SWZ vs. AMFEX

Last updated Jul 14, 2026

SWZ (Total Return Securities Fund) and AMFEX (AAMA Equity Fund) are both Large Cap Blend Equities funds. Over the past 5 years, SWZ returned 11.40%/yr vs 10.94%/yr for AMFEX. At a 0.46 correlation, their price movements are largely independent. SWZ charges 1.06%/yr vs 1.17%/yr for AMFEX.

Performance

SWZ vs. AMFEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Total Return Securities Fund (SWZ) 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, SWZ achieves a -4.66% return, which is significantly lower than AMFEX's 13.89% return.

SWZ

• 1D: -0.17%
• 1M: 0.00%
• 6M: -5.42%
• YTD: -4.66%
• 1Y: -4.97%
• 3Y*: 20.43%
• 5Y*: 11.40%
• 10Y*: 11.84%

AMFEX

• 1D: 0.56%
• 1M: 0.66%
• 6M: 11.17%
• YTD: 13.89%
• 1Y: 24.07%
• 3Y*: 18.21%
• 5Y*: 10.94%
• 10Y*: —

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

SWZ vs. AMFEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SWZ Total Return Securities Fund	-4.66%	86.85%	-2.46%	15.50%	-17.69%	18.20%	14.19%	24.00%	-11.65%
AMFEX AAMA Equity Fund	13.89%	17.33%	16.28%	17.32%	-14.08%	22.58%	12.70%	24.62%	-9.60%

Correlation

The correlation between SWZ and AMFEX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Nov 7, 2018	0.46

Return for Risk

SWZ vs. AMFEX — Risk / Return Rank

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

SWZ

SWZ Risk / Return Rank: 1
SWZ Sharpe Ratio Rank: 1
SWZ Sortino Ratio Rank: 1
SWZ Omega Ratio Rank: 1
SWZ Calmar Ratio Rank: 1
SWZ Martin Ratio Rank: 1

AMFEX

AMFEX Risk / Return Rank: 88
AMFEX Sharpe Ratio Rank: 89
AMFEX Sortino Ratio Rank: 84
AMFEX Omega Ratio Rank: 83
AMFEX Calmar Ratio Rank: 92
AMFEX Martin Ratio Rank: 94

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.

SWZ vs. AMFEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Total Return Securities Fund (SWZ) 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.

	SWZ	AMFEX	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	2.38	-2.87
Sortino ratio: Return per unit of downside risk	-0.59	3.24	-3.83
Omega ratio: Gain probability vs. loss probability	0.92	1.42	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.70	3.91	-4.61
Martin ratio: Return relative to average drawdown	-1.22	16.13	-17.35

SWZ vs. AMFEX - Sharpe Ratio Comparison

The current SWZ Sharpe Ratio is -0.49, which is lower than the AMFEX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SWZ 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

SWZ vs. AMFEX - Drawdown Comparison

The maximum SWZ drawdown since its inception was -69.62%, which is greater than AMFEX's maximum drawdown of -30.41%. Use the drawdown chart below to compare losses from any high point for SWZ and AMFEX.

Drawdown Indicators

	SWZ	AMFEX	Difference
Max Drawdown Largest peak-to-trough decline	-69.62%	-30.41%	-39.21%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-6.07%	-1.06%
Max Drawdown (3Y) Largest decline over 3 years	-15.52%	-15.23%	-0.29%
Max Drawdown (5Y) Largest decline over 5 years	-30.36%	-21.21%	-9.15%
Max Drawdown (10Y) Largest decline over 10 years	-31.21%	—	—
Current Drawdown Current decline from peak	-7.63%	-0.14%	-7.49%
Average Drawdown Average peak-to-trough decline	-21.93%	-4.26%	-17.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	1.47%	+2.61%

Volatility

SWZ vs. AMFEX - Volatility Comparison

The current volatility for Total Return Securities Fund (SWZ) is 2.27%, while AAMA Equity Fund (AMFEX) has a volatility of 3.32%. This indicates that SWZ experiences smaller price fluctuations and is considered to be less risky than AMFEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWZ	AMFEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	3.32%	-1.05%
Volatility (6M) Calculated over the trailing 6-month period	7.48%	7.78%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	10.24%	9.96%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.25%	14.23%	+13.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.71%	16.89%	+5.82%

SWZ vs. AMFEX - Expense Ratio Comparison

SWZ has a 1.06% expense ratio, which is lower than AMFEX's 1.17% expense ratio.

Dividends

SWZ vs. AMFEX - Dividend Comparison

SWZ has not paid dividends to shareholders, while AMFEX's dividend yield for the trailing twelve months is around 10.53%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMFEX AAMA Equity Fund	10.53%	11.99%	9.19%	0.92%	4.82%	0.22%	0.44%	0.78%	0.83%	0.00%	0.00%	0.00%
SWZ Total Return Securities Fund	0.00%	98.81%	7.11%	6.07%	8.23%	5.83%	6.25%	1.67%	74.09%	1.02%	5.00%	6.72%

Frequently Asked Questions

Can I hold both SWZ and AMFEX in my portfolio?

SWZ and AMFEX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SWZ or AMFEX?

AMFEX has higher volatility (3.32%) compared to SWZ (2.27%). In terms of maximum drawdown, SWZ dropped -69.62% vs AMFEX's -30.41%.

Which has better risk-adjusted returns?

AMFEX currently has the higher Sharpe Ratio (2.38 vs -0.49), 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.