- ISIN
- US6282553907
- CUSIP
- 628255390
- Issuer
- Rational Funds
- Inception Date
- Dec 5, 2019
- Category
- Convertible Bonds
- Min. Investment
- $1,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
PBXIX Performance Chart
Rational/Pier 88 Convertible Securities Fund (PBXIX) is up 8.9% since the beginning of the year. PBXIX is currently trading at $12 per share. Investors who bought $1,000 worth of PBXIX shares 5 years ago would now be looking at an investment worth $1,184.
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Returns By Period
Rational/Pier 88 Convertible Securities Fund (PBXIX) has returned 8.94% so far this year and 12.53% over the past 12 months.
Rational/Pier 88 Convertible Securities Fund
- 1D
- 0.52%
- 1M
- 3.28%
- YTD
- 8.94%
- 6M
- 8.36%
- 1Y
- 12.53%
- 3Y*
- 8.68%
- 5Y*
- 3.44%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.74%
- 1M
- 4.90%
- YTD
- 10.35%
- 6M
- 10.28%
- 1Y
- 26.52%
- 3Y*
- 20.83%
- 5Y*
- 12.30%
- 10Y*
- 13.66%
PBXIX Monthly Returns History
Based on dividend-adjusted daily data since Dec 6, 2019, PBXIX's average daily return is +0.03%, while the average monthly return is +0.52%. At this rate, an investment would double in approximately 11.1 years.
Historically, 61% of months were positive and 39% were negative. The best month was Apr 2020 with a return of +8.4%, while the worst month was Mar 2020 at -10.4%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 4 months.
On a daily basis, PBXIX closed higher 50% of trading days. The best single day was Mar 24, 2020 with a return of +4.9%, while the worst single day was Mar 12, 2020 at -6.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.27% | 0.18% | -3.12% | 7.22% | 2.48% | 0.87% | 8.94% | ||||||
| 2025 | 1.52% | -0.44% | -2.90% | 0.18% | 0.55% | 2.04% | 1.09% | -0.18% | 0.32% | 0.09% | 0.72% | -0.81% | 2.12% |
| 2024 | -0.28% | 1.24% | 1.49% | -2.05% | 2.10% | 0.51% | 0.75% | 2.22% | 1.77% | -0.09% | 4.48% | -3.93% | 8.23% |
| 2023 | 1.15% | -1.23% | -1.30% | -0.49% | -1.67% | 1.67% | 0.99% | -1.66% | -0.37% | -1.00% | 4.45% | 2.92% | 3.28% |
| 2022 | -3.68% | -0.09% | 1.65% | -5.31% | 0.18% | -5.68% | 3.46% | -0.28% | -5.37% | 4.06% | 1.90% | -1.59% | -10.82% |
| 2021 | -0.00% | 2.91% | -0.79% | 2.77% | -1.06% | 0.60% | 1.73% | 0.97% | -2.34% | 4.61% | -2.28% | 2.93% | 10.23% |
Benchmark Metrics
Rational/Pier 88 Convertible Securities Fund has an annualized alpha of -1.10%, beta of 0.50, and R2 of 0.78 versus S&P 500 Index. Calculated based on daily prices since December 09, 2019.
- This fund participated in 57.96% of S&P 500 Index downside but only 42.68% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.50 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- -1.10%
- Beta
- 0.50
- R²
- 0.78
- Upside Capture
- 42.68%
- Downside Capture
- 57.96%
Expense Ratio
PBXIX has a high expense ratio of 0.99%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
PBXIX ranks 39 for risk / return — below 39% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Rational/Pier 88 Convertible Securities Fund (PBXIX) and compare them to S&P 500 Index.
| PBXIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.41 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 2.93 | -0.51 |
| Martin ratioReturn relative to average drawdown | 9.28 | 13.52 | -4.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Rational/Pier 88 Convertible Securities Fund provided a 5.39% dividend yield over the last twelve months, with an annual payout of $0.63 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Dividend | $0.63 | $0.38 | $0.24 | $0.23 | $0.23 | $0.90 | $0.21 |
Dividend yield | 5.39% | 3.48% | 2.14% | 2.22% | 2.25% | 7.56% | 1.77% |
Monthly Dividends
The table displays the monthly dividend distributions for Rational/Pier 88 Convertible Securities Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.29 | $0.00 | $0.00 | $0.00 | $0.29 | ||||||
| 2025 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.17 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.13 | $0.38 |
| 2024 | $0.00 | $0.00 | $0.08 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.06 | $0.24 |
| 2023 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.09 | $0.23 |
| 2022 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.12 | $0.23 |
| 2021 | $0.00 | $0.00 | $0.03 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.80 | $0.90 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Rational/Pier 88 Convertible Securities Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Rational/Pier 88 Convertible Securities Fund was 24.03%, occurring on Mar 23, 2020. Recovery took 73 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -24.03%Mar 2020 | 1mo 4d | 3mo 17d | 4mo 21dFeb 2020 - Jul 2020 |
Bear market2022 | -15.57%Oct 2022 | 11mo | 1y 12mo | 2y 10moNov 2021 - Oct 2024 |
2025 selloff2025 | -10.71%Apr 2025 | 4mo 12d | 9mo 13d | 1y 1moNov 2024 - Jan 2026 |
2020 pullback2020 | -6.21%Sep 2020 | 21d | 18d | 1mo 9dSep 2020 - Oct 2020 |
2021 pullback2021 | -5.50%Mar 2021 | 20d | 4mo 23d | 5mo 13dFeb 2021 - Jul 2021 |
Drawdown Indicators
| PBXIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.03% | -56.78% | +32.75% |
Max Drawdown (1Y)Largest decline over 1 year | -5.16% | -9.10% | +3.94% |
Max Drawdown (3Y)Largest decline over 3 years | -10.71% | -18.90% | +8.19% |
Max Drawdown (5Y)Largest decline over 5 years | -15.57% | -25.43% | +9.86% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.74% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -5.52% | -10.72% | +5.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.34% | 1.97% | -0.63% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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