HRSTX vs. PBXIX

Last updated Jun 24, 2026

HRSTX (Rational Tactical Return Fund) and PBXIX (Rational/Pier 88 Convertible Securities Fund) are both mutual funds - HRSTX is a Options Trading fund managed by Rational Funds, while PBXIX is a Convertible Bonds fund managed by Rational Funds. Over the past 5 years, HRSTX returned 4.92%/yr vs 3.40%/yr for PBXIX. At a 0.18 correlation, their price movements are largely independent. HRSTX charges 1.99%/yr vs 0.99%/yr for PBXIX.

Performance

HRSTX vs. PBXIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rational Tactical Return Fund (HRSTX) and Rational/Pier 88 Convertible Securities Fund (PBXIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HRSTX achieves a 5.25% return, which is significantly lower than PBXIX's 9.88% return.

HRSTX

• 1D: -0.24%
• 1M: 0.32%
• YTD: 5.25%
• 6M: 5.32%
• 1Y: 7.06%
• 3Y*: 5.10%
• 5Y*: 4.92%
• 10Y*: 5.80%

PBXIX

• 1D: 0.00%
• 1M: 2.89%
• YTD: 9.88%
• 6M: 9.29%
• 1Y: 13.50%
• 3Y*: 8.96%
• 5Y*: 3.40%
• 10Y*: —

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

HRSTX vs. PBXIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HRSTX Rational Tactical Return Fund	5.25%	3.66%	3.23%	5.06%	5.90%	3.95%	2.65%	1.06%
PBXIX Rational/Pier 88 Convertible Securities Fund	9.88%	2.12%	8.23%	3.28%	-10.82%	10.23%	17.09%	1.70%

Correlation

The correlation between HRSTX and PBXIX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (All Time) Calculated using the full available price history since Dec 6, 2019	0.18

Over the past year, HRSTX and PBXIX have become more correlated (0.47) than their long-term average of 0.18, meaning their price movements have been converging.

Return for Risk

HRSTX vs. PBXIX — Risk / Return Rank

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

HRSTX

HRSTX Risk / Return Rank: 52
HRSTX Sharpe Ratio Rank: 30
HRSTX Sortino Ratio Rank: 27
HRSTX Omega Ratio Rank: 80
HRSTX Calmar Ratio Rank: 41
HRSTX Martin Ratio Rank: 84

PBXIX

PBXIX Risk / Return Rank: 52
PBXIX Sharpe Ratio Rank: 51
PBXIX Sortino Ratio Rank: 51
PBXIX Omega Ratio Rank: 48
PBXIX Calmar Ratio Rank: 55
PBXIX Martin Ratio Rank: 55

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.

HRSTX vs. PBXIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rational Tactical Return Fund (HRSTX) and Rational/Pier 88 Convertible Securities Fund (PBXIX). 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.

	HRSTX	PBXIX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.94	-0.48
Sortino ratio: Return per unit of downside risk	2.00	2.78	-0.79
Omega ratio: Gain probability vs. loss probability	1.48	1.35	+0.13
Calmar ratio: Return relative to maximum drawdown	2.31	2.73	-0.41
Martin ratio: Return relative to average drawdown	14.47	10.44	+4.02

HRSTX vs. PBXIX - Sharpe Ratio Comparison

The current HRSTX Sharpe Ratio is 1.47, which is comparable to the PBXIX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of HRSTX and PBXIX, 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

HRSTX vs. PBXIX - Drawdown Comparison

The maximum HRSTX drawdown since its inception was -69.69%, which is greater than PBXIX's maximum drawdown of -24.03%. Use the drawdown chart below to compare losses from any high point for HRSTX and PBXIX.

Drawdown Indicators

	HRSTX	PBXIX	Difference
Max Drawdown Largest peak-to-trough decline	-69.69%	-24.03%	-45.66%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-5.16%	+2.07%
Max Drawdown (3Y) Largest decline over 3 years	-3.09%	-10.71%	+7.62%
Max Drawdown (5Y) Largest decline over 5 years	-3.09%	-15.57%	+12.48%
Max Drawdown (10Y) Largest decline over 10 years	-15.82%	—	—
Current Drawdown Current decline from peak	-9.32%	-0.34%	-8.98%
Average Drawdown Average peak-to-trough decline	-31.53%	-5.47%	-26.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	1.34%	-0.85%

Volatility

HRSTX vs. PBXIX - Volatility Comparison

Rational Tactical Return Fund (HRSTX) has a higher volatility of 3.55% compared to Rational/Pier 88 Convertible Securities Fund (PBXIX) at 2.55%. This indicates that HRSTX's price experiences larger fluctuations and is considered to be riskier than PBXIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HRSTX	PBXIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	2.55%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	4.84%	5.45%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	4.89%	7.26%	-2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.66%	8.65%	-4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.18%	11.49%	-4.31%

HRSTX vs. PBXIX - Expense Ratio Comparison

HRSTX has a 1.99% expense ratio, which is higher than PBXIX's 0.99% expense ratio.

Dividends

HRSTX vs. PBXIX - Dividend Comparison

HRSTX's dividend yield for the trailing twelve months is around 8.99%, more than PBXIX's 5.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRSTX Rational Tactical Return Fund	8.99%	6.72%	4.47%	5.60%	2.24%	3.75%	2.10%	3.36%	1.33%	5.55%	13.80%	4.82%
PBXIX Rational/Pier 88 Convertible Securities Fund	5.34%	3.48%	2.14%	2.22%	2.25%	7.56%	1.77%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HRSTX and PBXIX in my portfolio?

HRSTX and PBXIX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HRSTX or PBXIX?

HRSTX has higher volatility (3.55%) compared to PBXIX (2.55%). In terms of maximum drawdown, HRSTX dropped -69.69% vs PBXIX's -24.03%.

Which has better risk-adjusted returns?

PBXIX currently has the higher Sharpe Ratio (1.94 vs 1.47), 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.