VSLU vs. AFOS

Last updated Aug 4, 2026

VSLU (Applied Finance Valuation Large Cap US ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. Both are actively managed. Over the past year, VSLU returned 21.50% vs 67.94% for AFOS. Their 0.64 correlation means they have sometimes moved together and sometimes differently. VSLU charges 0.49%/yr vs 0.45%/yr for AFOS.

Performance

VSLU vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Applied Finance Valuation Large Cap US ETF (VSLU) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSLU achieves a 8.56% return, which is significantly lower than AFOS's 30.16% return.

VSLU

• 1D: 1.16%
• 1M: 2.71%
• 6M: 7.44%
• YTD: 8.56%
• 1Y: 21.50%
• 3Y*: 20.74%
• 5Y*: 13.29%
• 10Y*: —
• ALL TIME*: 13.91%

AFOS

• 1D: 1.83%
• 1M: -0.79%
• 6M: 17.12%
• YTD: 30.16%
• 1Y: 67.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 69.03%

*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)
AFOS ARS Focused Opportunities Strategy ETF	$467.12K	$455.93K	$471.80K
VSLU Applied Finance Valuation Large Cap US ETF	$883.14K	$1.19M	$1.76M

VSLU vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
VSLU Applied Finance Valuation Large Cap US ETF	8.56%	16.01%
AFOS ARS Focused Opportunities Strategy ETF	30.16%	37.10%

Correlation

The correlation between VSLU and AFOS is 0.64, 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.	0.64
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.64

The correlation between VSLU and AFOS has been stable across timeframes, ranging from 0.64 to 0.64 - a consistent structural relationship.

Return for Risk

VSLU vs. AFOS — Risk / Return Rank

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

VSLU

VSLU Risk / Return Rank: 68
VSLU Sharpe Ratio Rank: 70
VSLU Sortino Ratio Rank: 67
VSLU Omega Ratio Rank: 66
VSLU Calmar Ratio Rank: 63
VSLU Martin Ratio Rank: 73

AFOS

AFOS Risk / Return Rank: 94
AFOS Sharpe Ratio Rank: 96
AFOS Sortino Ratio Rank: 93
AFOS Omega Ratio Rank: 92
AFOS Calmar Ratio Rank: 95
AFOS Martin Ratio Rank: 95

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.

VSLU vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Finance Valuation Large Cap US ETF (VSLU) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	VSLU	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.95	-1.24
Sortino ratio: Return per unit of downside risk	2.35	3.67	-1.32
Omega ratio: Gain probability vs. loss probability	1.30	1.47	-0.17
Calmar ratio: Return relative to maximum drawdown	2.36	5.79	-3.43
Martin ratio: Return relative to average drawdown	9.70	21.79	-12.08

VSLU vs. AFOS - Sharpe Ratio Comparison

The current VSLU Sharpe Ratio is 1.71, which is lower than the AFOS Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of VSLU and AFOS, 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

VSLU vs. AFOS - Drawdown Comparison

The maximum VSLU drawdown since its inception was -23.86%, which is greater than AFOS's maximum drawdown of -11.80%. Use the drawdown chart below to compare losses from any high point for VSLU and AFOS.

Drawdown Indicators

	VSLU	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-23.86%	-11.80%	-12.06%
Max Drawdown (1Y) Largest decline over 1 year	-9.16%	-11.80%	+2.64%
Max Drawdown (3Y) Largest decline over 3 years	-17.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.86%	—	—
Current Drawdown Current decline from peak	0.00%	-4.84%	+4.84%
Average Drawdown Average peak-to-trough decline	-4.79%	-1.81%	-2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	3.13%	-0.91%

Volatility

VSLU vs. AFOS - Volatility Comparison

The current volatility for Applied Finance Valuation Large Cap US ETF (VSLU) is 3.03%, while ARS Focused Opportunities Strategy ETF (AFOS) has a volatility of 8.49%. This indicates that VSLU experiences smaller price fluctuations and is considered to be less risky than AFOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSLU	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	8.49%	-5.46%
Volatility (6M) Calculated over the trailing 6-month period	9.57%	19.31%	-9.74%
Volatility (1Y) Calculated over the trailing 1-year period	12.68%	23.21%	-10.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.22%	22.38%	-6.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	22.38%	-6.37%

VSLU vs. AFOS - Expense Ratio Comparison

VSLU has a 0.49% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

VSLU vs. AFOS - Dividend Comparison

VSLU's dividend yield for the trailing twelve months is around 0.43%, more than AFOS's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021
AFOS ARS Focused Opportunities Strategy ETF	0.23%	0.30%	0.00%	0.00%	0.00%	0.00%
VSLU Applied Finance Valuation Large Cap US ETF	0.43%	0.46%	0.60%	0.60%	0.99%	0.57%

Frequently Asked Questions

Can I hold both VSLU and AFOS in my portfolio?

VSLU and AFOS have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSLU or AFOS?

AFOS has higher volatility (8.49%) compared to VSLU (3.03%). In terms of maximum drawdown, VSLU dropped -23.86% vs AFOS's -11.80%.

Which ETF is better, VSLU or AFOS?

On 1-year performance, AFOS leads with 67.94% vs 21.50% for VSLU. On fees, AFOS is cheaper at 0.45% per year. On volatility, VSLU has been the lower-risk option at 3.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VSLU or AFOS?

Over the 1-year period, AFOS has performed better with a 67.94% return vs 21.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VSLU or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 0.49% for VSLU.

Which ETF pays a higher dividend yield, VSLU or AFOS?

VSLU has the higher dividend yield at 0.43%, compared with 0.23% for AFOS.

What is the main difference between VSLU and AFOS?

They also come from different issuers: Applied Finance and ARS Investment Partners. Their fees differ too: 0.49% for VSLU and 0.45% for AFOS.

Which has better risk-adjusted returns?

AFOS currently has the higher Sharpe Ratio (2.95 vs 1.71), 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.