VRTVX vs. AVALX

Last updated Jun 23, 2026

VRTVX (Vanguard Russell 2000 Value Index Fund Institutional Shares) and AVALX (Aegis Value Fund) are both Small Cap Value Equities funds. Over the past 10 years, VRTVX returned 10.62%/yr vs 19.81%/yr for AVALX. A 0.65 correlation means they provide meaningful diversification when combined. VRTVX charges 0.08%/yr vs 1.50%/yr for AVALX.

Performance

VRTVX vs. AVALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 2000 Value Index Fund Institutional Shares (VRTVX) 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, VRTVX achieves a 20.64% return, which is significantly higher than AVALX's 14.52% return. Over the past 10 years, VRTVX has underperformed AVALX with an annualized return of 10.62%, while AVALX has yielded a comparatively higher 19.81% annualized return.

VRTVX

• 1D: 1.61%
• 1M: 3.16%
• YTD: 20.64%
• 6M: 17.75%
• 1Y: 44.40%
• 3Y*: 17.96%
• 5Y*: 8.21%
• 10Y*: 10.62%

AVALX

• 1D: -1.08%
• 1M: -4.84%
• YTD: 14.52%
• 6M: 14.42%
• 1Y: 48.95%
• 3Y*: 30.71%
• 5Y*: 21.59%
• 10Y*: 19.81%

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

VRTVX vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VRTVX Vanguard Russell 2000 Value Index Fund Institutional Shares	20.64%	12.21%	8.07%	14.71%	-14.52%	28.06%	4.81%	22.40%	-12.83%	7.91%
AVALX Aegis Value Fund	14.52%	67.06%	8.29%	13.11%	10.50%	37.67%	18.89%	25.67%	-16.95%	17.37%

Correlation

The correlation between VRTVX and AVALX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Sep 22, 2010	0.65

The correlation between VRTVX and AVALX shifts across timeframes, from 0.51 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VRTVX vs. AVALX — Risk / Return Rank

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

VRTVX

VRTVX Risk / Return Rank: 82
VRTVX Sharpe Ratio Rank: 80
VRTVX Sortino Ratio Rank: 78
VRTVX Omega Ratio Rank: 65
VRTVX Calmar Ratio Rank: 95
VRTVX Martin Ratio Rank: 92

AVALX

AVALX Risk / Return Rank: 87
AVALX Sharpe Ratio Rank: 89
AVALX Sortino Ratio Rank: 77
AVALX Omega Ratio Rank: 78
AVALX Calmar Ratio Rank: 96
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.

VRTVX vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 2000 Value Index Fund Institutional Shares (VRTVX) 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.

	VRTVX	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.71	-0.27
Sortino ratio: Return per unit of downside risk	3.39	3.35	+0.04
Omega ratio: Gain probability vs. loss probability	1.41	1.46	-0.05
Calmar ratio: Return relative to maximum drawdown	5.19	5.66	-0.47
Martin ratio: Return relative to average drawdown	17.64	19.05	-1.42

VRTVX vs. AVALX - Sharpe Ratio Comparison

The current VRTVX Sharpe Ratio is 2.43, which is comparable to the AVALX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of VRTVX 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

VRTVX vs. AVALX - Drawdown Comparison

The maximum VRTVX drawdown since its inception was -45.98%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for VRTVX and AVALX.

Drawdown Indicators

	VRTVX	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-45.98%	-73.72%	+27.74%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-8.32%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-26.85%	-13.59%	-13.26%
Max Drawdown (5Y) Largest decline over 5 years	-26.85%	-32.00%	+5.15%
Max Drawdown (10Y) Largest decline over 10 years	-45.98%	-48.34%	+2.36%
Current Drawdown Current decline from peak	-0.15%	-6.67%	+6.52%
Average Drawdown Average peak-to-trough decline	-7.75%	-10.94%	+3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	2.50%	+0.01%

Volatility

VRTVX vs. AVALX - Volatility Comparison

Vanguard Russell 2000 Value Index Fund Institutional Shares (VRTVX) and Aegis Value Fund (AVALX) have volatilities of 5.66% and 5.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VRTVX	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	5.49%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	12.48%	13.30%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	18.25%	17.44%	+0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.68%	22.28%	-0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.74%	22.17%	+1.57%

VRTVX vs. AVALX - Expense Ratio Comparison

VRTVX has a 0.08% expense ratio, which is lower than AVALX's 1.50% expense ratio.

Dividends

VRTVX vs. AVALX - Dividend Comparison

VRTVX's dividend yield for the trailing twelve months is around 1.65%, less than AVALX's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund	2.04%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
VRTVX Vanguard Russell 2000 Value Index Fund Institutional Shares	1.65%	1.49%	1.84%	2.08%	2.15%	1.56%	1.54%	1.87%	2.17%	1.74%	1.52%	2.16%

Frequently Asked Questions

Can I hold both VRTVX and AVALX in my portfolio?

VRTVX and AVALX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VRTVX or AVALX?

VRTVX has higher volatility (5.66%) compared to AVALX (5.49%). In terms of maximum drawdown, VRTVX dropped -45.98% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

AVALX currently has the higher Sharpe Ratio (2.71 vs 2.43), 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.