selected American Shares Fund) and RPEAX (Davis Opportunity Fund) are both Large Cap Blend Equities funds from Davis. Over the past 10 years, SLASX returned 13.32%/yr vs 13.19%/yr for RPEAX. Their correlation of 0.89 means they have usually moved in the same direction. SLASX charges 0.98%/yr vs 0.93%/yr for RPEAX.

Performance

SLASX vs. RPEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Selected American Shares Fund (SLASX) and Davis Opportunity Fund (RPEAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLASX achieves a 13.18% return, which is significantly lower than RPEAX's 15.02% return. Both investments have delivered pretty close results over the past 10 years, with SLASX having a 13.32% annualized return and RPEAX not far behind at 13.19%.

SLASX

• 1D: 0.27%
• 1M: 1.40%
• 6M: 9.20%
• YTD: 13.18%
• 1Y: 32.39%
• 3Y*: 20.84%
• 5Y*: 11.97%
• 10Y*: 13.32%
• ALL TIME*: 10.41%

RPEAX

• 1D: 0.75%
• 1M: 2.69%
• 6M: 11.80%
• YTD: 15.02%
• 1Y: 32.15%
• 3Y*: 24.69%
• 5Y*: 14.63%
• 10Y*: 13.19%
• ALL TIME*: 11.54%

*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)
RPEAX Davis Opportunity Fund	$0.00	$0.00	$0.00
SLASX Selected American Shares Fund	$0.00	$0.00	$0.00

SLASX vs. RPEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLASX Selected American Shares Fund	13.18%	26.72%	17.60%	32.47%	-20.33%	17.71%	11.61%	31.20%	-13.96%	21.80%
RPEAX Davis Opportunity Fund	15.02%	21.86%	32.82%	22.21%	-14.12%	24.92%	12.78%	25.06%	-23.66%	23.09%

Correlation

The correlation between SLASX and RPEAX is 0.91, 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.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995	0.89

The correlation between SLASX and RPEAX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

SLASX vs. RPEAX — Risk / Return Rank

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

SLASX

SLASX Risk / Return Rank: 88
SLASX Sharpe Ratio Rank: 89
SLASX Sortino Ratio Rank: 85
SLASX Omega Ratio Rank: 82
SLASX Calmar Ratio Rank: 91
SLASX Martin Ratio Rank: 93

RPEAX

RPEAX Risk / Return Rank: 83
RPEAX Sharpe Ratio Rank: 87
RPEAX Sortino Ratio Rank: 83
RPEAX Omega Ratio Rank: 82
RPEAX Calmar Ratio Rank: 83
RPEAX Martin Ratio Rank: 82

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.

SLASX vs. RPEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Selected American Shares Fund (SLASX) and Davis Opportunity Fund (RPEAX). 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.

	SLASX	RPEAX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.18	+0.07
Sortino ratio: Return per unit of downside risk	3.06	2.94	+0.12
Omega ratio: Gain probability vs. loss probability	1.39	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	3.58	2.82	+0.76
Martin ratio: Return relative to average drawdown	14.25	10.28	+3.97

SLASX vs. RPEAX - Sharpe Ratio Comparison

The current SLASX Sharpe Ratio is 2.25, which is comparable to the RPEAX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of SLASX and RPEAX, 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

SLASX vs. RPEAX - Drawdown Comparison

The maximum SLASX drawdown since its inception was -58.43%, roughly equal to the maximum RPEAX drawdown of -59.71%. Use the drawdown chart below to compare losses from any high point for SLASX and RPEAX.

Drawdown Indicators

	SLASX	RPEAX	Difference
Max Drawdown Largest peak-to-trough decline	-58.43%	-59.71%	+1.28%
Max Drawdown (1Y) Largest decline over 1 year	-8.14%	-10.15%	+2.01%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	-25.44%	+3.30%
Max Drawdown (5Y) Largest decline over 5 years	-31.41%	-26.03%	-5.38%
Max Drawdown (10Y) Largest decline over 10 years	-36.59%	-39.78%	+3.19%
Current Drawdown Current decline from peak	-0.66%	-0.02%	-0.64%
Average Drawdown Average peak-to-trough decline	-8.16%	-10.43%	+2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	2.79%	-0.74%

Volatility

SLASX vs. RPEAX - Volatility Comparison

Selected American Shares Fund (SLASX) has a higher volatility of 3.08% compared to Davis Opportunity Fund (RPEAX) at 2.64%. This indicates that SLASX's price experiences larger fluctuations and is considered to be riskier than RPEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLASX	RPEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	2.64%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	9.30%	9.95%	-0.65%
Volatility (1Y) Calculated over the trailing 1-year period	12.94%	13.14%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.88%	24.50%	-4.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.09%	21.67%	-1.58%

SLASX vs. RPEAX - Expense Ratio Comparison

SLASX has a 0.98% expense ratio, which is higher than RPEAX's 0.93% expense ratio.

Dividends

SLASX vs. RPEAX - Dividend Comparison

SLASX's dividend yield for the trailing twelve months is around 8.54%, less than RPEAX's 12.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RPEAX Davis Opportunity Fund	12.10%	13.91%	33.00%	6.17%	8.47%	9.23%	2.88%	4.86%	0.64%	2.70%	2.44%	21.42%
SLASX Selected American Shares Fund	8.54%	11.56%	20.21%	7.72%	7.85%	12.55%	2.76%	5.06%	18.16%	7.01%	14.99%	21.13%

Frequently Asked Questions

Can I hold both SLASX and RPEAX in my portfolio?

With a correlation of 0.91, SLASX and RPEAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SLASX or RPEAX?

SLASX has higher volatility (3.08%) compared to RPEAX (2.64%). In terms of maximum drawdown, SLASX dropped -58.43% vs RPEAX's -59.71%.

Which has better risk-adjusted returns?

SLASX currently has the higher Sharpe Ratio (2.25 vs 2.18), 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.