BTPIX vs. PHSWX

Last updated Jun 5, 2026

BTPIX (Salient Tactical Plus Fund) and PHSWX (Parvin Hedged Equity Solari World Fund) are both Long-Short funds. Over the past 5 years, BTPIX returned 2.50%/yr vs 3.25%/yr for PHSWX. At a 0.42 correlation, their price movements are largely independent. BTPIX charges 1.08%/yr vs 0.01%/yr for PHSWX.

Performance

BTPIX vs. PHSWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Salient Tactical Plus Fund (BTPIX) and Parvin Hedged Equity Solari World Fund (PHSWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTPIX achieves a 6.47% return, which is significantly higher than PHSWX's 5.01% return.

BTPIX

• 1D: -0.43%
• 1M: 2.77%
• YTD: 6.47%
• 6M: 6.39%
• 1Y: 10.15%
• 3Y*: 3.52%
• 5Y*: 2.50%
• 10Y*: 4.38%

PHSWX

• 1D: -2.03%
• 1M: -2.37%
• YTD: 5.01%
• 6M: 5.42%
• 1Y: 11.76%
• 3Y*: 9.73%
• 5Y*: 3.25%
• 10Y*: —

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

BTPIX vs. PHSWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BTPIX Salient Tactical Plus Fund	6.47%	-2.44%	3.17%	4.22%	-1.65%	7.66%
PHSWX Parvin Hedged Equity Solari World Fund	5.01%	22.65%	1.35%	1.80%	-12.69%	3.47%

Correlation

The correlation between BTPIX and PHSWX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jan 5, 2021	0.42

The correlation between BTPIX and PHSWX shifts across timeframes, from 0.40 (3 years) to 0.56 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BTPIX vs. PHSWX — Risk / Return Rank

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

BTPIX

BTPIX Risk / Return Rank: 16
BTPIX Sharpe Ratio Rank: 16
BTPIX Sortino Ratio Rank: 14
BTPIX Omega Ratio Rank: 17
BTPIX Calmar Ratio Rank: 18
BTPIX Martin Ratio Rank: 17

PHSWX

PHSWX Risk / Return Rank: 10
PHSWX Sharpe Ratio Rank: 10
PHSWX Sortino Ratio Rank: 10
PHSWX Omega Ratio Rank: 10
PHSWX Calmar Ratio Rank: 10
PHSWX Martin Ratio Rank: 9

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.

BTPIX vs. PHSWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Salient Tactical Plus Fund (BTPIX) and Parvin Hedged Equity Solari World Fund (PHSWX). 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.

	BTPIX	PHSWX	Difference
Sharpe ratio: Return per unit of total volatility	1.10	0.78	+0.32
Sortino ratio: Return per unit of downside risk	1.53	1.13	+0.40
Omega ratio: Gain probability vs. loss probability	1.21	1.14	+0.07
Calmar ratio: Return relative to maximum drawdown	1.47	0.88	+0.59
Martin ratio: Return relative to average drawdown	4.48	2.39	+2.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTPIX vs. PHSWX - Sharpe Ratio Comparison

The current BTPIX Sharpe Ratio is 1.10, which is higher than the PHSWX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of BTPIX and PHSWX, 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

	BTPIX	PHSWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	0.78	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.00	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.00	+0.49

Drawdowns

BTPIX vs. PHSWX - Drawdown Comparison

The maximum BTPIX drawdown since its inception was -13.30%, smaller than the maximum PHSWX drawdown of -94.47%. Use the drawdown chart below to compare losses from any high point for BTPIX and PHSWX.

Drawdown Indicators

	BTPIX	PHSWX	Difference
Max Drawdown Largest peak-to-trough decline	-13.30%	-94.47%	+81.17%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-14.06%	+7.22%
Max Drawdown (3Y) Largest decline over 3 years	-8.90%	-94.47%	+85.57%
Max Drawdown (5Y) Largest decline over 5 years	-8.90%	-94.47%	+85.57%
Max Drawdown (10Y) Largest decline over 10 years	-11.04%	—	—
Current Drawdown Current decline from peak	-0.43%	-93.07%	+92.64%
Average Drawdown Average peak-to-trough decline	-3.88%	-29.27%	+25.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	5.17%	-2.92%

Volatility

BTPIX vs. PHSWX - Volatility Comparison

The current volatility for Salient Tactical Plus Fund (BTPIX) is 2.40%, while Parvin Hedged Equity Solari World Fund (PHSWX) has a volatility of 4.78%. This indicates that BTPIX experiences smaller price fluctuations and is considered to be less risky than PHSWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTPIX	PHSWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	4.78%	-2.38%
Volatility (6M) Calculated over the trailing 6-month period	6.87%	13.13%	-6.26%
Volatility (1Y) Calculated over the trailing 1-year period	9.18%	15.85%	-6.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.19%	754.83%	-748.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.62%	725.42%	-716.80%

BTPIX vs. PHSWX - Expense Ratio Comparison

BTPIX has a 1.08% expense ratio, which is higher than PHSWX's 0.01% expense ratio.

Dividends

BTPIX vs. PHSWX - Dividend Comparison

BTPIX's dividend yield for the trailing twelve months is around 2.64%, more than PHSWX's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BTPIX Salient Tactical Plus Fund	2.64%	2.81%	3.80%	4.93%	7.72%	0.00%	6.10%	6.16%	3.08%	0.00%	4.14%
PHSWX Parvin Hedged Equity Solari World Fund	0.46%	0.49%	1.12%	2.04%	2.24%	2.02%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTPIX and PHSWX in my portfolio?

BTPIX and PHSWX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTPIX or PHSWX?

PHSWX has higher volatility (4.78%) compared to BTPIX (2.40%). In terms of maximum drawdown, BTPIX dropped -13.30% vs PHSWX's -94.47%.

Which has better risk-adjusted returns?

BTPIX currently has the higher Sharpe Ratio (1.10 vs 0.78), 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.