IBIT vs. PRPFX
IBIT (iShares Bitcoin Trust ETF) and PRPFX (Permanent Portfolio Class I) are both funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while PRPFX is a Diversified Portfolio fund actively managed by Permanent Portfolio. IBIT is passively managed, while PRPFX is actively managed. Over the past year, IBIT returned -40.63% vs 17.85% for PRPFX. At a 0.32 correlation, their price movements are largely independent. IBIT charges 0.25%/yr vs 0.81%/yr for PRPFX.
Performance
IBIT vs. PRPFX - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -27.41% return, which is significantly lower than PRPFX's 3.05% return.
IBIT
- 1D
- -0.03%
- 1M
- -20.12%
- YTD
- -27.41%
- 6M
- -29.61%
- 1Y
- -40.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PRPFX
- 1D
- 0.64%
- 1M
- -4.22%
- YTD
- 3.05%
- 6M
- 4.38%
- 1Y
- 17.85%
- 3Y*
- 19.77%
- 5Y*
- 10.72%
- 10Y*
- 10.56%
IBIT vs. PRPFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -27.41% | -6.41% | 89.87% |
PRPFX Permanent Portfolio Class I | 3.05% | 28.78% | 20.75% |
Correlation
The correlation between IBIT and PRPFX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.32 |
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Return for Risk
IBIT vs. PRPFX — Risk / Return Rank
IBIT
PRPFX
IBIT vs. PRPFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) and Permanent Portfolio Class I (PRPFX). 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.
| IBIT | PRPFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.37 | ||
| Sortino ratioReturn per unit of downside risk | -3.11 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.29 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 2.20 | -2.99 |
| Martin ratioReturn relative to average drawdown | -1.37 | 5.95 | -7.32 |
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Drawdowns
IBIT vs. PRPFX - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.11%, which is greater than PRPFX's maximum drawdown of -27.16%. Use the drawdown chart below to compare losses from any high point for IBIT and PRPFX.
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Drawdown Indicators
| IBIT | PRPFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.11% | -27.16% | -24.95% |
Max Drawdown (1Y)Largest decline over 1 year | -52.11% | -8.40% | -43.71% |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.40% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.49% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.84% | — |
Current DrawdownCurrent decline from peak | -49.45% | -7.81% | -41.64% |
Average DrawdownAverage peak-to-trough decline | -16.53% | -3.52% | -13.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.64% | 3.10% | +26.54% |
Volatility
IBIT vs. PRPFX - Volatility Comparison
iShares Bitcoin Trust ETF (IBIT) has a higher volatility of 12.07% compared to Permanent Portfolio Class I (PRPFX) at 3.64%. This indicates that IBIT's price experiences larger fluctuations and is considered to be riskier than PRPFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBIT | PRPFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.07% | 3.64% | +8.43% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 11.59% | +22.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.10% | 12.79% | +31.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.26% | 11.13% | +39.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.26% | 10.65% | +39.61% |
IBIT vs. PRPFX - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than PRPFX's 0.81% expense ratio.
Dividends
IBIT vs. PRPFX - Dividend Comparison
IBIT has not paid dividends to shareholders, while PRPFX's dividend yield for the trailing twelve months is around 3.17%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PRPFX Permanent Portfolio Class I | 3.17% | 3.27% | 1.86% | 1.39% | 1.58% | 2.05% | 5.38% | 4.69% | 6.90% | 2.14% | 0.95% | 7.06% |
Frequently Asked Questions
IBIT and PRPFX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (12.07%) compared to PRPFX (3.64%). In terms of maximum drawdown, IBIT dropped -52.11% vs PRPFX's -27.16%.
PRPFX currently has the higher Sharpe Ratio (1.45 vs -0.92), 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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