FONPX vs. FOBAX

Last updated Jun 3, 2026

FONPX (Tributary Nebraska Tax-Free Fund) and FOBAX (Tributary Balanced Fund) are both mutual funds - FONPX is a Municipal Bonds fund managed by Tributary Funds, while FOBAX is a Diversified Portfolio fund managed by Tributary Funds. Over the past 10 years, FONPX returned 1.76%/yr vs 8.92%/yr for FOBAX. At a 0.08 correlation, their price movements are largely independent. FONPX charges 0.45%/yr vs 0.96%/yr for FOBAX.

Performance

FONPX vs. FOBAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tributary Nebraska Tax-Free Fund (FONPX) and Tributary Balanced Fund (FOBAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FONPX achieves a 0.81% return, which is significantly lower than FOBAX's 3.63% return. Over the past 10 years, FONPX has underperformed FOBAX with an annualized return of 1.76%, while FOBAX has yielded a comparatively higher 8.92% annualized return.

FONPX

• 1D: -0.11%
• 1M: 0.24%
• YTD: 0.81%
• 6M: 1.36%
• 1Y: 5.87%
• 3Y*: 3.44%
• 5Y*: 1.02%
• 10Y*: 1.76%

FOBAX

• 1D: 0.10%
• 1M: 1.47%
• YTD: 3.63%
• 6M: 3.83%
• 1Y: 13.59%
• 3Y*: 11.80%
• 5Y*: 7.05%
• 10Y*: 8.92%

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

FONPX vs. FOBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FONPX Tributary Nebraska Tax-Free Fund	0.81%	5.26%	0.63%	4.76%	-6.17%	0.01%	4.68%	5.69%	1.29%	3.60%
FOBAX Tributary Balanced Fund	3.63%	10.30%	14.28%	17.11%	-15.11%	16.27%	12.64%	21.41%	-2.11%	13.92%

Correlation

The correlation between FONPX and FOBAX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.08

The correlation between FONPX and FOBAX shifts across timeframes, from 0.08 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FONPX vs. FOBAX — Risk / Return Rank

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

FONPX

FONPX Risk / Return Rank: 66
FONPX Sharpe Ratio Rank: 81
FONPX Sortino Ratio Rank: 86
FONPX Omega Ratio Rank: 91
FONPX Calmar Ratio Rank: 36
FONPX Martin Ratio Rank: 34

FOBAX

FOBAX Risk / Return Rank: 44
FOBAX Sharpe Ratio Rank: 44
FOBAX Sortino Ratio Rank: 43
FOBAX Omega Ratio Rank: 44
FOBAX Calmar Ratio Rank: 38
FOBAX Martin Ratio Rank: 50

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.

FONPX vs. FOBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tributary Nebraska Tax-Free Fund (FONPX) and Tributary Balanced Fund (FOBAX). 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.

	FONPX	FOBAX	Difference
Sharpe ratio Return per unit of total volatility	2.63	1.94	+0.69
Sortino ratio Return per unit of downside risk	4.07	2.77	+1.30
Omega ratio Gain probability vs. loss probability	1.66	1.36	+0.30
Calmar ratio Return relative to maximum drawdown	2.30	2.34	-0.03
Martin ratio Return relative to average drawdown	7.85	10.35	-2.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FONPX vs. FOBAX - Sharpe Ratio Comparison

The current FONPX Sharpe Ratio is 2.63, which is higher than the FOBAX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of FONPX and FOBAX, 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

	FONPX	FOBAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	1.94	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.68	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.82	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.73	-0.15

Drawdowns

FONPX vs. FOBAX - Drawdown Comparison

The maximum FONPX drawdown since its inception was -10.92%, smaller than the maximum FOBAX drawdown of -40.00%. Use the drawdown chart below to compare losses from any high point for FONPX and FOBAX.

Drawdown Indicators

	FONPX	FOBAX	Difference
Max Drawdown Largest peak-to-trough decline	-10.92%	-40.00%	+29.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.54%	-5.97%	+3.43%
Max Drawdown (3Y) Largest decline over 3 years	-5.09%	-11.97%	+6.88%
Max Drawdown (5Y) Largest decline over 5 years	-10.92%	-19.88%	+8.96%
Max Drawdown (10Y) Largest decline over 10 years	-10.92%	-22.37%	+11.45%
Current Drawdown Current decline from peak	-0.90%	0.00%	-0.90%
Average Drawdown Average peak-to-trough decline	-1.92%	-3.82%	+1.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	1.35%	-0.60%

Volatility

FONPX vs. FOBAX - Volatility Comparison

The current volatility for Tributary Nebraska Tax-Free Fund (FONPX) is 0.91%, while Tributary Balanced Fund (FOBAX) has a volatility of 1.50%. This indicates that FONPX experiences smaller price fluctuations and is considered to be less risky than FOBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FONPX	FOBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	1.50%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	1.77%	5.51%	-3.74%
Volatility (1Y) Calculated over the trailing 1-year period	2.20%	7.14%	-4.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.24%	10.42%	-7.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.30%	10.96%	-7.66%

FONPX vs. FOBAX - Expense Ratio Comparison

FONPX has a 0.45% expense ratio, which is lower than FOBAX's 0.96% expense ratio.

Dividends

FONPX vs. FOBAX - Dividend Comparison

FONPX's dividend yield for the trailing twelve months is around 2.63%, less than FOBAX's 9.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOBAX Tributary Balanced Fund	9.51%	9.82%	5.32%	5.36%	5.59%	8.10%	5.80%	4.43%	7.55%	8.29%	6.73%	0.22%
FONPX Tributary Nebraska Tax-Free Fund	2.63%	2.47%	2.39%	2.39%	1.81%	1.84%	1.92%	2.69%	3.36%	3.55%	3.10%	0.00%

Frequently Asked Questions

Can I hold both FONPX and FOBAX in my portfolio?

FONPX and FOBAX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FONPX or FOBAX?

FOBAX has higher volatility (1.50%) compared to FONPX (0.91%). In terms of maximum drawdown, FONPX dropped -10.92% vs FOBAX's -40.00%.

Which has better risk-adjusted returns?

FONPX currently has the higher Sharpe Ratio (2.63 vs 1.94), 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.