GPPIX vs. PRTBX

Last updated Aug 1, 2026

GPPIX (Goldman Sachs Short-Term Conservative Income Fund) and PRTBX (Permanent Portfolio Short-Term Treasury Portfolio) are both Ultrashort Bond funds. Over the past 10 years, GPPIX returned 2.57%/yr vs 1.29%/yr for PRTBX. Their 0.19 correlation means their historical movements had little consistent relationship. GPPIX charges 0.24%/yr vs 0.65%/yr for PRTBX.

Performance

GPPIX vs. PRTBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Short-Term Conservative Income Fund (GPPIX) and Permanent Portfolio Short-Term Treasury Portfolio (PRTBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPPIX achieves a 1.90% return, which is significantly higher than PRTBX's 1.11% return. Over the past 10 years, GPPIX has outperformed PRTBX with an annualized return of 2.57%, while PRTBX has yielded a comparatively lower 1.29% annualized return.

GPPIX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.46%
• YTD: 1.90%
• 1Y: 3.86%
• 3Y*: 4.57%
• 5Y*: 3.40%
• 10Y*: 2.57%
• ALL TIME*: 2.30%

PRTBX

• 1D: 0.02%
• 1M: 0.18%
• 6M: 0.90%
• YTD: 1.11%
• 1Y: 2.68%
• 3Y*: 3.87%
• 5Y*: 2.07%
• 10Y*: 1.29%
• ALL TIME*: 2.19%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GPPIX Goldman Sachs Short-Term Conservative Income Fund	$0.00	$0.00	$0.00
PRTBX Permanent Portfolio Short-Term Treasury Portfolio	$0.00	$0.00	$0.00

GPPIX vs. PRTBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GPPIX Goldman Sachs Short-Term Conservative Income Fund	1.90%	4.83%	5.21%	4.50%	0.73%	0.00%	1.43%	3.05%	2.16%	1.44%
PRTBX Permanent Portfolio Short-Term Treasury Portfolio	1.11%	4.19%	4.12%	3.79%	-2.28%	-0.74%	0.10%	1.76%	1.16%	0.12%

Correlation

The correlation between GPPIX and PRTBX is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (3Y) Balances recent behavior with more history.	0.33
Correlation (5Y) Shows whether the relationship held over a longer period.	0.32
Correlation (10Y) Provides a long-term view across more market conditions.	0.20
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.19

The correlation between GPPIX and PRTBX shifts across timeframes, from 0.19 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GPPIX vs. PRTBX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GPPIX

GPPIX Risk / Return Rank: 99
GPPIX Sharpe Ratio Rank: 98
GPPIX Sortino Ratio Rank: 100
GPPIX Omega Ratio Rank: 99
GPPIX Calmar Ratio Rank: 99
GPPIX Martin Ratio Rank: 99

PRTBX

PRTBX Risk / Return Rank: 99
PRTBX Sharpe Ratio Rank: 100
PRTBX Sortino Ratio Rank: 99
PRTBX Omega Ratio Rank: 99
PRTBX Calmar Ratio Rank: 99
PRTBX Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GPPIX vs. PRTBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Short-Term Conservative Income Fund (GPPIX) and Permanent Portfolio Short-Term Treasury Portfolio (PRTBX). 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.

	GPPIX	PRTBX	Difference
Sharpe ratio: Return per unit of total volatility	3.35	4.65	-1.30
Sortino ratio: Return per unit of downside risk	11.00	8.61	+2.39
Omega ratio: Gain probability vs. loss probability	3.83	2.28	+1.55
Calmar ratio: Return relative to maximum drawdown	14.54	9.43	+5.11
Martin ratio: Return relative to average drawdown	64.87	47.23	+17.64

GPPIX vs. PRTBX - Sharpe Ratio Comparison

The current GPPIX Sharpe Ratio is 3.35, which is comparable to the PRTBX Sharpe Ratio of 4.65. The chart below compares the historical Sharpe Ratios of GPPIX and PRTBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GPPIX vs. PRTBX - Drawdown Comparison

The maximum GPPIX drawdown since its inception was -3.08%, smaller than the maximum PRTBX drawdown of -5.13%. Use the drawdown chart below to compare losses from any high point for GPPIX and PRTBX.

Drawdown Indicators

	GPPIX	PRTBX	Difference
Max Drawdown Largest peak-to-trough decline	-3.08%	-5.13%	+2.05%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-0.32%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-0.40%	-0.44%	+0.04%
Max Drawdown (5Y) Largest decline over 5 years	-0.77%	-3.60%	+2.83%
Max Drawdown (10Y) Largest decline over 10 years	-3.08%	-4.36%	+1.28%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.07%	-0.95%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.06%	+0.01%

Volatility

GPPIX vs. PRTBX - Volatility Comparison

The current volatility for Goldman Sachs Short-Term Conservative Income Fund (GPPIX) is 0.14%, while Permanent Portfolio Short-Term Treasury Portfolio (PRTBX) has a volatility of 0.15%. This indicates that GPPIX experiences smaller price fluctuations and is considered to be less risky than PRTBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPPIX	PRTBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	0.15%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.84%	0.45%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	1.29%	0.65%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.26%	1.21%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.08%	0.87%	+0.21%

GPPIX vs. PRTBX - Expense Ratio Comparison

GPPIX has a 0.24% expense ratio, which is lower than PRTBX's 0.65% expense ratio.

Dividends

GPPIX vs. PRTBX - Dividend Comparison

GPPIX's dividend yield for the trailing twelve months is around 3.79%, more than PRTBX's 3.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPPIX Goldman Sachs Short-Term Conservative Income Fund	3.79%	4.51%	4.77%	3.68%	1.22%	0.30%	1.12%	2.61%	2.24%	1.33%	0.94%	0.49%
PRTBX Permanent Portfolio Short-Term Treasury Portfolio	3.35%	3.39%	2.69%	1.79%	0.00%	0.00%	0.21%	1.65%	0.83%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GPPIX and PRTBX in my portfolio?

GPPIX and PRTBX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPPIX or PRTBX?

PRTBX has higher volatility (0.15%) compared to GPPIX (0.14%). In terms of maximum drawdown, GPPIX dropped -3.08% vs PRTBX's -5.13%.

Which has better risk-adjusted returns?

PRTBX currently has the higher Sharpe Ratio (4.65 vs 3.35), 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.