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CET vs. ICMUX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CET vs. ICMUX

Last updated Jun 13, 2026

CET (Central Securities Corp.) is a stock, while ICMUX (Intrepid Income Fund) is Multisector Bonds fund managed by Intrepid Funds. Over the past 10 years, CET returned 16.62%/yr vs 5.83%/yr for ICMUX. At a 0.35 correlation, their price movements are largely independent.

Performance

CET vs. ICMUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Central Securities Corp. (CET) and Intrepid Income Fund (ICMUX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CET achieves a 4.87% return, which is significantly higher than ICMUX's 2.09% return. Over the past 10 years, CET has outperformed ICMUX with an annualized return of 16.62%, while ICMUX has yielded a comparatively lower 5.83% annualized return.

CET

1D
1.30%
1M
-0.13%
YTD
4.87%
6M
5.08%
1Y
19.87%
3Y*
19.61%
5Y*
11.50%
10Y*
16.62%

ICMUX

1D
0.00%
1M
0.47%
YTD
2.09%
6M
2.58%
1Y
7.67%
3Y*
9.63%
5Y*
6.09%
10Y*
5.83%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CET vs. ICMUX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CET
Central Securities Corp.		4.87%17.20%26.82%19.17%-19.68%49.00%4.99%38.61%-4.49%30.61%
ICMUX
Intrepid Income Fund		2.09%8.16%10.43%10.90%-3.17%10.02%8.77%4.65%0.53%3.79%

Correlation

The correlation between CET and ICMUX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.44

Correlation (3Y)
Calculated over the trailing 3-year period

0.41

Correlation (5Y)
Calculated over the trailing 5-year period

0.41

Correlation (10Y)
Calculated over the trailing 10-year period

0.36

Correlation (All Time)
Calculated using the full available price history since Aug 16, 2010

0.35

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Central Securities Corp.

Intrepid Income Fund

Often compared with CET:
CET vs. ADXCET vs. GAMCET vs. USACET vs. SPYCET vs. BRK-BCET vs. RVTCET vs. VOO
Often compared with ICMUX:
ICMUX vs. RCTIXICMUX vs. FRFZXICMUX vs. CGMSICMUX vs. MNHYXICMUX vs. BUFHXICMUX vs. CBLDXICMUX vs. CGCP

Return for Risk

CET vs. ICMUX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CET
CET Risk / Return Rank: 8282
Overall Rank
CET Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
CET Sortino Ratio Rank: 8080
Sortino Ratio Rank
CET Omega Ratio Rank: 7979
Omega Ratio Rank
CET Calmar Ratio Rank: 7979
Calmar Ratio Rank
CET Martin Ratio Rank: 8787
Martin Ratio Rank
ICMUX
ICMUX Risk / Return Rank: 9797
Overall Rank
ICMUX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
ICMUX Sortino Ratio Rank: 9898
Sortino Ratio Rank
ICMUX Omega Ratio Rank: 9797
Omega Ratio Rank
ICMUX Calmar Ratio Rank: 9696
Calmar Ratio Rank
ICMUX Martin Ratio Rank: 9696
Martin Ratio Rank
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.

CET vs. ICMUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Central Securities Corp. (CET) and Intrepid Income Fund (ICMUX). 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.

CETICMUXDifference
Sharpe ratioReturn per unit of total volatility
1.55
3.89

-2.34

Sortino ratioReturn per unit of downside risk
2.20
6.46

-4.26

Omega ratioGain probability vs. loss probability

1.28

1.97

-0.69

Calmar ratioReturn relative to maximum drawdown

2.22

5.65

-3.43

Martin ratioReturn relative to average drawdown

8.98

19.74

-10.75

CET vs. ICMUX - Sharpe Ratio Comparison

The current CET Sharpe Ratio is 1.55, which is lower than the ICMUX Sharpe Ratio of 3.89. The chart below compares the historical Sharpe Ratios of CET and ICMUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CET vs. ICMUX - Drawdown Comparison

The maximum CET drawdown since its inception was -56.69%, which is greater than ICMUX's maximum drawdown of -8.77%. Use the drawdown chart below to compare losses from any high point for CET and ICMUX.

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Drawdown Indicators

CETICMUXDifference

Max Drawdown

Largest peak-to-trough decline

-56.69%

-8.77%

-47.92%

Max Drawdown (1Y)

Largest decline over 1 year

-8.08%

-1.34%

-6.74%

Max Drawdown (3Y)

Largest decline over 3 years

-15.42%

-3.11%

-12.31%

Max Drawdown (5Y)

Largest decline over 5 years

-24.89%

-5.64%

-19.25%

Max Drawdown (10Y)

Largest decline over 10 years

-39.91%

-8.77%

-31.14%

Current Drawdown

Current decline from peak

-1.65%

-0.33%

-1.32%

Average Drawdown

Average peak-to-trough decline

-10.16%

-0.74%

-9.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.00%

0.38%

+1.62%

Volatility

CET vs. ICMUX - Volatility Comparison

Central Securities Corp. (CET) has a higher volatility of 3.75% compared to Intrepid Income Fund (ICMUX) at 0.59%. This indicates that CET's price experiences larger fluctuations and is considered to be riskier than ICMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CETICMUXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.75%

0.59%

+3.16%

Volatility (6M)

Calculated over the trailing 6-month period

9.05%

1.44%

+7.61%

Volatility (1Y)

Calculated over the trailing 1-year period

11.66%

1.95%

+9.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.56%

2.66%

+11.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.65%

2.58%

+14.07%

Dividends

CET vs. ICMUX - Dividend Comparison

CET's dividend yield for the trailing twelve months is around 5.08%, less than ICMUX's 7.57% yield.

PositionTTM20252024202320222021202020192018201720162015
CET
Central Securities Corp.		5.08%5.32%4.92%4.90%7.34%8.41%5.68%3.78%5.84%3.65%4.50%10.41%
ICMUX
Intrepid Income Fund		7.57%7.96%7.85%9.10%8.17%5.99%5.56%3.35%3.07%2.86%3.01%3.53%

Frequently Asked Questions

CET and ICMUX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CET has higher volatility (3.75%) compared to ICMUX (0.59%). In terms of maximum drawdown, CET dropped -56.69% vs ICMUX's -8.77%.

ICMUX currently has the higher Sharpe Ratio (3.89 vs 1.55), 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.

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