USBNX vs. AVALX

Last updated Jun 26, 2026

USBNX (Pear Tree Polaris Small Cap Fund) and AVALX (Aegis Value Fund) are both Small Cap Value Equities funds. Over the past 10 years, USBNX returned 8.51%/yr vs 19.54%/yr for AVALX. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 1.50% expense ratio.

Performance

USBNX vs. AVALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pear Tree Polaris Small Cap Fund (USBNX) and Aegis Value Fund (AVALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USBNX achieves a 15.29% return, which is significantly higher than AVALX's 10.28% return. Over the past 10 years, USBNX has underperformed AVALX with an annualized return of 8.51%, while AVALX has yielded a comparatively higher 19.54% annualized return.

USBNX

• 1D: 0.78%
• 1M: 3.10%
• YTD: 15.29%
• 6M: 13.30%
• 1Y: 25.23%
• 3Y*: 15.51%
• 5Y*: 6.33%
• 10Y*: 8.51%

AVALX

• 1D: -2.21%
• 1M: -8.46%
• YTD: 10.28%
• 6M: 9.76%
• 1Y: 47.01%
• 3Y*: 29.49%
• 5Y*: 20.33%
• 10Y*: 19.54%

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

USBNX vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USBNX Pear Tree Polaris Small Cap Fund	15.29%	8.02%	8.64%	12.83%	-5.09%	15.35%	-4.77%	23.53%	-11.05%	6.42%
AVALX Aegis Value Fund	10.28%	67.06%	8.29%	13.11%	10.50%	37.67%	18.89%	25.67%	-16.95%	17.37%

Correlation

The correlation between USBNX and AVALX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since May 15, 1998	0.65

Over the past year, the correlation between USBNX and AVALX has dropped to 0.38 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

Return for Risk

USBNX vs. AVALX — Risk / Return Rank

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

USBNX

USBNX Risk / Return Rank: 49
USBNX Sharpe Ratio Rank: 45
USBNX Sortino Ratio Rank: 50
USBNX Omega Ratio Rank: 43
USBNX Calmar Ratio Rank: 62
USBNX Martin Ratio Rank: 44

AVALX

AVALX Risk / Return Rank: 89
AVALX Sharpe Ratio Rank: 92
AVALX Sortino Ratio Rank: 82
AVALX Omega Ratio Rank: 82
AVALX Calmar Ratio Rank: 93
AVALX 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.

USBNX vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pear Tree Polaris Small Cap Fund (USBNX) and Aegis Value Fund (AVALX). 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.

	USBNX	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.68	-1.05
Sortino ratio: Return per unit of downside risk	2.46	3.31	-0.84
Omega ratio: Gain probability vs. loss probability	1.29	1.46	-0.17
Calmar ratio: Return relative to maximum drawdown	2.61	4.63	-2.02
Martin ratio: Return relative to average drawdown	8.06	17.84	-9.78

USBNX vs. AVALX - Sharpe Ratio Comparison

The current USBNX Sharpe Ratio is 1.63, which is lower than the AVALX Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of USBNX and AVALX, 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

USBNX vs. AVALX - Drawdown Comparison

The maximum USBNX drawdown since its inception was -64.40%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for USBNX and AVALX.

Drawdown Indicators

	USBNX	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-64.40%	-73.72%	+9.32%
Max Drawdown (1Y) Largest decline over 1 year	-9.19%	-10.12%	+0.93%
Max Drawdown (3Y) Largest decline over 3 years	-21.56%	-13.59%	-7.97%
Max Drawdown (5Y) Largest decline over 5 years	-26.01%	-32.00%	+5.99%
Max Drawdown (10Y) Largest decline over 10 years	-46.96%	-48.34%	+1.38%
Current Drawdown Current decline from peak	0.00%	-10.12%	+10.12%
Average Drawdown Average peak-to-trough decline	-13.61%	-10.93%	-2.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.62%	+0.34%

Volatility

USBNX vs. AVALX - Volatility Comparison

The current volatility for Pear Tree Polaris Small Cap Fund (USBNX) is 3.40%, while Aegis Value Fund (AVALX) has a volatility of 5.93%. This indicates that USBNX experiences smaller price fluctuations and is considered to be less risky than AVALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USBNX	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	5.93%	-2.53%
Volatility (6M) Calculated over the trailing 6-month period	9.35%	13.55%	-4.20%
Volatility (1Y) Calculated over the trailing 1-year period	14.76%	17.53%	-2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.72%	22.31%	-3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.63%	22.18%	-0.55%

USBNX vs. AVALX - Expense Ratio Comparison

Both USBNX and AVALX have an expense ratio of 1.50%.

Dividends

USBNX vs. AVALX - Dividend Comparison

USBNX's dividend yield for the trailing twelve months is around 11.98%, more than AVALX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund	2.12%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
USBNX Pear Tree Polaris Small Cap Fund	11.98%	13.81%	3.27%	0.86%	10.05%	0.75%	0.68%	7.91%	8.39%	6.21%	1.17%	7.39%

Frequently Asked Questions

Can I hold both USBNX and AVALX in my portfolio?

USBNX and AVALX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USBNX or AVALX?

AVALX has higher volatility (5.93%) compared to USBNX (3.40%). In terms of maximum drawdown, USBNX dropped -64.40% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

AVALX currently has the higher Sharpe Ratio (2.68 vs 1.63), 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.