VETAX vs. ARFFX

Last updated Jun 3, 2026

VETAX (Victory Sycamore Established Value Fund Class A) and ARFFX (Ariel Focus Fund) are both Mid Cap Value Equities funds. Over the past 10 years, VETAX returned 10.54%/yr vs 10.43%/yr for ARFFX. Their correlation of 0.89 suggests significant overlap in exposure. VETAX charges 0.89%/yr vs 1.00%/yr for ARFFX.

Performance

VETAX vs. ARFFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Sycamore Established Value Fund Class A (VETAX) and Ariel Focus Fund (ARFFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VETAX achieves a 9.87% return, which is significantly higher than ARFFX's 9.37% return. Both investments have delivered pretty close results over the past 10 years, with VETAX having a 10.54% annualized return and ARFFX not far behind at 10.43%.

VETAX

• 1D: -0.02%
• 1M: 0.06%
• YTD: 9.87%
• 6M: 10.48%
• 1Y: 15.63%
• 3Y*: 10.89%
• 5Y*: 6.51%
• 10Y*: 10.54%

ARFFX

• 1D: 0.32%
• 1M: 0.37%
• YTD: 9.37%
• 6M: 12.56%
• 1Y: 38.75%
• 3Y*: 17.62%
• 5Y*: 6.79%
• 10Y*: 10.43%

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

VETAX vs. ARFFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VETAX Victory Sycamore Established Value Fund Class A	9.87%	2.15%	9.80%	10.06%	-2.85%	31.49%	7.79%	28.38%	-10.33%	15.67%
ARFFX Ariel Focus Fund	9.37%	21.00%	13.39%	6.98%	-9.12%	21.14%	6.90%	25.62%	-13.23%	15.01%

Correlation

The correlation between VETAX and ARFFX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jul 6, 2005	0.89

The correlation between VETAX and ARFFX has been stable across timeframes, ranging from 0.81 to 0.91 - a consistent structural relationship.

Return for Risk

VETAX vs. ARFFX — Risk / Return Rank

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

VETAX

VETAX Risk / Return Rank: 22
VETAX Sharpe Ratio Rank: 19
VETAX Sortino Ratio Rank: 21
VETAX Omega Ratio Rank: 18
VETAX Calmar Ratio Rank: 28
VETAX Martin Ratio Rank: 25

ARFFX

ARFFX Risk / Return Rank: 82
ARFFX Sharpe Ratio Rank: 89
ARFFX Sortino Ratio Rank: 87
ARFFX Omega Ratio Rank: 78
ARFFX Calmar Ratio Rank: 91
ARFFX Martin Ratio Rank: 63

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.

VETAX vs. ARFFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Sycamore Established Value Fund Class A (VETAX) and Ariel Focus Fund (ARFFX). 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.

	VETAX	ARFFX	Difference
Sharpe ratio Return per unit of total volatility	1.26	2.91	-1.64
Sortino ratio Return per unit of downside risk	1.96	4.14	-2.18
Omega ratio Gain probability vs. loss probability	1.22	1.51	-0.29
Calmar ratio Return relative to maximum drawdown	2.00	4.80	-2.80
Martin ratio Return relative to average drawdown	6.23	12.35	-6.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VETAX vs. ARFFX - Sharpe Ratio Comparison

The current VETAX Sharpe Ratio is 1.26, which is lower than the ARFFX Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of VETAX and ARFFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VETAX	ARFFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	2.91	-1.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.37	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.53	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.35	+0.16

Drawdowns

VETAX vs. ARFFX - Drawdown Comparison

The maximum VETAX drawdown since its inception was -48.94%, smaller than the maximum ARFFX drawdown of -57.66%. Use the drawdown chart below to compare losses from any high point for VETAX and ARFFX.

Drawdown Indicators

	VETAX	ARFFX	Difference
Max Drawdown Largest peak-to-trough decline	-48.94%	-57.66%	+8.72%
Max Drawdown (1Y) Largest decline over 1 year	-7.49%	-8.02%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-20.47%	-23.39%	+2.92%
Max Drawdown (5Y) Largest decline over 5 years	-20.47%	-24.50%	+4.03%
Max Drawdown (10Y) Largest decline over 10 years	-41.04%	-43.22%	+2.18%
Current Drawdown Current decline from peak	-0.91%	-3.45%	+2.54%
Average Drawdown Average peak-to-trough decline	-6.34%	-9.45%	+3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	3.12%	-0.71%

Volatility

VETAX vs. ARFFX - Volatility Comparison

The current volatility for Victory Sycamore Established Value Fund Class A (VETAX) is 3.00%, while Ariel Focus Fund (ARFFX) has a volatility of 3.27%. This indicates that VETAX experiences smaller price fluctuations and is considered to be less risky than ARFFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VETAX	ARFFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	3.27%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	8.70%	9.33%	-0.63%
Volatility (1Y) Calculated over the trailing 1-year period	12.34%	13.38%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.03%	18.54%	-1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.25%	19.87%	-0.62%

VETAX vs. ARFFX - Expense Ratio Comparison

VETAX has a 0.89% expense ratio, which is lower than ARFFX's 1.00% expense ratio.

Dividends

VETAX vs. ARFFX - Dividend Comparison

VETAX's dividend yield for the trailing twelve months is around 4.43%, less than ARFFX's 11.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARFFX Ariel Focus Fund	11.60%	12.68%	2.27%	3.33%	8.30%	3.30%	2.41%	1.03%	7.61%	5.76%	1.04%	13.91%
VETAX Victory Sycamore Established Value Fund Class A	4.43%	4.31%	11.24%	5.86%	7.95%	8.10%	5.20%	5.81%	10.32%	3.03%	1.32%	11.27%

Frequently Asked Questions

Can I hold both VETAX and ARFFX in my portfolio?

VETAX and ARFFX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VETAX or ARFFX?

ARFFX has higher volatility (3.27%) compared to VETAX (3.00%). In terms of maximum drawdown, VETAX dropped -48.94% vs ARFFX's -57.66%.

Which has better risk-adjusted returns?

ARFFX currently has the higher Sharpe Ratio (2.91 vs 1.26), 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.