SMRSX vs. AVPEX
SMRSX (ALPS/Smith Short Duration Bond Fund) and AVPEX (ALPS/Red Rocks Global Opportunity Portfolio) are both mutual funds - SMRSX is a Short-Term Bond fund managed by ALPS, while AVPEX is a Global Equities fund managed by ALPS. Over the past 5 years, SMRSX returned 2.21%/yr vs 1.69%/yr for AVPEX. Their 0.18 correlation means their historical movements had little consistent relationship. SMRSX charges 0.93%/yr vs 1.45%/yr for AVPEX.
Performance
SMRSX vs. AVPEX - Performance Comparison
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Returns By Period
In the year-to-date period, SMRSX achieves a 0.81% return, which is significantly higher than AVPEX's -5.82% return.
SMRSX
- 1D
- 0.00%
- 1M
- -0.06%
- 6M
- 0.61%
- YTD
- 0.81%
- 1Y
- 2.69%
- 3Y*
- 4.59%
- 5Y*
- 2.21%
- 10Y*
- —
- ALL TIME*
- 2.78%
AVPEX
- 1D
- 0.69%
- 1M
- 3.74%
- 6M
- -4.50%
- YTD
- -5.82%
- 1Y
- -6.49%
- 3Y*
- 7.88%
- 5Y*
- 1.69%
- 10Y*
- 8.74%
- ALL TIME*
- 7.90%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
SMRSX vs. AVPEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SMRSX ALPS/Smith Short Duration Bond Fund | 0.81% | 5.38% | 4.50% | 4.73% | -3.47% | -0.39% | 6.27% | 4.13% | 0.87% |
AVPEX ALPS/Red Rocks Global Opportunity Portfolio | -5.82% | 1.46% | 18.06% | 28.80% | -28.96% | 24.03% | 9.25% | 43.19% | -11.29% |
Correlation
The correlation between SMRSX and AVPEX is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2018 | 0.18 |
Over the past year, SMRSX and AVPEX have become more correlated (0.39) than their long-term average of 0.18, meaning their price movements have been converging.
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Return for Risk
SMRSX vs. AVPEX — Risk / Return Rank
SMRSX
AVPEX
SMRSX vs. AVPEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ALPS/Smith Short Duration Bond Fund (SMRSX) and ALPS/Red Rocks Global Opportunity Portfolio (AVPEX). 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.
| SMRSX | AVPEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.69 | ||
| Sortino ratioReturn per unit of downside risk | +3.95 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 0.94 | +0.59 |
| Calmar ratioReturn relative to maximum drawdown | 3.28 | -0.36 | +3.64 |
| Martin ratioReturn relative to average drawdown | 13.28 | -0.74 | +14.02 |
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Drawdowns
SMRSX vs. AVPEX - Drawdown Comparison
The maximum SMRSX drawdown since its inception was -5.62%, smaller than the maximum AVPEX drawdown of -46.42%. Use the drawdown chart below to compare losses from any high point for SMRSX and AVPEX.
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Drawdown Indicators
| SMRSX | AVPEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.62% | -46.42% | +40.80% |
Max Drawdown (1Y)Largest decline over 1 year | -0.95% | -21.97% | +21.02% |
Max Drawdown (3Y)Largest decline over 3 years | -0.95% | -22.41% | +21.46% |
Max Drawdown (5Y)Largest decline over 5 years | -5.62% | -37.50% | +31.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.42% | — |
Current DrawdownCurrent decline from peak | -0.16% | -10.51% | +10.35% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -8.67% | +7.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 10.62% | -10.39% |
Volatility
SMRSX vs. AVPEX - Volatility Comparison
The current volatility for ALPS/Smith Short Duration Bond Fund (SMRSX) is 0.38%, while ALPS/Red Rocks Global Opportunity Portfolio (AVPEX) has a volatility of 4.94%. This indicates that SMRSX experiences smaller price fluctuations and is considered to be less risky than AVPEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMRSX | AVPEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.38% | 4.94% | -4.56% |
Volatility (6M)Calculated over the trailing 6-month period | 1.09% | 15.20% | -14.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.37% | 18.52% | -17.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.71% | 19.01% | -17.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.58% | 18.99% | -17.41% |
SMRSX vs. AVPEX - Expense Ratio Comparison
SMRSX has a 0.93% expense ratio, which is lower than AVPEX's 1.45% expense ratio.
Dividends
SMRSX vs. AVPEX - Dividend Comparison
SMRSX's dividend yield for the trailing twelve months is around 3.86%, less than AVPEX's 9.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AVPEX ALPS/Red Rocks Global Opportunity Portfolio | 9.03% | 8.50% | 8.83% | 0.00% | 31.03% | 4.24% | 13.52% | 3.02% | 6.79% | 2.33% | 0.75% | 0.11% |
SMRSX ALPS/Smith Short Duration Bond Fund | 3.86% | 3.95% | 4.11% | 3.50% | 0.84% | 0.56% | 1.92% | 2.86% | 0.87% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMRSX and AVPEX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AVPEX has higher volatility (4.94%) compared to SMRSX (0.38%). In terms of maximum drawdown, SMRSX dropped -5.62% vs AVPEX's -46.42%.
SMRSX currently has the higher Sharpe Ratio (2.26 vs -0.43), 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.
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