DBALX vs. IOEZX

Last updated Jun 3, 2026

DBALX (Davenport Balanced Income Fund) and IOEZX (ICON Equity Income Fund) are both Diversified Portfolio funds. Over the past 10 years, DBALX returned 5.72%/yr vs 8.46%/yr for IOEZX. Their correlation of 0.87 suggests significant overlap in exposure. DBALX charges 0.93%/yr vs 1.00%/yr for IOEZX.

Performance

DBALX vs. IOEZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Davenport Balanced Income Fund (DBALX) and ICON Equity Income Fund (IOEZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBALX achieves a 3.04% return, which is significantly lower than IOEZX's 12.81% return. Over the past 10 years, DBALX has underperformed IOEZX with an annualized return of 5.72%, while IOEZX has yielded a comparatively higher 8.46% annualized return.

DBALX

• 1D: -0.22%
• 1M: -0.43%
• YTD: 3.04%
• 6M: 4.34%
• 1Y: 9.79%
• 3Y*: 9.00%
• 5Y*: 3.96%
• 10Y*: 5.72%

IOEZX

• 1D: -1.19%
• 1M: -2.65%
• YTD: 12.81%
• 6M: 15.49%
• 1Y: 26.67%
• 3Y*: 12.46%
• 5Y*: 4.26%
• 10Y*: 8.46%

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

DBALX vs. IOEZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBALX Davenport Balanced Income Fund	3.04%	9.88%	7.98%	7.81%	-11.01%	14.19%	3.54%	18.55%	-8.16%	11.11%
IOEZX ICON Equity Income Fund	12.81%	14.29%	6.12%	3.82%	-13.56%	24.15%	3.16%	27.70%	-10.11%	13.59%

Correlation

The correlation between DBALX and IOEZX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.87

The correlation between DBALX and IOEZX has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

Return for Risk

DBALX vs. IOEZX — Risk / Return Rank

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

DBALX

DBALX Risk / Return Rank: 28
DBALX Sharpe Ratio Rank: 29
DBALX Sortino Ratio Rank: 31
DBALX Omega Ratio Rank: 28
DBALX Calmar Ratio Rank: 26
DBALX Martin Ratio Rank: 28

IOEZX

IOEZX Risk / Return Rank: 66
IOEZX Sharpe Ratio Rank: 56
IOEZX Sortino Ratio Rank: 60
IOEZX Omega Ratio Rank: 47
IOEZX Calmar Ratio Rank: 84
IOEZX Martin Ratio Rank: 80

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.

DBALX vs. IOEZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Davenport Balanced Income Fund (DBALX) and ICON Equity Income Fund (IOEZX). 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.

	DBALX	IOEZX	Difference
Sharpe ratio Return per unit of total volatility	1.55	2.22	-0.66
Sortino ratio Return per unit of downside risk	2.33	3.27	-0.93
Omega ratio Gain probability vs. loss probability	1.28	1.38	-0.10
Calmar ratio Return relative to maximum drawdown	1.92	3.93	-2.01
Martin ratio Return relative to average drawdown	6.72	15.05	-8.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBALX vs. IOEZX - Sharpe Ratio Comparison

The current DBALX Sharpe Ratio is 1.55, which is comparable to the IOEZX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of DBALX and IOEZX, 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

	DBALX	IOEZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	2.22	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.31	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.52	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.40	+0.21

Drawdowns

DBALX vs. IOEZX - Drawdown Comparison

The maximum DBALX drawdown since its inception was -27.89%, smaller than the maximum IOEZX drawdown of -56.15%. Use the drawdown chart below to compare losses from any high point for DBALX and IOEZX.

Drawdown Indicators

	DBALX	IOEZX	Difference
Max Drawdown Largest peak-to-trough decline	-27.89%	-56.15%	+28.26%
Max Drawdown (1Y) Largest decline over 1 year	-5.15%	-6.77%	+1.62%
Max Drawdown (3Y) Largest decline over 3 years	-8.08%	-13.95%	+5.87%
Max Drawdown (5Y) Largest decline over 5 years	-15.41%	-21.47%	+6.06%
Max Drawdown (10Y) Largest decline over 10 years	-27.89%	-38.12%	+10.23%
Current Drawdown Current decline from peak	-2.04%	-3.07%	+1.03%
Average Drawdown Average peak-to-trough decline	-3.65%	-8.58%	+4.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	1.77%	-0.30%

Volatility

DBALX vs. IOEZX - Volatility Comparison

The current volatility for Davenport Balanced Income Fund (DBALX) is 1.59%, while ICON Equity Income Fund (IOEZX) has a volatility of 3.54%. This indicates that DBALX experiences smaller price fluctuations and is considered to be less risky than IOEZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBALX	IOEZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.59%	3.54%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	4.78%	8.81%	-4.03%
Volatility (1Y) Calculated over the trailing 1-year period	6.30%	12.05%	-5.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.56%	13.83%	-5.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.95%	16.47%	-6.52%

DBALX vs. IOEZX - Expense Ratio Comparison

DBALX has a 0.93% expense ratio, which is lower than IOEZX's 1.00% expense ratio.

Dividends

DBALX vs. IOEZX - Dividend Comparison

DBALX's dividend yield for the trailing twelve months is around 5.12%, more than IOEZX's 3.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBALX Davenport Balanced Income Fund	5.12%	5.28%	3.73%	2.19%	4.24%	1.59%	2.00%	2.73%	2.03%	2.37%	1.04%	0.00%
IOEZX ICON Equity Income Fund	3.00%	3.56%	4.32%	3.75%	13.63%	12.92%	3.68%	4.74%	3.80%	3.13%	3.32%	4.24%

Frequently Asked Questions

Can I hold both DBALX and IOEZX in my portfolio?

DBALX and IOEZX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBALX or IOEZX?

IOEZX has higher volatility (3.54%) compared to DBALX (1.59%). In terms of maximum drawdown, DBALX dropped -27.89% vs IOEZX's -56.15%.

Which has better risk-adjusted returns?

IOEZX currently has the higher Sharpe Ratio (2.22 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.