UTMAX vs. CAPTX

Last updated Aug 4, 2026

UTMAX (Victory Target Managed Allocation Fund) and CAPTX (Canterbury Portfolio Thermostat Fund) are both Tactical Allocation funds. Over the past 5 years, UTMAX returned 6.79%/yr vs 4.55%/yr for CAPTX. Their correlation of 0.81 means they have usually moved in the same direction. UTMAX charges 0.69%/yr vs 1.98%/yr for CAPTX.

Performance

UTMAX vs. CAPTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Target Managed Allocation Fund (UTMAX) and Canterbury Portfolio Thermostat Fund (CAPTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTMAX achieves a 8.43% return, which is significantly lower than CAPTX's 10.77% return.

UTMAX

• 1D: 0.24%
• 1M: 0.48%
• 6M: 5.76%
• YTD: 8.43%
• 1Y: 22.11%
• 3Y*: 14.29%
• 5Y*: 6.79%
• 10Y*: 8.74%
• ALL TIME*: 8.42%

CAPTX

• 1D: -0.65%
• 1M: -4.24%
• 6M: 2.91%
• YTD: 10.77%
• 1Y: 23.92%
• 3Y*: 10.30%
• 5Y*: 4.55%
• 10Y*: —
• ALL TIME*: 5.06%

*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)
CAPTX Canterbury Portfolio Thermostat Fund	$0.00	$0.00	$0.00
UTMAX Victory Target Managed Allocation Fund	$0.00	$0.00	$0.00

UTMAX vs. CAPTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UTMAX Victory Target Managed Allocation Fund	8.43%	15.25%	13.81%	14.40%	-20.44%	21.52%	13.42%	22.64%	-9.01%	13.54%
CAPTX Canterbury Portfolio Thermostat Fund	10.77%	12.68%	11.07%	0.63%	-11.80%	14.07%	-3.30%	14.16%	-7.98%	12.46%

Correlation

The correlation between UTMAX and CAPTX is 0.79, 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.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.81

The correlation between UTMAX and CAPTX has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.

Return for Risk

UTMAX vs. CAPTX — Risk / Return Rank

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

UTMAX

UTMAX Risk / Return Rank: 58
UTMAX Sharpe Ratio Rank: 56
UTMAX Sortino Ratio Rank: 51
UTMAX Omega Ratio Rank: 51
UTMAX Calmar Ratio Rank: 61
UTMAX Martin Ratio Rank: 69

CAPTX

CAPTX Risk / Return Rank: 74
CAPTX Sharpe Ratio Rank: 72
CAPTX Sortino Ratio Rank: 70
CAPTX Omega Ratio Rank: 68
CAPTX Calmar Ratio Rank: 82
CAPTX Martin Ratio Rank: 79

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.

UTMAX vs. CAPTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Target Managed Allocation Fund (UTMAX) and Canterbury Portfolio Thermostat Fund (CAPTX). 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.

	UTMAX	CAPTX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.77	-0.21
Sortino ratio: Return per unit of downside risk	2.15	2.49	-0.34
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	2.24	2.89	-0.65
Martin ratio: Return relative to average drawdown	9.28	10.22	-0.94

UTMAX vs. CAPTX - Sharpe Ratio Comparison

The current UTMAX Sharpe Ratio is 1.55, which is comparable to the CAPTX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of UTMAX and CAPTX, 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

UTMAX vs. CAPTX - Drawdown Comparison

The maximum UTMAX drawdown since its inception was -40.49%, which is greater than CAPTX's maximum drawdown of -28.25%. Use the drawdown chart below to compare losses from any high point for UTMAX and CAPTX.

Drawdown Indicators

	UTMAX	CAPTX	Difference
Max Drawdown Largest peak-to-trough decline	-40.49%	-28.25%	-12.24%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-7.97%	-1.44%
Max Drawdown (3Y) Largest decline over 3 years	-17.43%	-11.27%	-6.16%
Max Drawdown (5Y) Largest decline over 5 years	-40.49%	-15.88%	-24.61%
Max Drawdown (10Y) Largest decline over 10 years	-40.49%	—	—
Current Drawdown Current decline from peak	-0.95%	-6.95%	+6.00%
Average Drawdown Average peak-to-trough decline	-10.78%	-5.41%	-5.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	2.25%	+0.02%

Volatility

UTMAX vs. CAPTX - Volatility Comparison

The current volatility for Victory Target Managed Allocation Fund (UTMAX) is 3.30%, while Canterbury Portfolio Thermostat Fund (CAPTX) has a volatility of 4.08%. This indicates that UTMAX experiences smaller price fluctuations and is considered to be less risky than CAPTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTMAX	CAPTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.30%	4.08%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	10.89%	10.67%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	13.59%	13.04%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.46%	10.17%	+12.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.36%	11.83%	+7.53%

UTMAX vs. CAPTX - Expense Ratio Comparison

UTMAX has a 0.69% expense ratio, which is lower than CAPTX's 1.98% expense ratio.

Dividends

UTMAX vs. CAPTX - Dividend Comparison

UTMAX's dividend yield for the trailing twelve months is around 6.33%, while CAPTX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAPTX Canterbury Portfolio Thermostat Fund	0.00%	0.00%	0.00%	0.63%	0.00%	13.02%	0.15%	1.21%	1.35%	0.99%	0.00%	0.00%
UTMAX Victory Target Managed Allocation Fund	6.33%	6.87%	1.59%	1.41%	4.47%	27.44%	5.94%	4.84%	11.05%	1.13%	1.36%	1.23%

Frequently Asked Questions

Can I hold both UTMAX and CAPTX in my portfolio?

UTMAX and CAPTX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTMAX or CAPTX?

CAPTX has higher volatility (4.08%) compared to UTMAX (3.30%). In terms of maximum drawdown, UTMAX dropped -40.49% vs CAPTX's -28.25%.

Which has better risk-adjusted returns?

CAPTX currently has the higher Sharpe Ratio (1.77 vs 1.55), 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.