UBVLX vs. NASDX

Last updated Jun 25, 2026

UBVLX (Undiscovered Managers Behavioral Value Fund) and NASDX (Shelton Capital Management Nasdaq-100 Index Fund Direct Shares) are both mutual funds - UBVLX is a Small Cap Value Equities fund managed by BlackRock, while NASDX is a Large Cap Growth Equities fund tracking the NASDAQ-100 Index. Over the past 10 years, UBVLX returned 10.66%/yr vs 22.69%/yr for NASDX. A 0.68 correlation means they provide meaningful diversification when combined. UBVLX charges 0.90%/yr vs 0.63%/yr for NASDX.

Performance

UBVLX vs. NASDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Undiscovered Managers Behavioral Value Fund (UBVLX) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UBVLX achieves a 8.94% return, which is significantly lower than NASDX's 16.40% return. Over the past 10 years, UBVLX has underperformed NASDX with an annualized return of 10.66%, while NASDX has yielded a comparatively higher 22.69% annualized return.

UBVLX

• 1D: 0.78%
• 1M: 1.63%
• YTD: 8.94%
• 6M: 7.96%
• 1Y: 14.52%
• 3Y*: 14.04%
• 5Y*: 8.18%
• 10Y*: 10.66%

NASDX

• 1D: -3.17%
• 1M: -0.26%
• YTD: 16.40%
• 6M: 14.63%
• 1Y: 32.94%
• 3Y*: 29.77%
• 5Y*: 18.00%
• 10Y*: 22.69%

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

UBVLX vs. NASDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UBVLX Undiscovered Managers Behavioral Value Fund	8.94%	1.79%	13.11%	14.69%	-1.16%	34.25%	3.52%	23.27%	-15.23%	13.43%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	16.40%	21.00%	36.91%	54.69%	-32.57%	27.32%	48.59%	38.22%	-1.21%	31.27%

Correlation

The correlation between UBVLX and NASDX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jan 18, 2000	0.68

Over the past year, the correlation between UBVLX and NASDX has dropped to 0.35 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

Return for Risk

UBVLX vs. NASDX — Risk / Return Rank

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

UBVLX

UBVLX Risk / Return Rank: 17
UBVLX Sharpe Ratio Rank: 14
UBVLX Sortino Ratio Rank: 17
UBVLX Omega Ratio Rank: 14
UBVLX Calmar Ratio Rank: 21
UBVLX Martin Ratio Rank: 18

NASDX

NASDX Risk / Return Rank: 53
NASDX Sharpe Ratio Rank: 52
NASDX Sortino Ratio Rank: 44
NASDX Omega Ratio Rank: 47
NASDX Calmar Ratio Rank: 65
NASDX Martin Ratio Rank: 59

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.

UBVLX vs. NASDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Undiscovered Managers Behavioral Value Fund (UBVLX) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). 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.

	UBVLX	NASDX	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.95	-1.01
Sortino ratio: Return per unit of downside risk	1.52	2.57	-1.05
Omega ratio: Gain probability vs. loss probability	1.17	1.34	-0.17
Calmar ratio: Return relative to maximum drawdown	1.52	2.95	-1.44
Martin ratio: Return relative to average drawdown	4.21	11.06	-6.86

UBVLX vs. NASDX - Sharpe Ratio Comparison

The current UBVLX Sharpe Ratio is 0.94, which is lower than the NASDX Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of UBVLX and NASDX, 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

UBVLX vs. NASDX - Drawdown Comparison

The maximum UBVLX drawdown since its inception was -67.24%, smaller than the maximum NASDX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for UBVLX and NASDX.

Drawdown Indicators

	UBVLX	NASDX	Difference
Max Drawdown Largest peak-to-trough decline	-67.24%	-83.16%	+15.92%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-11.90%	+1.58%
Max Drawdown (3Y) Largest decline over 3 years	-21.46%	-22.71%	+1.25%
Max Drawdown (5Y) Largest decline over 5 years	-21.46%	-35.33%	+13.87%
Max Drawdown (10Y) Largest decline over 10 years	-52.08%	-35.33%	-16.75%
Current Drawdown Current decline from peak	-1.32%	-4.10%	+2.78%
Average Drawdown Average peak-to-trough decline	-9.25%	-34.30%	+25.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	3.17%	+0.54%

Volatility

UBVLX vs. NASDX - Volatility Comparison

The current volatility for Undiscovered Managers Behavioral Value Fund (UBVLX) is 3.92%, while Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX) has a volatility of 9.02%. This indicates that UBVLX experiences smaller price fluctuations and is considered to be less risky than NASDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UBVLX	NASDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	9.02%	-5.10%
Volatility (6M) Calculated over the trailing 6-month period	10.79%	14.53%	-3.74%
Volatility (1Y) Calculated over the trailing 1-year period	16.70%	18.01%	-1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.25%	23.34%	-3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.58%	22.79%	+1.79%

UBVLX vs. NASDX - Expense Ratio Comparison

UBVLX has a 0.90% expense ratio, which is higher than NASDX's 0.63% expense ratio.

Dividends

UBVLX vs. NASDX - Dividend Comparison

UBVLX's dividend yield for the trailing twelve months is around 8.64%, more than NASDX's 3.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	3.11%	3.76%	16.95%	7.61%	3.75%	2.59%	1.28%	7.09%	2.47%	1.65%	0.75%	0.85%
UBVLX Undiscovered Managers Behavioral Value Fund	8.64%	9.41%	7.39%	8.35%	8.96%	3.44%	0.99%	4.98%	11.62%	4.67%	3.24%	3.80%

Frequently Asked Questions

Can I hold both UBVLX and NASDX in my portfolio?

UBVLX and NASDX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UBVLX or NASDX?

NASDX has higher volatility (9.02%) compared to UBVLX (3.92%). In terms of maximum drawdown, UBVLX dropped -67.24% vs NASDX's -83.16%.

Which has better risk-adjusted returns?

NASDX currently has the higher Sharpe Ratio (1.95 vs 0.94), 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.