SUNBX vs. SAPEX

Last updated Aug 1, 2026

SUNBX (Spectrum Unconstrained Fund) and SAPEX (Spectrum Active Advantage Fund) are both mutual funds - SUNBX is a Nontraditional Bonds fund managed by Advisors Preferred, while SAPEX is a Tactical Allocation fund managed by Advisors Preferred. Over the past 5 years, SUNBX returned 3.02%/yr vs -3.12%/yr for SAPEX. Their 0.57 correlation means they have sometimes moved together and sometimes differently. SUNBX charges 2.43%/yr vs 1.69%/yr for SAPEX.

Performance

SUNBX vs. SAPEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spectrum Unconstrained Fund (SUNBX) and Spectrum Active Advantage Fund (SAPEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SUNBX achieves a 0.51% return, which is significantly higher than SAPEX's -4.26% return.

SUNBX

• 1D: 0.25%
• 1M: 0.35%
• 6M: -0.85%
• YTD: 0.51%
• 1Y: 4.47%
• 3Y*: 6.08%
• 5Y*: 3.02%
• 10Y*: —
• ALL TIME*: 3.29%

SAPEX

• 1D: 0.43%
• 1M: -0.63%
• 6M: -3.73%
• YTD: -4.26%
• 1Y: 5.84%
• 3Y*: 6.83%
• 5Y*: -3.12%
• 10Y*: 4.32%
• ALL TIME*: 4.90%

*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)
SAPEX Spectrum Active Advantage Fund	$0.00	$0.00	$0.00
SUNBX Spectrum Unconstrained Fund	$0.00	$0.00	$0.00

SUNBX vs. SAPEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SUNBX Spectrum Unconstrained Fund	0.51%	8.31%	1.35%	10.83%	-8.55%	6.12%
SAPEX Spectrum Active Advantage Fund	-4.26%	15.25%	5.25%	12.11%	-38.08%	7.56%

Correlation

The correlation between SUNBX and SAPEX is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (5Y) Shows whether the relationship held over a longer period.	0.58
Correlation (All Time) Calculated using the full available price history since Apr 16, 2021	0.57

The correlation between SUNBX and SAPEX has been stable across timeframes, ranging from 0.57 to 0.67 - a consistent structural relationship.

Return for Risk

SUNBX vs. SAPEX — Risk / Return Rank

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

SUNBX

SUNBX Risk / Return Rank: 25
SUNBX Sharpe Ratio Rank: 26
SUNBX Sortino Ratio Rank: 23
SUNBX Omega Ratio Rank: 33
SUNBX Calmar Ratio Rank: 25
SUNBX Martin Ratio Rank: 19

SAPEX

SAPEX Risk / Return Rank: 11
SAPEX Sharpe Ratio Rank: 11
SAPEX Sortino Ratio Rank: 10
SAPEX Omega Ratio Rank: 11
SAPEX Calmar Ratio Rank: 12
SAPEX Martin Ratio Rank: 10

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.

SUNBX vs. SAPEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spectrum Unconstrained Fund (SUNBX) and Spectrum Active Advantage Fund (SAPEX). 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.

	SUNBX	SAPEX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	0.44	+0.52
Sortino ratio: Return per unit of downside risk	1.32	0.65	+0.67
Omega ratio: Gain probability vs. loss probability	1.21	1.09	+0.12
Calmar ratio: Return relative to maximum drawdown	1.23	0.60	+0.63
Martin ratio: Return relative to average drawdown	2.83	1.28	+1.56

SUNBX vs. SAPEX - Sharpe Ratio Comparison

The current SUNBX Sharpe Ratio is 0.96, which is higher than the SAPEX Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of SUNBX and SAPEX, 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

SUNBX vs. SAPEX - Drawdown Comparison

The maximum SUNBX drawdown since its inception was -10.36%, smaller than the maximum SAPEX drawdown of -40.48%. Use the drawdown chart below to compare losses from any high point for SUNBX and SAPEX.

Drawdown Indicators

	SUNBX	SAPEX	Difference
Max Drawdown Largest peak-to-trough decline	-10.36%	-40.48%	+30.12%
Max Drawdown (1Y) Largest decline over 1 year	-3.84%	-7.62%	+3.78%
Max Drawdown (3Y) Largest decline over 3 years	-3.84%	-11.57%	+7.73%
Max Drawdown (5Y) Largest decline over 5 years	-10.36%	-40.48%	+30.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.48%	—
Current Drawdown Current decline from peak	-1.97%	-21.05%	+19.08%
Average Drawdown Average peak-to-trough decline	-3.52%	-14.69%	+11.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	3.58%	-1.92%

Volatility

SUNBX vs. SAPEX - Volatility Comparison

Spectrum Unconstrained Fund (SUNBX) has a higher volatility of 2.57% compared to Spectrum Active Advantage Fund (SAPEX) at 2.18%. This indicates that SUNBX's price experiences larger fluctuations and is considered to be riskier than SAPEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SUNBX	SAPEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	2.18%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	4.20%	8.07%	-3.87%
Volatility (1Y) Calculated over the trailing 1-year period	4.91%	10.40%	-5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.17%	14.13%	-8.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.11%	16.69%	-11.58%

SUNBX vs. SAPEX - Expense Ratio Comparison

SUNBX has a 2.43% expense ratio, which is higher than SAPEX's 1.69% expense ratio.

Dividends

SUNBX vs. SAPEX - Dividend Comparison

SUNBX's dividend yield for the trailing twelve months is around 2.83%, less than SAPEX's 4.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SAPEX Spectrum Active Advantage Fund	4.54%	4.77%	2.23%	0.88%	0.00%	33.33%	1.43%	0.74%	3.09%	4.26%	0.17%
SUNBX Spectrum Unconstrained Fund	2.83%	2.84%	3.75%	2.81%	0.00%	8.52%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SUNBX and SAPEX in my portfolio?

SUNBX and SAPEX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SUNBX or SAPEX?

SUNBX has higher volatility (2.57%) compared to SAPEX (2.18%). In terms of maximum drawdown, SUNBX dropped -10.36% vs SAPEX's -40.48%.

Which has better risk-adjusted returns?

SUNBX currently has the higher Sharpe Ratio (0.96 vs 0.44), 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.